As the name implies, Multi-Criteria Decision-Making (MCDM, also known as Multi-Criteria Decision Analysis, MCDA) involves making decisions based on considering multiple criteria (or objectives).
Trade-offs between the criteria are assessed in order to rank, prioritize or choose from among competing alternatives – depending on the application, often subject to a budget, or other resource, constraint.
The information presented here is practical and user-oriented:
- Multi-criteria decisions
- Points systems
- Scoring methods
- Groups and websites
- Books and journals
In addition, here is a collection of ‘recommended readings’ that we have found useful in MCDM / MCDA courses we’ve taught.
The process of Multi-Criteria Decision-Making (MCDM)
1000minds is based on MCDM (also known as Multi-Criteria Decision Analysis, MCDA) which involves these four key components:
- Alternatives (or individuals) to be prioritized or ranked
- Criteria by which the alternatives are evaluated and compared
- Weights representing the relative importance of the criteria
- Decision-makers and other stakeholders, whose preferences are to be represented
Most decision-making applications involve, at least implicitly, the process represented in the flow diagram below. 1000minds is especially useful at the “Model building” and “Challenging thinking” stages (see the diagram).(Reproduced from Belton & Stewart, 2002, Multiple Criteria Decision Analysis: An Integrated Approach.)
How 1000minds works
Learn more from these simple guides.