MULTIMOORA as systems engineering for modern business and industry

Abstract

Managerial Issues in Modern Business and Industry are to be based on Systems Engineering, meaning an objective minded approach. Mostly people are solution instead of objective minded. Cost-Benefit Analysis is an example of this way of thinking. For the researcher in multi-objective decision making the choice between many methods is not very easy. Indeed numerous theories were developed based on forerunners since the XVIIIth Century and followed by a mass of methods for Multi-objective Optimization. The authors of this article developed new methods, first MOORA composed of two methods: Ratio Analysis and Reference Point Method, each controlling each other. Even a third method was added namely the Full Multiplicative Method, arriving finally to three methods brought together under the name of MULTIMOORA. An Ordinal Dominance Theory summarizes the results of the three methods. Finally these methods are in general use in the Industry and Service Sectors.