Multi-Criteria Decision-Making

Abstract

There are basically two main branches within modern decision theory: decisions under strict uncertainty and risk (probabilistic or Bayesian decisions), which was discussed in previous chapters, and multi-criteria decisions, which is discussed in this and the following chapters. Despite similarities between these two branches, these approaches have separate traditions within which they evolve. Over the years, the development of decision-making procedures and processes has largely shifted from a study of decision theory primarily for single-criterion decisions to decision-making with multiple criteria, often involving conflicting information, the field of Multi-Criteria Decision Analysis (MCDA) which this chapter constitutes an introduction into.

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