Article ID: | iaor20084645 |
Country: | Netherlands |
Volume: | 178 |
Issue: | 2 |
Start Page Number: | 514 |
End Page Number: | 529 |
Publication Date: | Apr 2007 |
Journal: | European Journal of Operational Research |
Authors: | Opricovic Serafim, Tzeng Gwo-Hshiung |
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.