Question

Purpose The purpose of this discussion board is to help you learn more about multi-criteria decision-making. Action Items You are requested to submit one example of multi-criteria decision-making. Explain the considered criteria in your example with your own word & not copying from the internet. Note: No handwriting or Picture

Answer 1

Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making like... both in daily life and in settings such as business, government and medicine.

for example :
cost or price is usually one of the main problem, and some measure of quality is typically another decision, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main problem. we consider,it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, we are interested in getting high returns but at the same time reducing our risks, but the stocks that have the potential of bringing high returns typically also carry high risks of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamental conflicting criteria,,

AHP and FLDM are two most popular example of Compensatory MCDM which are widely used to solve decision making problems and in various decision support systems .....

here i give u one example for AHP:

Analytical Hierarchal Process (AHP)

AHP has particular application in group decision making, and is used around the world in a wide variety of decision situations, in fields such as government, business, industry, healthcare, and education.AHP finds the best decison to undestand the given problem. Users can decompose their problem into hierarchy level why because small problems are easily solved than bigger problems soo divide the problems each of which can independently identified.. The elements of the hierarchy can relate to any aspect of the decision problem.The AHP converts these evaluations to numerical values that can be processed and compared over the entire range of the problem..

In the final step of the process, numerical priorities are calculated for each of the decision alternatives. These numbers represent the alternatives’ relative ability to achieve the decision goal, so they allow a straightforward consideration of the various courses of action