A study of decision process in MCDM problems with large number of criteria

Jian Liu, Peng Liu, Si Feng Liu, Xian Zhong Zhou, Tao Zhang

Research output: Contribution to journalArticle

7 Citations (Scopus)

Abstract

In this paper, an effective decision process method is proposed to address the challenge in a multiple criteria decision-making (MCDM) problem because of large number of criteria. This method is based on the criteria reduction, tolerance relation, and prospect theory (PT). By building a discernibility matrix for tolerance relation (DMTR) in an MCDM problem with numerical values or interval numbers, this method first allows us to recognize a set of critical criteria from a large criteria pool, and ignore the other criteria. Next, it establishes the criteria weights through the DMTR as they are usually not indicated in the data. Then, the method ranks all the choices and selects the most desirable choice according to the weighted majority advantage value (WMAV). Here two risk-preference assumptions are proposed based on the PT and tolerance degree to select the WMAVs of different interval numbers with the same expectation. Using different risk-preference assumptions, we separately build WMAVs for different types of DMs. Finally, we presented two voting examples to demonstrate the applicability and effectiveness of the proposed method.

Original languageEnglish (US)
Pages (from-to)237-264
Number of pages28
JournalInternational Transactions in Operational Research
Volume22
Issue number2
DOIs
StatePublished - Mar 1 2015

Fingerprint

Decision making
Multiple criteria decision making
Decision process
Tolerance
Prospect theory
Risk preferences

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Computer Science Applications
  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation

Cite this

Liu, Jian ; Liu, Peng ; Liu, Si Feng ; Zhou, Xian Zhong ; Zhang, Tao. / A study of decision process in MCDM problems with large number of criteria. In: International Transactions in Operational Research. 2015 ; Vol. 22, No. 2. pp. 237-264.
@article{0d36db3759db41869c5affb7656170d0,
title = "A study of decision process in MCDM problems with large number of criteria",
abstract = "In this paper, an effective decision process method is proposed to address the challenge in a multiple criteria decision-making (MCDM) problem because of large number of criteria. This method is based on the criteria reduction, tolerance relation, and prospect theory (PT). By building a discernibility matrix for tolerance relation (DMTR) in an MCDM problem with numerical values or interval numbers, this method first allows us to recognize a set of critical criteria from a large criteria pool, and ignore the other criteria. Next, it establishes the criteria weights through the DMTR as they are usually not indicated in the data. Then, the method ranks all the choices and selects the most desirable choice according to the weighted majority advantage value (WMAV). Here two risk-preference assumptions are proposed based on the PT and tolerance degree to select the WMAVs of different interval numbers with the same expectation. Using different risk-preference assumptions, we separately build WMAVs for different types of DMs. Finally, we presented two voting examples to demonstrate the applicability and effectiveness of the proposed method.",
author = "Jian Liu and Peng Liu and Liu, {Si Feng} and Zhou, {Xian Zhong} and Tao Zhang",
year = "2015",
month = "3",
day = "1",
doi = "10.1111/itor.12102",
language = "English (US)",
volume = "22",
pages = "237--264",
journal = "International Transactions in Operational Research",
issn = "0969-6016",
publisher = "Blackwell Publishing",
number = "2",

}

A study of decision process in MCDM problems with large number of criteria. / Liu, Jian; Liu, Peng; Liu, Si Feng; Zhou, Xian Zhong; Zhang, Tao.

In: International Transactions in Operational Research, Vol. 22, No. 2, 01.03.2015, p. 237-264.

Research output: Contribution to journalArticle

TY - JOUR

T1 - A study of decision process in MCDM problems with large number of criteria

AU - Liu, Jian

AU - Liu, Peng

AU - Liu, Si Feng

AU - Zhou, Xian Zhong

AU - Zhang, Tao

PY - 2015/3/1

Y1 - 2015/3/1

N2 - In this paper, an effective decision process method is proposed to address the challenge in a multiple criteria decision-making (MCDM) problem because of large number of criteria. This method is based on the criteria reduction, tolerance relation, and prospect theory (PT). By building a discernibility matrix for tolerance relation (DMTR) in an MCDM problem with numerical values or interval numbers, this method first allows us to recognize a set of critical criteria from a large criteria pool, and ignore the other criteria. Next, it establishes the criteria weights through the DMTR as they are usually not indicated in the data. Then, the method ranks all the choices and selects the most desirable choice according to the weighted majority advantage value (WMAV). Here two risk-preference assumptions are proposed based on the PT and tolerance degree to select the WMAVs of different interval numbers with the same expectation. Using different risk-preference assumptions, we separately build WMAVs for different types of DMs. Finally, we presented two voting examples to demonstrate the applicability and effectiveness of the proposed method.

AB - In this paper, an effective decision process method is proposed to address the challenge in a multiple criteria decision-making (MCDM) problem because of large number of criteria. This method is based on the criteria reduction, tolerance relation, and prospect theory (PT). By building a discernibility matrix for tolerance relation (DMTR) in an MCDM problem with numerical values or interval numbers, this method first allows us to recognize a set of critical criteria from a large criteria pool, and ignore the other criteria. Next, it establishes the criteria weights through the DMTR as they are usually not indicated in the data. Then, the method ranks all the choices and selects the most desirable choice according to the weighted majority advantage value (WMAV). Here two risk-preference assumptions are proposed based on the PT and tolerance degree to select the WMAVs of different interval numbers with the same expectation. Using different risk-preference assumptions, we separately build WMAVs for different types of DMs. Finally, we presented two voting examples to demonstrate the applicability and effectiveness of the proposed method.

UR - http://www.scopus.com/inward/record.url?scp=84922193428&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84922193428&partnerID=8YFLogxK

U2 - 10.1111/itor.12102

DO - 10.1111/itor.12102

M3 - Article

AN - SCOPUS:84922193428

VL - 22

SP - 237

EP - 264

JO - International Transactions in Operational Research

JF - International Transactions in Operational Research

SN - 0969-6016

IS - 2

ER -