Simulation techniques for the sensitivity analysis of multi-criteria decision models

Simulation techniques for the sensitivity analysis of multi-criteria decision models

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Article ID: iaor19992090
Country: Netherlands
Volume: 103
Issue: 3
Start Page Number: 531
End Page Number: 546
Publication Date: Dec 1997
Journal: European Journal of Operational Research
Authors: , ,
Keywords: decision theory: multiple criteria
Abstract:

This paper presents a simulation approach for high dimensional sensitivity analysis of the weights of multi-criteria decision models. This approach allows simultaneous changes of the weights and generates results that can easily be analyzed statistically to provide insights into multi-criteria model recommendations. In this study we consider three cases: no information, order information, and partial information regarding the weights. Our approach also allows investigation of sensitivity to the form of multi-criteria decision models. The simulation procedures we propose can also be used to aid in the actual decision process, particularly when the task is to select a subset of superior alternatives.

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