Major MCDM Techniques and their application-A Review

Abstract

As the real world problems are so tangled, so the task of decision making associated with them is equally complex. Therefore, some efficient techniques are required which limelight the best solution. For the choice of the optimal selection with respect to the given criteria, this paper has summarized three major and useful techniques of Multiple Criteria Decision Making (MCDM), namely, WSM (Weighted Sum Method), AHP (Analytic Hierarchy Process) and TOPSIS (Technique for Ordered Preference By Similarity to Ideal Solution). The paper highlights the basic steps involved in each of the techniques for choosing the most suitable alternative from among the varied options under consideration.