Simple Multi-Attribute Rating Technique (SMART)
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| − | Simple Multi-Attribute Rating technique (SMART) is a decision tool based on a linear additive model. SMART is a technique for conducting Multi-Criteria Decision Making (MCDM), in which assessment and selection amongst the different alternatives is based on a list of relevant socio-economic criteria. The purpose of SMART is therefore to assist the decision maker when trying to choose the best option amongst several alternatives. The best alternative is found by calculating a total performance scores for each alternative and then selecting the one that reveals the highest total performance score. The total performance score for each alternative is calculated as the sum of the relative performance of each alternative on each criterion multiplied by the relative importance of that criteria (the criteria weight). SMART provides a simple and intuitive method for supporting the decision maker. | + | Simple Multi-Attribute Rating technique (SMART) is a decision tool based on a linear additive model. SMART is a technique for conducting Multi-Criteria Decision Making (MCDM), in which assessment and selection amongst the different alternatives is based on a list of relevant socio-economic criteria. The purpose of SMART is therefore to assist the decision maker when trying to choose the best option amongst several alternatives. The best alternative is found by calculating a total performance scores for each alternative and then selecting the one that reveals the highest total performance score. The total performance score for each alternative is calculated as the sum of the relative performance of each alternative on each criterion multiplied by the relative importance of that criteria (the criteria weight). SMART provides a simple and intuitive method for supporting the decision maker. The method has become fairly popular in recent years and is used throughout many areas of application such as transportation and logistics, problem planning, project selection and manufacturing. |
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Revision as of 21:27, 14 February 2021
Contents |
Abstract
Simple Multi-Attribute Rating technique (SMART) is a decision tool based on a linear additive model. SMART is a technique for conducting Multi-Criteria Decision Making (MCDM), in which assessment and selection amongst the different alternatives is based on a list of relevant socio-economic criteria. The purpose of SMART is therefore to assist the decision maker when trying to choose the best option amongst several alternatives. The best alternative is found by calculating a total performance scores for each alternative and then selecting the one that reveals the highest total performance score. The total performance score for each alternative is calculated as the sum of the relative performance of each alternative on each criterion multiplied by the relative importance of that criteria (the criteria weight). SMART provides a simple and intuitive method for supporting the decision maker. The method has become fairly popular in recent years and is used throughout many areas of application such as transportation and logistics, problem planning, project selection and manufacturing.
Big idea
Limitations
Explanation of strengths and weaknesses of the SMART tool.
