IJFANS International Journal of Food and Nutritional Sciences

ISSN PRINT 2319 1775 Online 2320-7876

A Literature Review on MCDM approaches

Main Article Content

Priyanka Kanwar , Dr. S. M. Ghosh

Abstract

The Multi-Criteria Decision-Making (MCDM) method is the most commonly used method for solving decision making problems in real world applications. The MCDM method is becoming increasingly popular for resolving decision-making problems in variety of fields. Multi-Criteria Decision-Making methods ranking the alternatives, alternatives are ranked based on their values in satisfying the criteria. There are numerous MCDM approaches that support the decision-making process and used for solving the decision-making problems, such as Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), Analytical Hierarchy Process (AHP), Weighted Sum Method (WSM), VIKOR (VIseKriterijumska Optimizacija I Kompromisno Resenje means multi-criteria optimization and compromise solution, in Serbian) etc. which are used in business and other areas. The MCDM approach has several applications to solve the real-world problems such as marketing, human resources, transportation, investment project etc. This paper presents a literature survey on different multi-criteria decision-making approaches to solve decision-making problems in various field. The objective of this paper is to analyze the most prevalent MCDM techniques applied in real-world applications. This paper will explore the literature of earlier research papers. It was found that TOPSIS, AHP, VIKOR and hybrid approaches are most frequently used in real-world application.

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