Make Better Decisions With Mcdm Technique-Topsis

Application of TOPSIS Technique for Logical & Strategic Decision Making with Industry Examples

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

Requirements
Basic knowledge of mathematics and excel

Description
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 problemsEvaluate and select appropriate criteria for decision-making under uncertaintyDevelop decision models and analyse the ranking of alternativesAnalyse and interpret the results of TOPSIS for decision-making purposesCourse Outline:Section 1: Introduction to MCDM and TOPSISIntroduction to MCDM and its applicationsOverview of the TOPSIS techniqueAdvantages and disadvantages of TOPSIS compared to other MCDM techniquesSection 2: Criteria Selection and WeightingCriteria selection processMethods for weighting criteriaImportance of criteria in decision-makingSection 3: TOPSIS Model DevelopmentTOPSIS model development processSteps involved in TOPSISUse of Excel for TOPSIS modellingSection 4: Interpretation and Analysis of TOPSIS ResultsInterpretation of TOPSIS resultsApplication of TOPSIS to real-world decision-making problemsSection 5: Review and ConclusionReview of TOPSIS technique and its applicationsEvaluation of course objectives and learning outcomesFuture trends and advancements in MCDM and TOPSISRecommended Textbook:”Multi-Criteria Decision Analysis: Methods and Software” by Alessio Ishizaka and Philippe Nemery.

Overview
Section 1: Introduction

Lecture 1 Introduction to Decision Making

Lecture 2 Introduction to Multi-Criteria Decision Making (MCDM)

Section 2: Introduction to TOPSIS

Lecture 3 TOPSIS Origin & History

Lecture 4 Basic Concept of TOPSIS

Lecture 5 Hypothesis

Section 3: TOPSIS Methodology

Lecture 6 Steps of TOPSIS

Lecture 7 TOPSIS Method

Lecture 8 Excel Working

Section 4: Practical Application of TOPSIS

Lecture 9 Industry Examples

Section 5: Summary

Lecture 10 Advantages, Limitations & Applications of TOPSIS

Anyone who wants to make good, technically sound decisions in personal or professional life,Anyone who is at a managerial position and is involved with decision making,Researchers who want to use MCDM in their research projects for better selection of solutions