Strategic Decision Making & Problem Solving with TOPSIS

About Strategic Decision Making & Problem Solving with TOPSIS

Making effective and efficient decisions is crucial for the success of any organization. This course provides an introduction to the Multi-Criteria Decision Making (MCDM) technique - Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), which is widely used for solving complex decision-making problems. TOPSIS is a decision-making technique that takes into consideration multiple criteria and their relative importance to determine the best alternative solution. This technique has been used in various fields, including finance, engineering, management, and marketing, to name a few. In this course, you will learn the fundamental concepts of MCDM, TOPSIS, and how to apply the technique to real-world decision-making problems. The course will cover topics such as decision-making under uncertainty, criteria selection, weighting, and ranking, among others. By the end of this course, you will have a deep understanding of the MCDM technique, TOPSIS, and how to apply it to real-world decision-making problems. You will also have the skills to critically evaluate decision-making scenarios, select appropriate criteria, and use the TOPSIS technique to rank alternatives and make better decisions. Course Objectives: Upon completion of this course, learners will be able to: Understand the basic concepts of Multi-Criteria Decision Making (MCDM) Understand the principles of Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) Apply the TOPSIS technique to solve complex decision-making problems Evaluate and select appropriate criteria for decision-making under uncertainty Develop decision models and analyse the ranking of alternatives Analyse and interpret the results of TOPSIS for decision-making purposes Course Outline: Section 1: Introduction to MCDM and TOPSIS Introduction to MCDM and its applications Overview of the TOPSIS technique Advantages and disadvantages of TOPSIS compared to other MCDM techniques Section 2: Criteria Selection and Weighting Criteria selection process Methods for weighting criteria Importance of criteria in decision-making Section 3: TOPSIS Model Development TOPSIS model development process Steps involved in TOPSIS Use of Excel for TOPSIS modelling Section 4: Interpretation and Analysis of TOPSIS Results Interpretation of TOPSIS results Application of TOPSIS to real-world decision-making problems Section 5: Review and Conclusion Review of TOPSIS technique and its applications Evaluation of course objectives and learning outcomes Future trends and advancements in MCDM and TOPSIS Recommended Textbook: "Multi-Criteria Decision Analysis: Methods and Software" by Alessio Ishizaka and Philippe Nemery.