VIKOR method

Decision-making strategy The VIKOR method is a multi-criteria decision making (MCDM) method. It was originally developed by Serafim Opricović in 1979 to solve decision problems with conflicting and noncommensurable (different units) criteria. It assumes that compromise is acceptable for conflict resolution and that the decision maker wants a solution that is the closest to the ideal, so the alternatives are evaluated according to all established criteria. VIKOR then ranks alternatives and determines the solution named compromise that is the closest to the ideal. History The idea of compromise solution was introduced in MCDM by Po-Lung Yu in 1973, and by Milan Zeleny. Opricović 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: VIšeKriterijumska Optimizacija I Kompromisno Rešenje 'Multicriteria Optimization and Compromise Solution'. The real applications were presented in 1998. The paper in 2004 contributed to the international recognition of the VIKOR method. (The most cited paper in the field of Economics, Science Watch, Apr.2009). Statement The MCDM problem is stated