How Complex Decisions are taken using — Multiple Criterion and Multiple Alternatives

Being judgemental is a bad social behavior, but art of managing and taking decisions with group consensus are qualities of great professional. Large judgement benches propose ordering of universities, companies and also countries. They literally rank each one in there list based on some score that seems to validate action.

But whats the way to calculate the perfect number/Rank of alternatives to choose from when we have some measurable criteria for each one of them? Welcome to the world of Decision making. Lets explore techniques.

Decision Making

Its an art that one uses both in daily life and in settings such as business, government and medicine. Its a cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

The problem can be sub-categorized into two ways, clear from their acronym:-

1. MODM: Multi objective Decision making
2. MCDM: Multi Criteria Decision making

Later one is going to be part of our discussion in this blog.

Multi Criteria Decision making

We usually weigh multiple criteria implicitly and we may be comfortable with the consequences of such decisions that are made based on only intuition. On the other hand, when stakes are high, it is important to properly structure…