Multi-criteria decision-making models

1. Decision-making problem, decision-making under conditions of risk and uncertainty
2. Business planning and multi-criteria decision-making methods
3. Introduction to multi-criteria decision-making methods
   • Examples of application of multi-criteria decision-making methods
   • Normalization using a range of criterion values and using a sum
   • Method of assessing the importance of criteria
   • Reducing cost criteria to benefit criteria
   • Calculation of reciprocal value
4. Selected multi-criteria decision-making methods:
   • WSM (Weighted Sum Model)
   • AHP (Analytic Hierarchy Method)
   • PROMETHEE method
   • TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) method
5. PLMCA (Policy-led multi-criteria analysis)
6. Qualitative analysis
7. Application of other selected methods in solving problems in business decision-making

After completing the course, the student will be able to:
1. Solve the decision-making problem by applying selected multi-criteria decision-making methods,
2. Rank business alternatives and choose the most favorable option by applying selected methods of multi-criteria decision-making,
3. Create a conclusive and reasoned recommendation based on the solution of an independently conducted analysis of the decision-making problem by applying an adequate multi-criteria decision-making method,
4. Critically evaluate and provide a reasoned opinion on the analysis of a business problem conducted using multi-criteria decision-making methods conducted by another analyst.