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VIKOR Method
The VIKOR method is a multi-criteria decision making (MCDM) or multi-criteria decision analysis method. It was originally developed by Serafim Opricovic to solve decision problems with conflicting and noncommensurable (different units) criteria, assuming that compromise is acceptable for conflict resolution, the decision maker wants a solution that is the closest to the ideal, and the alternatives are evaluated according to all established criteria. VIKOR ranks alternatives and determines the solution named compromise that is the closest to the ideal. The idea of compromise solution was introduced in MCDM by Po-Lung Yu in 1973, and by Milan Zeleny. S. Opricovic had developed the basic ideas of VIKOR in his Ph.D. dissertation in 1979, and an application was published in 1980. The name VIKOR appeared in 1990 from Serbian: VIseKriterijumska Optimizacija I Kompromisno Resenje, that means: Multicriteria Optimization and Compromise Solution, with pronunciation: vikor. The real applica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multi-criteria Decision Making
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundament ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rank Reversals In Decision-making
In decision-making, a rank reversal is a change in the rank ordering of the preferability of alternative possible decisions when, for example, the method of choosing changes or the set of other available alternatives changes. The issue of rank reversals lies at the heart of many debates in decision-making and multi-criteria decision-making, in particular. Unlike most other computational procedures, it is hard to tell if a particular decision-making method has derived the correct answer or not. Such methods analyze a set of alternatives described in terms of some criteria. They determine which alternative is the best one, or they provide relative weights of how the alternatives perform, or just how the alternatives should be ranked when all the criteria are considered simultaneously. This is exactly where the challenge with decision making exists. Often it is hard, if not practically impossible, to determine whether a ''correct'' answer has been reached or not. With other com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either Rationality, rational or irrational. The decision-making process is a reasoning process based on assumptions of value (ethics and social sciences), values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a Problem solving, problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less Rationality, rational or Irrationality, irrational and can be based on explicit knowledge, explicit or tacit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Analysis
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders. History In 1931, mathematical philosopher Frank Ramsey pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties. Then, in the 1940s, mathematician John von Neumann and economist Oskar Morgenstern developed an axiomatic basis for utility theory as a way of expressing an individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Establishments
Events January * January 1 - The United Kingdom, the Republic of Ireland and Denmark enter the European Economic Community, which later becomes the European Union. * January 15 – Vietnam War: Citing progress in peace negotiations, U.S. President Richard Nixon announces the suspension of offensive action in North Vietnam. * January 17 – Ferdinand Marcos becomes President for Life of the Philippines. * January 20 – Richard Nixon is sworn in for a second term as President of the United States. Nixon is the only person to have been sworn in twice as President (1969, 1973) and Vice President of the United States (1953, 1957). * January 22 ** George Foreman defeats Joe Frazier to win the heavyweight world boxing championship. ** A Royal Jordanian Boeing 707 flight from Jeddah crashes in Kano, Nigeria; 176 people are killed. * January 27 – U.S. involvement in the Vietnam War ends with the signing of the Paris Peace Accords. February * February 8 – A military insurrecti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pairwise Comparison
Pairwise comparison generally is any process of comparing entities in pairs to judge which of each entity is preferred, or has a greater amount of some quantitative property, or whether or not the two entities are identical. The method of pairwise comparison is used in the scientific study of preferences, attitudes, voting systems, social choice, public choice, requirements engineering and multiagent AI systems. In psychology literature, it is often referred to as paired comparison. Prominent psychometrician L. L. Thurstone first introduced a scientific approach to using pairwise comparisons for measurement in 1927, which he referred to as the law of comparative judgment. Thurstone linked this approach to psychophysical theory developed by Ernst Heinrich Weber and Gustav Fechner. Thurstone demonstrated that the method can be used to order items along a dimension such as preference or importance using an interval-type scale. Mathematician Ernst Zermelo (1929) first described ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multi-criteria Decision Analysis
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fuzzy Sets
In mathematics, fuzzy sets (a.k.a. uncertain sets) are sets whose elements have degrees of membership. Fuzzy sets were introduced independently by Lotfi A. Zadeh in 1965 as an extension of the classical notion of set. At the same time, defined a more general kind of structure called an ''L''-relation, which he studied in an abstract algebraic context. Fuzzy relations, which are now used throughout fuzzy mathematics and have applications in areas such as linguistics , decision-making , and clustering , are special cases of ''L''-relations when ''L'' is the unit interval , 1 In classical set theory, the membership of elements in a set is assessed in binary terms according to a bivalent condition—an element either belongs or does not belong to the set. By contrast, fuzzy set theory permits the gradual assessment of the membership of elements in a set; this is described with the aid of a membership function valued in the real unit interval , 1 Fuzzy sets generali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multi-criteria Decision Analysis
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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