An illustrative study on Multi Criteria Decision Making Approach: Analytical Hierarchy Process

Abstract

In real-life scenarios, to assess the relative importance of one factor over other is a challenging task. Understanding the current scenario, the presented paper suggested an Analytical Hierarchy Process (AHP) to determine the relative importance of attributes for the selection of bank. This study is beneficial for banks since they can consider the relative importance of assessed factors in mind while opening a bank or while dealing with a customer. AHP is a Multi Criteria Decision Making Approach (MCDM), used to get the right decision for the complex high-stake problems. An illustrative example of Bank selection is presented here to better understand the AHP-based model for selection of bank. AHP model described here is based on two main functions, the first function is used to determine the key element for bank selection. The second function is to achieve an accurate judgment by assigning weights for criteria selection.

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