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Published in:
2021 | OriginalPaper | Chapter
8. VIseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR)
Author : Jitesh J. Thakkar
Published in: Multi-Criteria Decision Making
Publisher: Springer Singapore
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Abstract
The VIKOR multi-criteria decision-making technique was initially proposed by S. Opricovic in 1979 which was followed by its first application in 1980. It was named VIKOR in 1990 from the Serbian: VIseKriterijumska Optimizacija I Kompromisno Resenje which stands for Multi-criteria Optimization and Compromise Solution. It is a powerful tool that can be used for various strategic decision-making problems in various environments such as social, economic or environmental. VIKOR approach consists of identifying various alternatives for a problem, establishing the priority among them and ranking them and selection of the best compromise solution based on the ranking.