A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs
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 sel...
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doaj-d8d5a36fff254a2ebda2f18b996c43352020-11-24T23:05:57ZengMDPI AGEnergies1996-10732016-07-019756610.3390/en9070566en9070566A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic InputsAthanasios Kolios0Varvara Mytilinou1Estivaliz Lozano-Minguez2Konstantinos Salonitis3Offshore Renewable Energy Centre, Cranfield University, Cranfield MK43 0AL, UKOffshore Renewable Energy Centre, Cranfield University, Cranfield MK43 0AL, UKMechanical Engineering Research Center, Universidad Politécnica de Valencia, Valencia 46022, SpainSustainable Manufacturing Systems Centre, Cranfield University, Cranfield MK43 0AL, UKThis 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.http://www.mdpi.com/1996-1073/9/7/566multi-criteria decision methodswind turbinesupport structuresweighted sum method (WSM)weighted product method (WPM)technique for the order of preference by similarity to the ideal solution (TOPSIS)analytical hierarchy process (AHP)preference ranking organization method for enrichment evaluation (PROMETHEE)elimination et choix traduisant la realité (ELECTRE)stochastic inputs |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Athanasios Kolios Varvara Mytilinou Estivaliz Lozano-Minguez Konstantinos Salonitis |
spellingShingle |
Athanasios Kolios Varvara Mytilinou Estivaliz Lozano-Minguez Konstantinos Salonitis A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs Energies multi-criteria decision methods wind turbine support structures weighted sum method (WSM) weighted product method (WPM) technique for the order of preference by similarity to the ideal solution (TOPSIS) analytical hierarchy process (AHP) preference ranking organization method for enrichment evaluation (PROMETHEE) elimination et choix traduisant la realité (ELECTRE) stochastic inputs |
author_facet |
Athanasios Kolios Varvara Mytilinou Estivaliz Lozano-Minguez Konstantinos Salonitis |
author_sort |
Athanasios Kolios |
title |
A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs |
title_short |
A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs |
title_full |
A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs |
title_fullStr |
A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs |
title_full_unstemmed |
A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs |
title_sort |
comparative study of multiple-criteria decision-making methods under stochastic inputs |
publisher |
MDPI AG |
series |
Energies |
issn |
1996-1073 |
publishDate |
2016-07-01 |
description |
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. |
topic |
multi-criteria decision methods wind turbine support structures weighted sum method (WSM) weighted product method (WPM) technique for the order of preference by similarity to the ideal solution (TOPSIS) analytical hierarchy process (AHP) preference ranking organization method for enrichment evaluation (PROMETHEE) elimination et choix traduisant la realité (ELECTRE) stochastic inputs |
url |
http://www.mdpi.com/1996-1073/9/7/566 |
work_keys_str_mv |
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