SelOpt: Selection of Options based on the Balance and Ranking Method

A new multiple criteria decision-making (MCDM) method, called the Balancing and RankingMethod, is presented. The method overcomes some of the deficiencies of other MCDM methods, such assubjective evaluation of criteria weights, scoring of options, statistical estimation of weights andspecification of the utility function for criteria. The new method uses a three-step procedure to derive anoverall complete final order of options. First, an outranking matrix is derived, which indicates the frequencywith which one option is superior to all other options based on each criterion. Second, the outranking matrixis triangularized to obtain an implicit pre-ordering or provisional order of options. Third, the provisionalorder of options is subjected to various screening and balancing operations that require sequential applicationof a balancing principle to the so-called advantages-disadvantages table that combines the criteria with thepair-wise comparisons of options.