TOPSIS Technique and Its Theoretical Background

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F19%3A00007060" target="_blank" >RIV/46747885:24310/19:00007060 - isvavai.cz</a>
Result on the web
<a href="http://lef.tul.cz/proceedings.html" target="_blank" >http://lef.tul.cz/proceedings.html</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
TOPSIS Technique and Its Theoretical Background
Original language description
In the 21st Century, decision-making on the basis of incomplete, different or all available information is a necessity which must be faced by any entity wishing to be competitive. The Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) as one of multi-criteria decision making (MCDM) method represents a practical tool for the selection of a greater amount of alternatives (as one of the most popular, resp. most commonly used). The main contribution of this article is to present the TOPSIS technique as an adequate instrument for comprehensive evaluation. Pros and cons of this methods and also its calculation are described, e.g. easy use, rationality, understanding on the one hand and on the other absence of the possibility to allocate weights to the selected criteria. It can be also said that it is possible to find many different descriptions of the calculation process (from 5 to 9 steps). We believe that the TOPSIS technique is a suitable tool for complex assessment which can be applied in various areas of the public and private sector. However, attention must be paid to the selection of criteria and to the method of determining their weight, which has a significant impact on the overall result of the analysis.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2019
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 14th International Conference Liberec Economic Forum 2019
ISBN
978-80-7494-482-6
ISSN
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e-ISSN
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Number of pages
7
Pages from-to
145-151
Publisher name
Technická univerzita v Liberci
Place of publication
Liberec
Event location
Liberec
Event date
Jan 1, 2019
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000540987200014

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