Multicriteria Decision-Making

  • Credits: 5
  • Ending: Examination
  • Range: 2P + 2C
  • Semester: summer
  • Year: 1
  • Faculty of Economic Informatics

Teachers

Included in study programs

Information Management

Teaching results

Upon successful completion of the course, students will acquire the following knowledge:
- knowledge of multicriteria decision-making for the analysis of economic phenomena and processes,
- knowledge of multicriteria decision-making to model economic phenomena and processes.
- knowledge of multi-criteria decision-making to evaluate and set strategies for economic processes.
Upon successful completion of the course, students will acquire the following skills:
- ability to use models and methods of multicriteria decision making,
- control of adequate software to solve multicriteria decision-making tasks.
Upon successful completion of the course, students will acquire the following competencies:
- practical skills and competencies associated with the application of models and methods of multicriteria decision-making in the analysis of economic problems in the field of economic practice using adequate software.

Indicative content

The course is focused on the issue of multicriteria decision-making, while the content of the course is the areas of defining the concepts of multicriteria programming, goal programming and areas of multicriteria evaluation of variants. Students will get acquainted with the problems of evaluation in mathematical programming problems with multiple criteria. The basis is the definition of the efficiency of the solution, efficient solutions in context of goal programming problems and the methods to solve these problems. Part of the course is the use of optimization software products (Python language).

Support literature

1. Steuer, R. E.: Multiple Criteria Optimization: Theory, Computation, and Application, John Willey & Sons 1986.
2. PEKÁR, Juraj - FURKOVÁ, Andrea. Prípadové štúdie z viackriteriálneho rozhodovania. Bratislava : Vydavateľstvo EKONÓM, 2014.
3. Vincent Barichard, Matthias Ehrgott, Xavier Gandibleux, and Vincent T'Kindt. 2009. Multiobjective Programming and Goal Programming: Theoretical Results and Practical Applications (1st. ed.). Springer Publishing Company, Incorporated.
4. Constantin Zopounidis, Michael Doumpos: Multiple Criteria Decision Making: Applications in Management and Engineering 1st ed. 2017 Edition

Syllabus

1. The role of multicriteria decision making. Geometric interpretation of the problem of multicriteria decision making. 2. Non-dominance and effectiveness of the solution. The concept of the dominant set. The principle of optimality and acceptability in multicriteria decision-making problems. 3. Goal programming. Distance metrics. 4. Archimedean goal programming. Min-max goal programming. 5. Lexicographic goal programming. 6. Efficient solutions and goal programming problems. 7. Methods for generation of efficient solutions – The weighted sum method. 8. Methods for generation of efficient solutions – The constraint method. 9. Methods for generation of efficient solutions - Ideal point (ideal alternative). 10. Interactive methods of multicriteria decision making - STEM method. 11. Multiple Attribute Decision Making (MADM) methods. 12. PROMETHEE methods. 13. Data Envelopment Analysis (DEA)

Requirements to complete the course

30 % work at seminars and writing of projects
70 % combined final exam

Student workload

5 credits x 26 hours = 130 hours
26 hours lecture attendance
26 hours seminar attendance
13 hours preparation for lectures
13 hours preparation for seminars
26 hours writing a seminar paper
26 hours preparation for final exam

Language whose command is required to complete the course

Slovak, English

Date of approval: 11.03.2024

Date of the latest change: 06.12.2022