A Comparative Study of Multiple-Criteria Decision-Making Methods under Stochastic Inputs

Athanasios Kolios, Varvara Mytilinou, Estivaliz Lozano-Minguez and Konstantinos Salonitis
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Athanasios Kolios: Offshore Renewable Energy Centre, Cranfield University, Cranfield MK43 0AL, UK
Varvara Mytilinou: Offshore Renewable Energy Centre, Cranfield University, Cranfield MK43 0AL, UK
Estivaliz Lozano-Minguez: Mechanical Engineering Research Center, Universidad Politécnica de Valencia, Valencia 46022, Spain
Konstantinos Salonitis: Sustainable Manufacturing Systems Centre, Cranfield University, Cranfield MK43 0AL, UK

Energies, 2016, vol. 9, issue 7, 1-21

Abstract: This paper presents an application and extension of multiple-criteria decision-making (MCDM) methods to account for stochastic input variables. More in particular, a comparative study is carried out among well-known and widely-applied methods in MCDM, when applied to the reference problem of the selection of wind turbine support structures for a given deployment location. Along with data from industrial experts, six deterministic MCDM methods are studied, so as to determine the best alternative among the available options, assessed against selected criteria with a view toward assigning confidence levels to each option. Following an overview of the literature around MCDM problems, the best practice implementation of each method is presented aiming to assist stakeholders and decision-makers to support decisions in real-world applications, where many and often conflicting criteria are present within uncertain environments. The outcomes of this research highlight that more sophisticated methods, such as technique for the order of preference by similarity to the ideal solution (TOPSIS) and Preference Ranking Organization method for enrichment evaluation (PROMETHEE), better predict the optimum design alternative.

Keywords: multi-criteria decision methods; wind turbine; support structures; weighted sum method (WSM); weighted product method (WPM); technique for the order of preference by similarity to the ideal solution (TOPSIS); analytical hierarchy process (AHP); preference ranking organization method for enrichment evaluation (PROMETHEE); elimination et choix traduisant la realité (ELECTRE); stochastic inputs (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (40)

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