MULTI-CRITERIA DECISION-MAKING (MCDM) AS A POWERFUL TOOL FOR SUSTAINABLE DEVELOPMENT: EFFECTIVE APPLICATIONS OF AHP, FAHP, TOPSIS, ELECTRE, AND VIKOR IN SUSTAINABILITY
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Abstract
In this research paper, the focus is on exploring the use of various powerful multi-criteria decision-making (MCDM) methods for sustainable development.The paper examines the effective utilization of a range of methods such as Analytic Hierarchy Process (AHP), Fuzzy Analytic Hierarchy Process (FAHP), Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), Elimination Et Choix Traduisant la Realité (ELECTRE), and VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) in the context of sustainability.The advantages and limitations of each method are discussed, and a comparative analysis of their effectiveness in decision-making for sustainable development is provided.Furthermore, the research paper delves into specific areas of sustainability, including construction, business, finance, accounting, industry, site selection, renewable energy, water resource management, water quality management, agriculture, and material selection.In addition, the paper highlights the importance of using hybrid MCDM methods in promoting sustainable development, which combines the strengths of different decision-making methods to provide more accurate and robust results.The overall aim of this research paper is to provide a comprehensive understanding of the different areas of sustainability and how MCDM methods can be utilized to achieve sustainable development.The study intends to contribute to the development of effective decision-making frameworks for sustainable development, providing insights for policymakers, researchers, and practitioners in the field of sustainability.