Trade-off Ranking Method for Multi-Criteria Decision Analysis

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    Abstract

    Multi-criteria decision analysis presumes trade-off between different criteria. As a result, the optimal solution is not unique and can be represented by the Pareto frontier in the objective space. Each Pareto solution is a compromise between different objectives. Despite a limited number of Pareto optimal solutions, the decision-maker eventually has to choose only one option. Such a choice has to be made with the use of additional preferences not included in the original formulation of the optimization problem. The paper represents a new approach to an automatic ranking that can help the decision-maker. In contrast to the other methodologies, the proposed method is based on the minimization of trade-off between different Pareto solutions. To be realized, the approach presumes the existence of a well-distributed Pareto set representing the entire Pareto frontier. In the paper, such a set is generated with the use of the directed search domain algorithm. The method is applied to a number of test cases and compared against two existing alternative approaches.
    Original languageEnglish
    JournalJournal of Multi-Criteria Decision Analysis
    Early online date29 Dec 2016
    DOIs
    Publication statusPublished - May 2017

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