A Comprehensive Overview of the ELECTRE Method in Multi Criteria Decision-Making

Abstract

The ELECTRE (ELimination Et Choix Traduisant la REalite) method has gained widespread recognition as one of the most effective multi-criteria decision-making (MCDM) methods. Its versatility allows it to be applied in a wide range of areas such as engineering, economics, business, environmental management and many others. This paper aims to provide an overview of the ELECTRE method, including its fundamental concepts, applications, advantages, and limitations. At its core, the ELECTRE method is an outranking family of MCDM techniques, which allows for the direct comparison of alternatives based on a set of criteria. The method takes into account the preferences and importance of decision-makers and generates a ranking of the alternatives based on their relative strengths and weaknesses. The ELECTRE method is a powerful tool for decision-making, and its applicability to a wide range of fields demonstrates its versatility and adaptability. By understanding its concepts, applications, merits, and demerits, decision-makers can use the ELECTRE method to make informed and effective decisions in a variety of contexts.