State of art surveys of overviews on MCDM/MADM methods

Abstract

Decision-making is primarily a process that involves different actors: people, groups of people, institutions and the state. As a discipline, multi-criteria decision-making has a relatively short history. Since 1950s and 1960s, when foundations of modern multi-criteria decision-making methods have been laid, many researches devoted their time to development of new multi-criteria decision-making models and techniques. In the past decades, researches and development in the field have accelerated and seem to continue growing exponentially. Despite the intensive development worldwide, few attempts have been made to systematically present the theoretical bases and developments of multi-criteria decision-making methods. However, the methodological choices and framework for assessment of decisions are still under discussion. The article describes the situation with reviews of MCDM/MADM methods. Furthermore, there is a need for research to study the strengths and weaknesses of different decision-making methods. © 2014 Vilnius Gediminas Technical University (VGTU) Press.