MCDA methods in decision making

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==Abstract==
 
==Abstract==
Decision making is one of the most important parts of any aspect of life. It affects the present and both immediate and long-term future. There is a vast number of techniques and methods to help one to come up with a final decision. In this article, the focus is the REMBRANDT technique. REMBRANDT is based on a Decision Support System (DSS) called Multi Criteria Decision Analysis (MCDA), making use of a structured hierarchical approach1. Thorughout this article, there will be a general introduction to the most important techniques and method on the decision-making environment. Furthermore, a deeper research and investigation will take place on the REMBRANDT technique. It will go from the history of this technique, how it started and how it was created, to its actual status, stating its pros and cons while making use of it. To finalize the article and help reaching the best understanding of the technique possible, a real example will be conducted. A real scenario will be used where a decision had to be made and the REMBRANDT technique was used and what the outcome of this project turned out to be after the decision making.
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Decision making is one of the most important parts of any aspect of life. It affects the present and both immediate and long-term future. Of course, it has a huge impact on every project, naturally including engineering projects. There is a vast number of techniques and methods to help one to come up with a final decision. In this article, the focus is the MCDA analysis in decision makin. In decision making, there are different tools or criteria, such as Cost - Benefit Analysis (CBA) or the Multi Criteria Decision Analysis (MCDA). On one hand, CBA focus on the quantitative part of the project in order to reach a decision, specially focusing on monetary terms, currency change and various rates, such as inflation or consumer surplus. On the other hand, MCDA involves many other criteria, mostly qualitative, in order to reach a decision. Within MCDA, naturally, there are different techniques to use, the two main ones are AHP and Smart. As mentioned previously, the focus of this paper will be the MCDA methods in decision making. Initially, there will be an introduction on the history of the decision making and where the term comes from. Sequentially, there will be an explanation on both CBA and MCDA to reach a full understanding for both tools and comparing them. After this section, there will be a deeper explanation on the MCDA analysis, explaining the different types of MCDA and providing examples, pros and cons. Finally there will be a conclusion on the involvement of MCDA analysis and methods in the decision making, focusing on engineering projects.  
  
 
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== Types of Decision Making tools ==
 
== Types of Decision Making tools ==
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== CBA vs MCDA ==
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=MCDA =
 
=MCDA =
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= Conclusion =

Revision as of 16:54, 17 February 2022

Abstract

Decision making is one of the most important parts of any aspect of life. It affects the present and both immediate and long-term future. Of course, it has a huge impact on every project, naturally including engineering projects. There is a vast number of techniques and methods to help one to come up with a final decision. In this article, the focus is the MCDA analysis in decision makin. In decision making, there are different tools or criteria, such as Cost - Benefit Analysis (CBA) or the Multi Criteria Decision Analysis (MCDA). On one hand, CBA focus on the quantitative part of the project in order to reach a decision, specially focusing on monetary terms, currency change and various rates, such as inflation or consumer surplus. On the other hand, MCDA involves many other criteria, mostly qualitative, in order to reach a decision. Within MCDA, naturally, there are different techniques to use, the two main ones are AHP and Smart. As mentioned previously, the focus of this paper will be the MCDA methods in decision making. Initially, there will be an introduction on the history of the decision making and where the term comes from. Sequentially, there will be an explanation on both CBA and MCDA to reach a full understanding for both tools and comparing them. After this section, there will be a deeper explanation on the MCDA analysis, explaining the different types of MCDA and providing examples, pros and cons. Finally there will be a conclusion on the involvement of MCDA analysis and methods in the decision making, focusing on engineering projects.

Contents


Introduction

History of Decision Making

Types of Decision Making tools

CBA vs MCDA

MCDA

Conclusion

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