Projects + Management = Project-Management

Kiker, Gregory A.; Bridges, Todd S.; Varghese, Arun; Seager, Thomas P.; Linkov, Igor: Application of Multicriteria Decision Analysis in Environmental Decision Making; in: Integrated Environmental Assessment and Management, Vol. 1 (2005), No. 2, pp. 95-108.

Kiker et al. review Multi-Criteria Decision-Making (MCDA).  The authors define MCDA as decisions, typically group decisions, with multiple criteria with different monetary and non-monetary values.  The MCDA process follows two steps – (1) construct a decision-matrix, (2) synthesis by ranking alternative by different means.

What are solutions/methods to apply MCDA in practice?

• MAUT & MAVT
  multi-attribute utility theory & multi-attribute value theory
  = each score is given a utility, then utilities are weighted and summed up to choose an alternative
• AHP
  analytical hierarchy process
  = pairwise comparison of all criteria to determine their importance
• Outranking
  = pairwise comparison of all scenarios
• Fuzzy
• Mental Modelling
• Linear Programming

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