Multi-objective decision making with a large number of objectives. An application for Europe 2020

Abstract

The European Union attempts to reach a growing and sustainable economy by 2020, a much more moderate target than the 2010 target of becoming the most competitive and dynamic knowledge-based economy in the world. This intention has to be supported by an adequate Optimization and Decisi on Support System, such as MULTIMOORA. MULTIMOORA is a quantitative method, comparing multiple objectives, expressed in different units. In opposition to similar methods, MULTIMOORA does not need normalization, being based on dime nsionless measures. MULTIMOO RA is composed of three approaches: Ratio System, Reference Point and Multiplicative Fo rm Methods, all of the same importance and each controlling each other. Twenty two objectives char acterize the EU-Countries economies as a preparation for 2020. Unless important structural Decision Making will change their international position, "which of these countries are the best prepared for 2020" can be concluded from this study on basis of Ordinal Dominance.