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Integrated Ranking Algorithm for Efficient Decision Making
, , G. Srivastava
Published in World Scientific
Volume: 20
Issue: 2
Pages: 597 - 618
Decision making remains a prominent issue in all the problem domains. To make better decisions, multiple factors of the given problem need to be considered and evaluated. Multi-criteria decision-making methods have been used popularly for solving decision-making problems characterized by multiple factors. When multiple factors are considered, it is recommended to categorize the factors into the main criteria and sub-criteria. In this paper, GRAP-an integrated ranking algorithm has been developed by combining Grey Relational Analysis, Rank Sum, and Preference Ranking Organization Method Enrichment Evaluation methods (PROMETHEE) to solve decision-making problems. The weights of the sub-criteria are calculated using the Rank Sum method. Grey Relational Analysis method is used to convert the sub-criteria values into main criteria values in the form of evaluation scores of alternatives. The final ranking scores of the alternatives are obtained using the PROMETHEE method. A decision model is developed using the proposed GRAP algorithm and applied to the Job Profile selection case study. The developed decision model showed much better results compared to other MCDM approaches namely the Simple Additive Weight method, TOPSIS, VIKOR, and Complex Proportional Assessment (COPRAS). Further, a sanity check has been carried out by comparing the results of the decision model with experts' opinions. © 2021 World Scientific Publishing Company.
About the journal
JournalInternational Journal of Information Technology and Decision Making
PublisherWorld Scientific