A Review of Mathematical Multi-Criteria Decision Models With a Case Study

Multi-Criteria Decision Making/Analysis (MCDM/MCDA) is a Core of Decision Theory, as an important field of Operational Research (OR) in Mathematics. Multi-Criteria Decision model is a technique that permits Decision Makers (DM) to make the best decision in the presence of multiple, potentially conflicting criteria. These MCDM methods have attracted much attention from Decision makers, academics, researchers and practitioners. Multi-Criteria Decision model is used to solve areas problems such as sciences, engineering, technology, economics, military strategies, business, supplier selection, Sports entity and many more. This MCDM is a Method of evaluating conflict real world situations, based on different quantitative, qualitative, criteria under risky, certain, uncertain environments. In this paper we have discussed the some well noted and discussed the results of Multi-Criteria Decision Making (MCDM) techniques with their classifications and characteristics. Moreover, we have compared few MCDM methods with a case study on IPL 2018. The main objective of this paper is multifold: First, to finds the applicability of MCDM methods in different situations by evaluating their relative strengths and weaknesses. Second, comparisons of MCDM methods using a case study. Our study concluded with an observation that the different Multi-Criteria Decision methods present different ranking for the same problem with same multiple attributes and same multiple alternatives although same decision maker. However, this paper does not claim that any method is better than other methods across all possible circumstances, but rather it emphasizes the importance of investigating different Multi-Criteria Decision-Making techniques to rank the decisions of each method and the importance of finding the most appropriate method for ranking the decisions in consideration of the decision-making conditions.