Evaluation of Ranking Accuracy in Multi-Criteria Decisions

Article type: Research Article

Authors: Zavadskas, Edmundas Kazimieras | Zakarevicius, Algimantas | Antucheviciene, Jurgita

Affiliations: Vilnius Gediminas Technical University, Sauletekio al. 11, LT-10223, Vilnius-40, Lithuania, e-mail: edmundas.zavadskas@adm.vtu.lt, algimantas.zakarevicius@ap.vtu.lt, jurgita.antucheviciene@st.vtu.lt

Abstract: The paper analyses the problem of ranking accuracy in multiple criteria decision-making (MCDM) methods. The methodology for measuring the accuracy of determining the relative significance of alternatives as a function of the criteria values is developed. An algorithm of the Technique for the Order Preference by Similarity to Ideal Solution (TOPSIS) that applies criteria values' transformation through a normalization of vectors and the linear transformation is considered. A computational experiment is presented, to compare the results of a multiple criteria analysis and the ranking accuracy in a particular situation.

Keywords: decision-making, multi-criteria optimisation, ranking accuracy, TOPSIS, vector normalization, linear normalization, standard deviation, confidence interval, construction management

Journal: Informatica, vol. 17, no. 4, pp. 601-618, 2006