A weighted linear combination ranking technique for multi-criteria decision analysis

Multi-criteria decision analysis (MCDA) is an alternative approach, which provides a way to systematically structure and analyse complex decision problems. This study presents a novel method of applying the weighted linear combination ranking technique (WLCRT) to MCDA. The proposed WLCRT method is b...

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Published in: South African journal of economic and management sciences Vol. 16; no. 5; pp. 23 - 41
Main Author: Chou, Jyh-Rong
Format: Journal Article
Language: English
Afrikaans
Portuguese
Published: Pretoria University of Pretoria 12-07-2013
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Summary: Multi-criteria decision analysis (MCDA) is an alternative approach, which provides a way to systematically structure and analyse complex decision problems. This study presents a novel method of applying the weighted linear combination ranking technique (WLCRT) to MCDA. The proposed WLCRT method is based on the linear combinations of matrix algebra calculations. It has distinct advantages in preference modeling, weight elicitation, and aggregation performance. In this method, the decision matrix of preferences is constructed using a 7-point Likert scale. The weights of criteria are elicited from the proximity matrix of preference relations using the eigenvector method. Then, the weighted generalised means are used to aggregate preference information as well as to rank the order of decision alternatives. The WLCRT method can flexibly reflect different decision attitudes for the decision maker. It is both technically valid and practically useful, and can be used in dealing with multiple criteria analysis problems involving ranking of alternatives.
ISSN: 1015-8812
2222-3436
2222-3436
DOI: 10.4102/sajems.v16i5.639