Multi-Criteria Decision-Making Techniques: A Comprehensive Review of Methodologies and Applications

Abstract

Multi-Criteria Decision Making (MCDM) is an essential framework in decision science, offering structured methodologies to handle complex decision-making processes including multiple, often conflicting criteria. This paper provides a comprehensive review of MCDM techniques, including the Analytic Hierarchy Process (AHP), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), VIšekriterijumsko KOmpromisno Rangiranje (VIKOR), and COmplex PRoportional ASsessment (COPRAS). It also discusses the integration of neutrosophic sets for handling uncertainty and vagueness in decision-making. The paper highlights the strengths and weaknesses of these methods, beside their applications in various fields such as environmental management, public health, and data center location selection. A comparative analysis of MCDM methods underscores the importance of hybrid approaches in enhancing decision accuracy and reliability. The findings of this paper are relevant to researchers and practitioners seeking to improve decision-making strategies across various sectors.