Extended VIKOR method in comparison with outranking methods

Abstract

The VIKOR method was developed to solve MCDM problems with conflicting and noncommensurable (different units) criteria, assuming that compromising is acceptable for conflict resolution, the decision maker wants a solution that is the closest to the ideal, and the alternatives are evaluated according to all established criteria. This method focuses on ranking and selecting from a set of alternatives in the presence of conflicting criteria, and on proposing compromise solution (one or more). The VIKOR method is extended with a stability analysis determining the weight stability intervals and with trade-offs analysis. The extended VIKOR method is compared with three multicriteria decision making methods: TOPSIS, PROMETHEE, and ELECTRE. A numerical example illustrates an application of the VIKOR method, and the results by all four considered methods are compared. (c) 2006 Elsevier B.V. All rights reserved.