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1 2004

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A generalization of the Zionts-Wallenius multiple criteria decision making algorithm

Kaliszewski I., Zionts S.

Control and Cybernetics

2004

Vol. 33, no 3

477-500

In multicriteria problem solving, much can be learned by observing the decision-making process. Some, if not many, of the theoretical constructs used in some academically-generated models are simply not necessary. Taking this into account, we generalize the Zionts-Wallenius Multiple Criteria Decision Making Algorithm. We generalize the approach so that it can solve general convex problems. We do this by drawing from other methods, and by incorporating what we have learned in our work. To deal with the class of convex problems we face, we broaden the concept of tradeoff, and use global tradeoffs. Theory is developed, and then a method incorporating the theory is presented. A small example is included. We discuss how our development enriches decision-making tools currently available. We discuss applications in finance and technology.