Please share a paper/report/thesis how monte carlo simulation can be applied to Multi criteria decision making.
Try these paper Article Modeling uncertainty in multi-criteria decision analysis
andArticle Uncertainty modelling in multi-criteria analysis of water sa...
Monte Carlo simulation can be applied to multi-criteria decision making (MCDM) by evaluating multiple alternatives with different criteria and assigning probabilities to each option. This is done by running simulations that generate random numbers based on the criteria used to evaluate the options. The result of these simulations can then be used to determine the most appropriate option.
For example, a company may have five potential locations they are considering for a new branch office. Each location could be evaluated on criteria such as cost, proximity to customers, availability of resources, etc. Once these criteria are defined, a Monte Carlo simulation could be run to generate random numbers that would provide a probability of how desirable each location is. The results of the simulation would then be used to determine which location is the most appropriate.
Look up these papers, they might be helpful to clarify things:
"Application of Monte Carlo Simulation in Multiple Criteria Decision Making" by Syed Muhammad Ali, Hira Sadaf, and Fahad Rasool
"Monte Carlo Simulation in Multiple Criteria Decision Making: A Review of Literature and Suggestions for Future Research" by I. A. El-Haddad
"Monte Carlo Simulation in Multiple Criteria Decision Making: Past Developments and Future Directions" by M. A. Kachi and S. E. El-Khatib
"An Introduction to Monte Carlo Simulation in Decision Making" by S. S. Abdul Razak, B. O. Yusof, Z. N. Zabidi, and M. S. Rosli
One option might be to build up a model of your multiple criteria probable outcome ranges from first principles, say in Microsoft Excel, and then apply Monte Carlo simulation. An example of multiple criteria in risk management using Monte Carlo is attached here:
Article Prioritizing risks for the future using Monte Carlo simulati...
- Badges
- Science topic
- Similar topics
- Thesis Research