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An in-depth review of theory of the TOPSIS method: An experimental analysis

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  • Yakup Çelikbilek
  • Fatih Tüysüz

Abstract

Decision-making is an important part of daily and business life for both individuals and organizations. Although the multi-criteria decision-making methods provide decision makers the necessary tools, they have differences in terms of the assumptions and fundamental theory. Hence, selecting the right decision-making method is at least as important as making the decision. TOPSIS (Technique for Order Performance by Similarity to Ideal Solution) method, which is one of the most widely used multi-criteria decision-making methods, has gained attention of researchers and thus various improved versions of the method have been proposed. This study considers the conventional TOPSIS method and experimentally displays the underlying reasons of the lacks of the conventional TOPSIS method by using a simulation technique. Detailed experimental analysis based on simulation with an application is used to reveal theoretical fundamentals of the TOPSIS method to better understand it and contribute to its improvement.

Suggested Citation

  • Yakup Çelikbilek & Fatih Tüysüz, 2020. "An in-depth review of theory of the TOPSIS method: An experimental analysis," Journal of Management Analytics, Taylor & Francis Journals, vol. 7(2), pages 281-300, April.
    • Handle: RePEc:taf:tjmaxx:v:7:y:2020:i:2:p:281-300
    DOI: 10.1080/23270012.2020.1748528
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    Cited by:

    1. Kerem Toker & Ali Görener, 2023. "Evaluation of circular economy business models for SMEs using spherical fuzzy TOPSIS: an application from a developing countries’ perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(2), pages 1700-1741, February.
    2. Soheil Azizi & Milad Mohammadi, 2023. "Strategy selection for multi-objective redundancy allocation problem in a k-out-of-n system considering the mean time to failure," OPSEARCH, Springer;Operational Research Society of India, vol. 60(2), pages 1021-1044, June.
    3. Nondy, J. & Gogoi, T.K., 2022. "Tri-objective optimization of two recuperative gas turbine-based CCHP systems and 4E analyses at optimal conditions," Applied Energy, Elsevier, vol. 323(C).
    4. Chaharborj, Sarkhosh Seddighi & Nabi, Khondoker Nazmoon & Feng, Koo Lee & Chaharborj, Shahriar Seddighi & Phang, Pei See, 2022. "Controlling COVID-19 transmission with isolation of influential nodes," Chaos, Solitons & Fractals, Elsevier, vol. 159(C).
    5. Maria C. Cunha & Dalila Serpa & João Marques & Jan J. Keizer & Nelson Abrantes, 2023. "On sustainable improvements of agricultural practices in the Bairrada region (Portugal)," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(3), pages 2735-2757, March.
    6. Nondy, J. & Gogoi, T.K., 2021. "Performance comparison of multi-objective evolutionary algorithms for exergetic and exergoenvironomic optimization of a benchmark combined heat and power system," Energy, Elsevier, vol. 233(C).
    7. Francesco Ciardiello & Andrea Genovese, 2023. "A comparison between TOPSIS and SAW methods," Annals of Operations Research, Springer, vol. 325(2), pages 967-994, June.
    8. Shiyi Wu & Rui Niu, 2024. "Development of carbon finance in China based on the hybrid MCDM method," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    9. Xiaowen Zhou & Hongwei Li & Huili Zhang & Rongrong Zhang & Huan Li, 2022. "A Study on the Cognition of Urban Spatial Image at Community Scale: A Case Study of Jinghu Community in Zhengzhou City," Land, MDPI, vol. 11(10), pages 1-23, September.

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