Multi-Criteria Decision Making and Applications

ABOUT THE COURSE: Objective:In all domain of multiple levels decision making considering numerous alternative and conflicting criterion, it becomes imperative for the decision maker (DM)/set of decision makers (DMs) to come up with the best solution. Ideas of Multi Criteria decision making (MCDM) (comprising of multi objective optimization (MOO) and multi attributive decision making (MADM)) help DMs to make rational as well mathematical well grounded decision to solve these set of problems. In many cases when stakes are high and one has non-commensurable units of measurement as well multiple conflicting objectives, MCDM definitely aids better decision making. This course will benefit students in their masters and doctoral programs and working in a variety of areas like engineering (electrical, mechanical, civil, chemical, etc.), mathematics & statistics (Multiple Bayesian Decision making), economics, management (SCM, quantitative finance, etc.) to tackle and solve interesting problems both from theoretical as well as practical view points.Key learning take away:Will help students master the rich repertoire of tools for scientifically/rationally multi criteria decision making.Will facilitate students with both the basic and advanced theoretical background in MCDM.Will equip learners with the requisite skills in utilizing different techniques through practical applications.Will help improve decision-making in myriad of decision process be it engineering, management science, psychology, biological sciences, environment, etc.INTENDED AUDIENCE: Bachelors, Masters and PhD students from Engineering, Mathematics, IE, Management, Operations Research, etc.PREREQUISITES: 1. BTech/BSc Statistics2. BTech/BSc Operations ResearchINDUSTRY SUPPORT: 1. Automobile2. Steel3. Cement4. Manufacturing and Advanced Manufacturing5. Logistics in all fields of industry as well as services