Multiple Criteria Decision Making by Multiobjective Optimization

More about the book

This textbook approaches optimization through a multi-aspect, multi-criteria lens, utilizing a Multiple Criteria Decision Making (MCDM) framework to overcome the limitations of single-criterion models. It is structured to guide readers through decision-making processes involving intelligence, modeling, choice, and review phases, emphasizing the human-centric nature of decision-making, where the user is the sole decision-maker. The book avoids assumptions about the Decision Maker's preferences or behavior, ensuring broad applicability. Concepts are illustrated with numerous examples, figures, and problems, complemented by downloadable Excel spreadsheets for practical application. Traditional optimization models often oversimplify real-world decision problems; for example, focusing solely on short-term profit fails to capture the complexities of business management. Effective management requires balancing immediate profitability with long-term strategies like client relationships, innovation, and investments. Each of these essential actions can be modeled individually with appropriately selected criterion functions, while a consistent set of constraints defines permissible actions. This textbook aims to present methodologies that enable the joint modeling of these diverse actions.