Multi-Criteria Decision Making (MCDM) is a process used to evaluate and prioritize different options based on multiple criteria. It helps decision-makers assess various factors, such as cost, quality, and risk, to find the best solution for complex problems. MCDM is commonly applied in fields like business, environmental management, and healthcare.
The MCDM process typically involves defining the criteria, assigning weights to their importance, and scoring each option against these criteria. Techniques such as Analytic Hierarchy Process (AHP) and Weighted Sum Model (WSM) are often used to facilitate this evaluation, ensuring a systematic approach to decision-making.