Strategic Approach in Multi-Criteria Decision Making

This book examines Multi-Criteria Decision Making (MCDM) and presents Sequential Iterative Modelling for Urban Systems (SIMUS) as a valuable method for strategic decision-making. The book emphasizes the need to consider aspects related to real-world scenarios and incorporate potential real-life aspects into modelling. It also highlights the use of sensitivity analysis and presents a method for using criteria marginal values instead of weights, which makes it possible to produce curves that depict variations in the objective function due to variations in these marginal values. In this way, it also yields quantitative values of the objective function, allowing stakeholders to conduct a comprehensive risk analysis for a given solution when it is affected by exogenous variables. The book explores the history and evolution of the discipline, and the way it is currently used. It discusses drawbacks and problems that scholars have identified in various MCDM methods and techniques. Moreover, it addresses best practices to assure high-quality MCDM. The book also introduces readers to the concept of Linear Programming and the proposed SIMUS method as viable MCDM techniques. It includes numerous case studies to help illustrate difficult concepts, especially those concerning the demands of a given scenario and their modelling. This second edition includes new chapters that delve into the realm of modelling, and offers a novel procedure by simulating the multiple questions and concerns that a reader may have, and giving the corresponding answers and examples, acting also as a tutorial to guide the reader. It also shares valuable insights from respected practitioners and the author, exploring MCDM characteristics, challenges encountered, and potential solutions. This book will above all benefit researchers, practitioners, and students in the field, providing valuable insights and practical guidance tailored to their specific interests and objectives.