An Effective Compromising Ranking Technique for Decision Making

Abstract

The VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje) method, which is a multi-criteria decision-making method, is examined in this paper. The VIKOR method, like other MCDM techniques such as the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), is widely used to solve complex decision-making problems in various fields such as engineering, management, and finance. This paper provides an overview of the VIKOR method, including its application areas, advantages, and disadvantages. Besides, in this survey paper, the process steps of the VIKOR method are described, including determining the decision matrix, normalizing the matrix, determining the weights of the criteria, calculating the utility and regret values, calculating the VIKOR index, and finally ranking the alternatives. By providing an overview of the VIKOR method and its process steps, this paper aims to provide a better understanding of the method and its potential application in different decision-making contexts.