A REVIEW AND CRITIQUE OF MADM METHODS AND APPLICATIONS IN BUSINESS AND MANAGEMENT
Since its introduction the MADM techniques had witnessed a great development and popularity among scholars. Their application range from very basic towards more sophisticated using MOLP and fuzzy operations. However, many scholars and authors have researched various possibilities of MADM practical use but it seems the real business hasn’t caught up with the same enthusiasm. Hierarchical and network thinking is very important for any strategists and entrepreneurs. The most frequent plea is that the speed and efficiency should prevail when the real business environment is much more dynamic and turbulent. So entrepreneurs and managers have difficulties in filling in the questionnaires for comparing the criteria and alternatives. The lack of agreement in the criterion evaluation and compromise thus limits the application of MADM techniques. Another problem is associated with a large number of evaluation criteria that is often needed and the network of interdependencies. This paper deals with a review of applications that can be considered as useful in real business and based on empirical research proposes a suggestion of specific tasks that could be used and accepted in real business. The paper consists of summary of relevant literature then follows short description of applied methods, description and results of empirical research and concludes with proposal of several business tasks that could be facilitated by selected MADM methods.
Full Text:PDF ()