A comparative study of multiple-criteria decision-making methods under stochastic inputs

Kolios, Athanasios and Mytilinou, Varvara and Lozano-Minguez, Estivaliz and Salonitis, Konstantinos (2016) A comparative study of multiple-criteria decision-making methods under stochastic inputs. Energies, 9 (7). 566. ISSN 1996-1073 (https://doi.org/10.3390/en9070566)

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Abstract

This paper presents an application and extension of multiple-criteria decision-making (MCDM) methods to account for stochastic input variables. More in particular, a comparative study is carried out among well-known and widely-applied methods in MCDM, when applied to the reference problem of the selection of wind turbine support structures for a given deployment location. Along with data from industrial experts, six deterministic MCDM methods are studied, so as to determine the best alternative among the available options, assessed against selected criteria with a view toward assigning confidence levels to each option. Following an overview of the literature around MCDM problems, the best practice implementation of each method is presented aiming to assist stakeholders and decision-makers to support decisions in real-world applications, where many and often conflicting criteria are present within uncertain environments. The outcomes of this research highlight that more sophisticated methods, such as technique for the order of preference by similarity to the ideal solution (TOPSIS) and Preference Ranking Organization method for enrichment evaluation (PROMETHEE), better predict the optimum design alternative.

ORCID iDs

Kolios, Athanasios ORCID logoORCID: https://orcid.org/0000-0001-6711-641X, Mytilinou, Varvara, Lozano-Minguez, Estivaliz and Salonitis, Konstantinos;
CORE (COnnecting REpositories)