The Preference Selection Index (PSI) in Multi-Criteria Decision-Making: A Systematic and Critical Review of Applications, Integrations, and Future Directions

Abstract

This paper presents a systematic review of the performance of the Preference Selection Index (PSI) application in multi-criteria decision-making (MCDM) problems based on PRISMA. This work extensively reviewed more than 100 studies to investigate the methodological bases of the PSI and its synergistic combination with other decision-making methodologies. Interestingly, the PSI is highly commended as one of the most straightforward applications with low computational effort, which implies that the PSI in this context is receiving wide attention for complex decisions and sensitive judgments, where assigning criteria weights is challenging. However, in some circumstances, the PSI mechanism in assigning weights becomes a drawback when the accuracy of the decision is crucial. However, despite the increased use of the PSI, there is still a lack of systematic evaluation of its methodological sensitivity of weighting assumptions, consistency, and comparative performance in the hybrid MCDM problems. Addressing these gaps will help make the PSI more accurate in the evolving landscape of decision-making techniques. This review underscores the wide use of the PSI, encouraging further research in terms of its applications and methodology enhancement, ensuring that the PSI remains a relevant option that evolves the complexity and sensitivity of decision-making in various areas.