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"Multi-Criteria Decision Making (MCDM) is the study of methods and procedures by which concerns about multiple conflicting criteria can be formally incorporated into the management planning process", as defined by the International Society on Multiple Criteria Decision Making
MCDM is also referred as:
Decision analysis looks at the paradigm in which an individual decision maker (or decision group) contemplates a choice of action in an uncertain environment. The decision theory helps identify the alternative with the highest expected value (probability of obtaining a possible value). The theory of decision analysis is designed to help the individual make a choice among a set of pre-specified alternatives. The decision making process relies on information about the alternatives. The quality of information in any decision situation can run the whole gamut from scientifically-derived hard data to subjective interpretations, from certainty about decision outcomes (deterministic information) to uncertain outcomes represented by probabilities and fuzzy numbers. This diversity in type and quality of information about a decision problem calls for methods and techniques that can assist in information processing. Ultimately, these methods and techniques (MCDA, MCDM) may lead to better decisions.
Criterion outcomes of decision alternatives can be collected in a table (called decision matrix or decision table) comprised of a set of columns and rows. The table rows represent decision alternatives, with table columns representing criteria. A value found at the intersection of row and column in the table represents a criterion outcome - a measured or predicted performance of a decision alternative on a criterion. The decision matrix is a central structure of the MCDA/MCDM since it contains the data for comparison of decision alternatives.
At a practical level, mathematical programming under multiple objectives has emerged as a powerful tool to assist in the process of searching for decisions which best satisfy a multitude of conflicting objectives, and there are a number of distinct methodologies for multi-criteria decision-making problems that exist. The decision theory is descriptive when it shows how people take decisions, and prescriptive when it tells people how they should take decisions. These methodologies can be categorized in a variety of ways, such as form of model (e.g. linear, non-linear, stochastic), characteristics of the decision space (e.g. finite or infinite), or solution process (e.g. prior specification of preferences or interactive). For an example of a multi-objective methodology for the management of water resources integrating climate change and climate variability data, look at the article on Climate and Water in the West: Science, Information, and Decision-Making.
The true goal in integrated decision-making support is to provide the decision-maker with the ability to look into the future, and to make the best possible decision based on past and present information and future predictions. In the case of sustainable development, this means to be able to predict in advance the risk and vulnerability of populations and infrastructure to hazards, both natural and man-induced. This requires that data be transformed into knowledge, and that the consequences of information use, as well as decision-making and participatory processes, be analyzed carefully (see Science, vulnerability and the search for equity: El Niño events, forecasts and decision making in Peru and Brazil).
A decision involves making a selection from a set of alternative choices. Broadly speaking, a decision-support systems (DSS) is simply a computer system that helps you make a decision by leveraging the multi-criteria decision-making model. DSS provide a means for decision-makers to make decisions on the basis of more complete information and analysis. Among the main advantages of the use of DSS are the following:
There is a need for approaches that combine available quantitative data with the more subjective knowledge of experts. Decision-theory techniques applied by high-end knowledge professionals have been successfully used for contrasting expert judgments and making educated choices. The multi-criteria decision-making model, by coupling theory and knowledge, provides an analytical approach to expert consultation and is adapted for a variety of technology and business fields aiming at suitability assessments.
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Hendrix-Barnhill Company, Inc.
Requesting bids for labor & materials for the Town of Clayton East Clayton Industrial Area Force Main Phase II project. Job includes pipe laying, erosion control, seeding, hauling and pavement repairs..
Flintco Inc
Flintco will accept bids on the New Air Traffic Control Tower at Memphis Int'l Airport on 09-07-07 by 12:00 pm CDT.We are an EOE.We encourage & invite bid from all eligible business enterprises, WBE, MBE, SDB, SBE, HBE companies.Fax bids to 901-372-8989..
Chemonics International
Chemonics International, acting on behalf of the USAID-funded Egypt LIFE Red Sea project, is soliciting offers for the supply of one US-made truck tractor with water tank semi trailer unit for use in Egypt. Contact jandersen@chemonics.com for more info..
WATTS CONSTRUCTORS, LLC
CONSTRUCT COMM CNTR, NCTAMS, Oahu, HI - Constr new 1-story bldg. Concrete, structural steel, OWSJ, roofing, EIFS, site work, fencing, landscaping, exterior work, interior const & finishes, security vault door, blast doors and windows, elect & mech..
C Construction Co., Inc.
Contractor soliciting bids for Renovate and Repair, Hangar 131S, MCAS, Cherry Point, NC. For any and all qualified Subcontractors and Suppliers, 8A, SBE, WBE, Large Enterprises, etc. We are an Equal Opportunity & Affirmative Action Employer..
C Construction Co., Inc.
Contractor soliciting bids for Interior Repairs and Renovations to Roadhouse, B3452, MCAS, Cherry Point, NC. For any and all qualified Subs/Suppliers SBE, 8A WBE, Large Enterprises, etc. We are an Equal Opportunity & Affirmative Action Employer..
Hawaiian Dredging Construction Company, Inc.
Drydock No. l Repair Wall Leaks and Deteriorated Concrete on Walls at PHNSY & IMP, Pearl Harbor, Hawaii,WR# 151065.
Kukurin Contracting Inc.
KCI seeks quotes from all interested mbe/wbe/dbe suppliers for the following construction materials & services: PVC Sanitary Sewer Pipe (8", 4" and 2� diameter), 4 ft. diameter manholes, aggregates, hot asphalt & portable toilet service..
Carl Belt, Incorporated
STONEY RUN SANITARY SEWER SYSTEM-Sanitary sewer extension including gravity & pressure mains, manholes, grinder pump station, house connections, traffic control, erosion & sediment control, site restoration... Get more info @ ftp://ftp.thebeltgroup.com.
Chemonics International
Chemonics International, acting on behalf of the Zambia Threshold Project, is soliciting offers for the supply and installation of file compactors in Zambia. Contact rkeating@zambiathreshold.org for copy of the RFP and information..
Last Modified: Monday, August 17, 2009 12:27:17 PM
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