Multi-criteria decision analysis

Book chapter (2021)

Authors

Zhanmin Zhang The University of Texas at Austin
S. Balakrishnan The University of Texas at Austin
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Published Date

2021

Language

English

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Abstract

Multiple criteria decision analysis (MCDA) is a decision support tool widely used by government agencies for evaluating, assessing, and prioritizing project alternatives in circumstances where conflicting and competing objectives are to be achieved. MCDA techniques offer a systematic procedure for treating a complex project selection problem into a group of simpler subproblems for identifying the best project alternative from an available pool of options while ensuring that the concerns of stakeholders are adequately addressed. MCDA is implemented in several stages, focusing on identification of project alternatives, definition of relevant criteria, assessment of performance of alternatives based on those objectives, and identification of the best alternative(s). There are several techniques available for implementing MCDA; however, each of these techniques varies in the manner stakeholder inputs are gathered and handled. Hence, the selection of a method must be based on a comprehensive analysis of the advantages and limitations of available MCDA techniques.