Journal article

Using Simulation to Incorporate Dynamic Criteria into Multiple Criteria Decision Making

Uwe Aickelin, Jenna Marie Reps, Peer-Olaf Siebers, Peng Li

Journal of the Operational Research Society | Taylor & Francis | Published : 2017

Abstract

In this paper, we present a case study demonstrating how dynamic and uncertain criteria can be incorporated into a multicriteria analysis with the help of discrete event simulation. The simulation guided multicriteria analysis can include both monetary and non-monetary criteria that are static or dynamic, whereas standard multi criteria analysis only deals with static criteria and cost benefit analysis only deals with static monetary criteria. The dynamic and uncertain criteria are incorporated by using simulation to explore how the decision options perform. The results of the simulation are then fed into the multicriteria analysis. By enabling the incorporation of dynamic and uncertain crit..

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University of Melbourne Researchers