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Research Journal of Pharmacy and Technology
Year : 2016, Volume : 9, Issue : 8
First page : ( 1079) Last page : ( 1082)
Print ISSN : 0974-3618. Online ISSN : 0974-360X.
Article DOI : 10.5958/0974-360X.2016.00205.5

A Brief Survey of Decision Making Methods and its Applications in Various Domains

Deepa N1,*, Ganesan K2

1Assistant Professor, School of Information Technology and Engineering, VIT University, Vellore, Tamil Nadu, India

2Senior Professor & Director, TIFAC-CORE in Automotive Infotronics, VIT University, Vellore, Tamil Nadu, India

*Corresponding Author E-mail: deepa.rajesh@vit.ac.in

Online published on 12 January, 2017.

Abstract

Decision making is the study of finding and selecting alternatives in order to obtain the best solution based on several criteria and taking into account the decision-maker's expectations. The decisions are made in an environment where the collection of information, alternatives, preferences are available. Judging the alternatives characterized by multiple criteria is difficult in decision making. To overcome this, tools to help decision making with multiple criteria which is termed as Multi criteria decision making methods gained popularity. There are two levels in multi-criteria decision making which includes managerial level and engineering level. The level which defines the goals and selects the final optimal alternative is managerial level and the level which defines the alternatives and performs ranking of alternatives is engineering level. In this paper, several multi criteria decision making methods are reviewed and their applications are surveyed in detail.

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Keywords

Decision making, MCDM, VIKOR, TOPSIS, multi criteria, AHP.

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