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Multi-Attribute Decision Making in Risk Analysis
Abstract
Multi-Attribute Decision Making (MADM) is commonly used when we are comparing more than two courses of actions or alternatives based upon many selected criteria. This chapter presents methodologies to conduct MADM analysis for risk analysis and risk assessment across a variety of topics. These methodologies include Data Envelopment Analysis (DEA), Simple Additive Weighting (SAW), Analytical Hierarchy Process (AHP), and the Technique of Order Preference by Similarity to Ideal Solution (TOPSIS). The author describes each methodology, provide some strengths and limitations of each, discuss tips for sensitivity analysis, and provide two risk analysis examples to illustrate each method.
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