VIKOR method - Wikipedia

Abstraction: Multi-criteria compromise ranking method minimizing group utility and individual regret

Key points:

• Developed by Serafim Opricović (1979 dissertation, 1980 publication); name is Serbian acronym for "Multicriteria Optimization and Compromise Solution"
• Computes S (weighted normalized Manhattan distance to ideal) and R (weighted normalized Chebyshev distance) for each alternative
• Final score Q = v(S-S)/(S^-S) + (1-v)(R-R)/(R^-R); v weights group utility vs individual regret; v=0.5 for consensus
• Compromise solution requires two conditions: acceptable advantage gap Q(A2)-Q(A1) >= 1/(J-1), and stability (A1 best in S or R)
• Compared to TOPSIS, ELECTRE, PROMETHEE; Fuzzy VIKOR extension handles imprecise criteria using triangular fuzzy numbers
• Most cited MCDM paper in Economics (Science Watch, April 2009) was the 2004 Opricović-Tzeng VIKOR vs TOPSIS comparison

Connections: Multi Criteria Decision Making · Compromise Ranking · Vikor

Source: http://en.wikipedia.org/wiki/VIKOR_method