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A narrative review of multi-objective optimization on the basis of ratio analysis (MOORA) method in decision making

Author

Listed:
  • Santonab Chakraborty

    (National Institute of Industrial Engineering)

  • Himalaya Nirjhar Datta

    (Jadavpur University)

  • Kanak Kalita

    (Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology)

  • Shankar Chakraborty

    (Jadavpur University)

Abstract

The task of multi-attribute decision making (MADM) involves selecting the best alternative/course of action from a set of feasible options in the presence of conflicting objectives (criteria). Till date, several MADM techniques having their own merits and demerits have emerged out to aid the decision making task. Among them, multi-objective optimization on the basis of ratio analysis (MOORA) method is one of the simplest techniques with uncomplicated computational steps. In this method, the appraisal score of an alternative is calculated for its subsequent ranking as the difference between the sum of performance scores for the beneficial criteria and sum of performance scores for the non-beneficial criteria. In this paper, a comprehensive literature review on the applications of MOORA method is conducted based on more than 200 scholarly articles published during 2008–2021. Those articles are broadly classified into ten application areas, i.e. (a) process optimization, (b) design, engineering and manufacturing, (c) supply chain management and logistics, d) business and financial management, (e) energy management, (f) human resources management, (g) education, (h) civil engineering, water resource management and waste management, (i) health, safety, hospitality and risk management, and (j) miscellaneous. The reviewed papers are also critically analyzed with respect to combination or comparison with other methods, year-wise publication, journal-wise publication, authors’ nationality, institution-wise publication, relation with other keywords and collaborative works. This review paper would act as a data repository to meet the requirements of the decision making practitioners in solving realistic MADM problems using MOORA while utilizing its simple mathematical steps and robust ranking performance. A framework for future research directions is also proposed to promote MOORA research.

Suggested Citation

  • Santonab Chakraborty & Himalaya Nirjhar Datta & Kanak Kalita & Shankar Chakraborty, 2023. "A narrative review of multi-objective optimization on the basis of ratio analysis (MOORA) method in decision making," OPSEARCH, Springer;Operational Research Society of India, vol. 60(4), pages 1844-1887, December.
    • Handle: RePEc:spr:opsear:v:60:y:2023:i:4:d:10.1007_s12597-023-00676-7
    DOI: 10.1007/s12597-023-00676-7
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    References listed on IDEAS

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    2. Serhat Yuksel & Hasan Dincer & Senol Emir, 2017. "Comparing the performance of Turkish deposit banks by using DEMATEL, Grey Relational Analysis (GRA) and MOORA approaches," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 3(2), pages 26-47, December.
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