Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order

Anders Vestergaard Jensen; Michael Bruhn Barfod; Steen Leleur

doi:10.1007/978-3-642-19695-9

Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order

Anders Vestergaard Jensen, Michael Bruhn Barfod, Steen Leleur

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

Abstract

Abstract This paper discusses the concept of using rank variation concerning the stakeholder prioritising of importance criteria for exploring the sensitivity of criteria weights in multi-criteria analysis (MCA). Thereby the robustness of the MCA-based decision support can be tested. The analysis described is based on the fact that when using MCA as a decision-support tool, questions often arise about the weighting (or prioritising) of the included criteria. This part of the MCA is seen as the most subjective part and could give reasons for discussion among the decision makers or stakeholders. Furthermore, the relative weights can make a large difference in the resulting assessment of alternatives (Hobbs and Meier 2000). Therefore it is highly relevant to introduce a procedure for estimating the importance of criteria weights. This paper proposes a methodology for estimating the robustness of weights used in additive utility models.

Original language	English
Title of host publication	New State of MCDM in the 21st Century : Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009
Editors	Yong Shi, Shouyang Wang, Jyrki Wallenius, Gang Kou
Publisher	Springer Publishing Company
Publication date	2011
Pages	59-67
Chapter	5
ISBN (Print)	978-3-642-19694-2
ISBN (Electronic)	978-3-642-19695-9
DOIs	https://doi.org/10.1007/978-3-642-19695-9
Publication status	Published - 2011
Event	The 20th International Conference on Multiple Criteria Decision Making - Chengdu, China Duration: 1 Jan 2009 → …

Conference

Conference	The 20th International Conference on Multiple Criteria Decision Making
City	Chengdu, China
Period	01/01/2009 → …

Series	Lecture Notes in Economics and Mathematical Systems
ISSN	0075-8442

Keywords

Decision-support tool
Multi-criteria analysis
Rank order distribution
Stakeholder preference
COSIMA

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Jensen, A. V., Barfod, M. B., & Leleur, S. (2011). Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order. In Y. Shi, S. Wang, J. Wallenius, & G. Kou (Eds.), New State of MCDM in the 21st Century: Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009 (pp. 59-67). Springer Publishing Company. Lecture Notes in Economics and Mathematical Systems https://doi.org/10.1007/978-3-642-19695-9

Jensen, Anders Vestergaard ; Barfod, Michael Bruhn ; Leleur, Steen. / Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order. New State of MCDM in the 21st Century: Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009. editor / Yong Shi ; Shouyang Wang ; Jyrki Wallenius ; Gang Kou. Springer Publishing Company, 2011. pp. 59-67 (Lecture Notes in Economics and Mathematical Systems).

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title = "Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order",

abstract = "Abstract This paper discusses the concept of using rank variation concerning the stakeholder prioritising of importance criteria for exploring the sensitivity of criteria weights in multi-criteria analysis (MCA). Thereby the robustness of the MCA-based decision support can be tested. The analysis described is based on the fact that when using MCA as a decision-support tool, questions often arise about the weighting (or prioritising) of the included criteria. This part of the MCA is seen as the most subjective part and could give reasons for discussion among the decision makers or stakeholders. Furthermore, the relative weights can make a large difference in the resulting assessment of alternatives (Hobbs and Meier 2000). Therefore it is highly relevant to introduce a procedure for estimating the importance of criteria weights. This paper proposes a methodology for estimating the robustness of weights used in additive utility models.",

keywords = "Decision-support tool, Multi-criteria analysis, Rank order distribution, Stakeholder preference, COSIMA",

author = "Jensen, {Anders Vestergaard} and Barfod, {Michael Bruhn} and Steen Leleur",

year = "2011",

doi = "10.1007/978-3-642-19695-9",

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Jensen, AV, Barfod, MB & Leleur, S 2011, Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order. in Y Shi, S Wang, J Wallenius & G Kou (eds), New State of MCDM in the 21st Century: Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009. Springer Publishing Company, Lecture Notes in Economics and Mathematical Systems, pp. 59-67, The 20th International Conference on Multiple Criteria Decision Making, Chengdu, China, 01/01/2009. https://doi.org/10.1007/978-3-642-19695-9

Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order. / Jensen, Anders Vestergaard; Barfod, Michael Bruhn ; Leleur, Steen.

New State of MCDM in the 21st Century: Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009. ed. / Yong Shi; Shouyang Wang; Jyrki Wallenius; Gang Kou. Springer Publishing Company, 2011. p. 59-67 (Lecture Notes in Economics and Mathematical Systems).

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

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AB - Abstract This paper discusses the concept of using rank variation concerning the stakeholder prioritising of importance criteria for exploring the sensitivity of criteria weights in multi-criteria analysis (MCA). Thereby the robustness of the MCA-based decision support can be tested. The analysis described is based on the fact that when using MCA as a decision-support tool, questions often arise about the weighting (or prioritising) of the included criteria. This part of the MCA is seen as the most subjective part and could give reasons for discussion among the decision makers or stakeholders. Furthermore, the relative weights can make a large difference in the resulting assessment of alternatives (Hobbs and Meier 2000). Therefore it is highly relevant to introduce a procedure for estimating the importance of criteria weights. This paper proposes a methodology for estimating the robustness of weights used in additive utility models.

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Jensen AV, Barfod MB , Leleur S. Estimating the Robustness of Composite CBA and MCDA Assessments by Variation of Criteria Importance Order. In Shi Y, Wang S, Wallenius J, Kou G, editors, New State of MCDM in the 21st Century: Selected Papers of the 20th International Conference on Multiple Criteria Decision Making 2009. Springer Publishing Company. 2011. p. 59-67. (Lecture Notes in Economics and Mathematical Systems). https://doi.org/10.1007/978-3-642-19695-9