How to Estimate Weights in MCDM Methods? Points Allocation, Direct Rating and SMART Methods.
Based on the fact that determining criteria weights constitues a problem that arises frequently in many multi-criteria decision-making (MCDM) techniques. Considering the fact that the weights of criteria can significantly influence the outcome of the decision-making process, it is important to pay particular attention to the objectivity factors of criteria weights. As result, this video shows how to estimate Criteria Weights in Decision Making Process. Subjective criteria weights methods are presented. Based on the work by ODU (2019) subjective methods are presented.
We presented the process of point allocation method. This is one of the simplest methods used to determine criteria weights according to the priority of criteria, a decision-maker allocates a certain number of points to each criterion.The more points a criterion receives, the greater its
relative importance.. In this scenario, the decision maker is asked to allocate 100 points across the criteria under consideration. The total of all criterion weights must sum up to 100.
The next method presented is direct Rating method.This method is a type of approach in which the decisionmaker first ranks all the criteria according to their importance. The rating does not constrain the decision maker’s responses as the fixed point scoring methods
does. It is possible to alter the importance of one criterion without adjusting the weight of another.
Finally Simple Multi-attribute Rating Technique
(SMART) was presented.The SMART technique is a compensatory method of multiple criteria decision making originally developed by Edward in 1971. In the SMART method, it is described as a process of rating of alternatives and weighting criteria. So, we will be looking at the weighting approach of this method. In this method, decision maker is asked to rank the criteria in terms of their importance from worst to best. The least important a criterion is assigned 10 points while the most important criterion is given 100 points with an increasing number of
points are assigned to the other criteria according to their importance. The criteria weight can be calculated by normalizing the sum of the points to one.
This video answes the following questions:
How to calculte weights in decision making?
How to calculate criteria weights in decision making process?
How to estimate criteria weights in decision making process?
How to find criteria weights in decision making process?
How to calculate criteria weights in decision making process in MCDM?
Link of the article
https://mega.nz/file/ciw1QChT#bozG9ht...
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