Abstract
Decision-making on day-to-day basis is a common human practice that essentially requires one to choose a best alternative among many. Modern-day decision-making has evolved over the years with early developments dealing with multi-objective optimization approach in the field of operations research. The inception of decision-making is explained lucidly by Benjamin Franklin based on his work on moral algebra. He gives an example of his stand on an important issue where he writes arguments that support his views and arguments that do not. Based on his own understanding, he crosses out the arguments that hold equal importance. Once he reaches a stage where all the arguments on one side are crossed out, he chose the side with leftover arguments. This anecdote describes the importance of weights in decision-making process. Since 1950s, multi-criteria decision-making (MCDM) has been practiced actively by theoretical and applied scientists to test the potential capability of mathematical modeling of decision-making problem.
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S. Dhiman, H., Deb, D. (2020). Multi-criteria Decision-Making: An Overview. In: Decision and Control in Hybrid Wind Farms. Studies in Systems, Decision and Control, vol 253. Springer, Singapore. https://doi.org/10.1007/978-981-15-0275-0_2
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