Comparing Cardinal and Ordinal Ranking in MCDM Methods

Mats Danielson () and Love Ekenberg ()
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Mats Danielson: Stockholm University
Love Ekenberg: Stockholm University

A chapter in Multicriteria and Optimization Models for Risk, Reliability, and Maintenance Decision Analysis, 2022, pp 29-40 from Springer

Abstract: Abstract There are several MCDM methods attempting to elicit criteria weights, ranging from direct rating and point allocation methods to more elaborated ones. To facilitate the weight elicitation, some of the approaches utilize elicitation methods whereby prospects are ranked using ordinal importance information, while others use cardinal information. Methods are sometimes assessed in case studies, or more formally by utilizing systematic simulations. Furthermore, the treatment of corresponding methods for the handling of the alternative’s values has sometimes been neglected. There is a wish for methods with as little cognitive demand as possible, lowering the hurdle to employ such methods at all. In this paper, we explore simplified models mixing cardinal and ordinal statements and demonstrate which of them are more efficient than established methods. It turns out that weights are much more insensitive to cardinality than values, which has implications for all ranking methods.

Keywords: Multi-criteria decision analysis; Surrogate criteria weights; CAR method; Simplifying rank order (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-030-89647-8_2

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DOI: 10.1007/978-3-030-89647-8_2

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