Multi-criteria decision analysis

Mahammad Nuriyev

Chapter 85 in Elgar Encyclopedia of Energy Economics, 2025, pp 338-341 from Edward Elgar Publishing

Abstract: Multi-criteria decision analysis (MCDA) methods are powerful tools that enable the identification of the best solution when faced with multiple alternatives and criteria. These methods have been successfully applied in the energy sector for various tasks, including the development and planning of energy policy, management of energy production, storage, and distribution, as well as for the evaluation and selection of technology and equipment. Moreover, MCDA methods find applications in numerous other areas in the energy sector. Key elements of the decision-making process include a set of alternatives, criteria, criteria weights, solution method(s), and decision-maker(s). Depending on the complexity of the task, decision-makers may use a single method or a combination of methods. In the energy sector, methods such as AHP, TOPSIS, ANP, VIKOR, ELECTRE, and PROMETHEE are predominantly used. To ensure the reliability and robustness of solutions, sensitivity analysis is performed. Each method has its advantages and disadvantages, which decision-makers should consider. The application of an MCDA model is a multistage process.

Keywords: Multi-Criteria Decision Analysis; Criteria Weights; Sensitivity Analysis; Method Classifications; Methods Used in the Energy Sector; Strengths and Weaknesses (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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