Using SMART Method for Multi-Criteria Decision Making: Applications, Advantages and Limitations

Abstract

The applications of multi-criteria decision-making (MCDM) techniques are numerous. Simple Multi-Attribute Rating Technique (SMART) is a popular method for addressing MCDM problems with several criteria. The research investigates the SMART approach discussing how it is used, and its benefits and drawbacks, in decision-making situations. It looks at how it can be applied in choosing technology, improving healthcare systems, and managing the environment. SMART simplifies decision-making by comparing options based on factors. Yet it also has drawbacks such as biases in assigning weights and may not fully address the intricacies of certain decisions. The goal of the study is to enhance comprehension of SMART advocate for its use and propose combining it with intricate decision frameworks. Even though the SMART method is now widely used there is a lack of a thorough understanding of the method to identify its various applications. This paper aims to provide a comprehensive guide and a thorough overview of the SMART method to aid in decision-making and ranking in multi-attribute scenarios.