Multicriteria approval: application of approval voting concepts to MCDM problems
✍ Scribed by Niall M. Fraser; Jaret W. Hauge
- Publisher
- John Wiley and Sons
- Year
- 1998
- Tongue
- English
- Weight
- 161 KB
- Volume
- 7
- Category
- Article
- ISSN
- 1057-9214
No coin nor oath required. For personal study only.
✦ Synopsis
Multicriteria decision making (MCDM) methods generally require information that is difficult and expensive to obtain. It is shown in this paper that given an ordering of criteria by importance, and whether each alternative is above the average evaluation of the alternatives for each criterion, considerable information can be extracted concerning the overall rankings of the alternatives. This is done by recognizing the similarity between criteria in MCDM, and voters in social choice theory. Multicriteria approval, proposed in this paper, is an MCDM adaptation of approval voting which can be used to classify decisions into one of several categories, depending on whether, and the manner in which, a superior alternative can be identified. An exhaustive examination of all possible decision situations of tractable size is made to measure the applicability of multicriteria approval, and the approach is demonstrated in an industrial procurement case. In addition to requiring minimal information from a decision maker, multicriteria approval satisfies several desirable criteria for MCDM techniques.