Multi Criteria Decision Analysis Notes: Definitions & Explanations PDF | Download eBooks
Study Multi Criteria Decision Analysis lecture notes PDF with project management definitions and explanation to study “What is Multi Criteria Decision Analysis?”. Study multi criteria decision analysis explanation with project management terms to review project management course for online MBA programs.
Multi Criteria Decision Analysis Definition:
Multicriteria decision analysis uses a decision matrix to provide a systematic analytical approach to evaluate the requested changes according to a set of predefined criteria.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Multi Criteria Decision Analysis Notes:
Situations during a project arise when tough decisions are to be made. Although decisions are made at every step of the project yet some decisions are more critical than other. For this reason, appropriate decision making technique should be selected carefully. One of the technique is called multi criteria decision analysis. Multi criteria decision analysis is a technique that is used when different alternative are available and the decision regarding the optimal alternative is to be made. Multi criteria decision analysis is often carried out using prioritization matrix. In multi criteria decision analysis, important issues and the alternatives are listed. The criteria based on which the decision is to be made are also listed, prioritized and a specific weight is given to them. These criteria are then applied to the alternatives to get a mathematical score. The scores are then used to rank the alternatives and the most suitable alternative is selected.
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