Application of TOPSIS Technique for Logical & Strategic Decision Making with Industry Examples
Making effective and efficient decisions is crucial for the success of any organization. This course provides an introduction to the Multi-Criteria Decision Making (MCDM) technique – Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), which is widely used for solving complex decision-making problems.
What you’ll learn
- Learn the concept and applications of Multi-Criteria Decision Making (MCDM).
- Learn TOPSIS and its interface with various decision making scenarios.
- Learn how to solve complex MCDM problems using TOPSIS.
- Learn the execution of TOPSIS using Excel with the help of industry examples.
Course Content
- Introduction –> 2 lectures • 7min.
- Introduction to TOPSIS –> 3 lectures • 6min.
- TOPSIS Methodology –> 3 lectures • 28min.
- Practical Application of TOPSIS –> 1 lecture • 5min.
- Summary –> 1 lecture • 2min.
Requirements
Making effective and efficient decisions is crucial for the success of any organization. This course provides an introduction to the Multi-Criteria Decision Making (MCDM) technique – Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), which is widely used for solving complex decision-making problems.
TOPSIS is a decision-making technique that takes into consideration multiple criteria and their relative importance to determine the best alternative solution. This technique has been used in various fields, including finance, engineering, management, and marketing, to name a few.
In this course, you will learn the fundamental concepts of MCDM, TOPSIS, and how to apply the technique to real-world decision-making problems. The course will cover topics such as decision-making under uncertainty, criteria selection, weighting, and ranking, among others.
By the end of this course, you will have a deep understanding of the MCDM technique, TOPSIS, and how to apply it to real-world decision-making problems. You will also have the skills to critically evaluate decision-making scenarios, select appropriate criteria, and use the TOPSIS technique to rank alternatives and make better decisions.
Course Objectives:
Upon completion of this course, learners will be able to:
Understand the basic concepts of Multi-Criteria Decision Making (MCDM)
Understand the principles of Technique for Order Preference by Similarity to Ideal Solution (TOPSIS)
Apply the TOPSIS technique to solve complex decision-making problems
Evaluate and select appropriate criteria for decision-making under uncertainty
Develop decision models and analyse the ranking of alternatives
Analyse and interpret the results of TOPSIS for decision-making purposes
Course Outline:
Section 1: Introduction to MCDM and TOPSIS
Introduction to MCDM and its applications
Overview of the TOPSIS technique
Advantages and disadvantages of TOPSIS compared to other MCDM techniques
Section 2: Criteria Selection and Weighting
Criteria selection process
Methods for weighting criteria
Importance of criteria in decision-making
Section 3: TOPSIS Model Development
TOPSIS model development process
Steps involved in TOPSIS
Use of Excel for TOPSIS modelling
Section 4: Interpretation and Analysis of TOPSIS Results
Interpretation of TOPSIS results
Application of TOPSIS to real-world decision-making problems
Section 5: Review and Conclusion
Review of TOPSIS technique and its applications
Evaluation of course objectives and learning outcomes
Future trends and advancements in MCDM and TOPSIS
Recommended Textbook:
“Multi-Criteria Decision Analysis: Methods and Software” by Alessio Ishizaka and Philippe Nemery.