Extended VIKOR method in comparison with outranking methods |
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| Authors: | Serafim Opricovic Gwo-Hshiung Tzeng |
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| Institution: | 1. Faculty of Civil Engineering, Bulevar revolucije 73, 11000 Belgrade, Serbia and Montenegro;2. National Chiao Tung University, Institute of Management of Technology, 1001 Ta-Hsueh Road, Hsinchu 300, Taiwan |
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| Abstract: | The VIKOR method was developed to solve MCDM problems with conflicting and noncommensurable (different units) criteria, assuming that compromising is acceptable for conflict resolution, the decision maker wants a solution that is the closest to the ideal, and the alternatives are evaluated according to all established criteria. This method focuses on ranking and selecting from a set of alternatives in the presence of conflicting criteria, and on proposing compromise solution (one or more). The VIKOR method is extended with a stability analysis determining the weight stability intervals and with trade-offs analysis. The extended VIKOR method is compared with three multicriteria decision making methods: TOPSIS, PROMETHEE, and ELECTRE. A numerical example illustrates an application of the VIKOR method, and the results by all four considered methods are compared. |
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| Keywords: | Multiple criteria analysis Compromise Extended VIKOR method |
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