ABSTRACT
Selection of the most apposite alternative from a set of available options amid a pool of conflicting attributes is basically termed as decision-making or decision analysis. Decision analysis is used for logically analyzing multifaceted problems involving quantified alternatives and some pre-defined criteria in an ambiguous and precarious situation using mathematical models. A decision-making situation is characterized by decision alternatives, states of nature, and resulting payoffs. The decision alternatives are the different possible strategies that the decision-maker can make use of. In decision-making situations, alternative evaluation frequently comprises a probabilistic analysis and preference elicitation using some mathematical approaches. Over the years, different behavioral scientists, operational researchers, and decision theorists have proposed a variety of ways to describe how a decision maker might select the best alternative in a multi-criteria environment.
