Comparison of Multi-Criteria Decision-Making Methods for Equipment Selection

Equipment selection is a complex task that requires the consideration of multiple criteria with different measurement units. A number of decision-making methods have been proposed for analysing equipment selection problems, each having their own distinctive advantages and limitations. Despite the number of decision-making techniques available, few comparative studies exist that evaluate two or more methods with a singular problem. This paper evaluates three multi-attribute decision-making methods for an equipment selection problem in the early stages of a chemical manufacturing process. A software framework which incorporates Analytical Hierarchy Process (AHP), Multi-Attribute Range Evaluations (MARE) and ELimination Et Choix Traduisant la REalité trois (ELECTRE III) was developed and distributed to a technology manager at Fujifilm Imaging Colorants Ltd (FFIC). The manager, within a team of nine people examined the same decision problem using the three decision analysis methods. The results of the study are examined in respect to assessing each methods ability to provide accurate representations of the decision-makers’ preferences and the ability to comprehend the uncertainty present. The decision-makers’ identified MARE as their preferred method, AHP was found to be comparatively more time-consuming and showed the highest variation of results while ELECTRE III was unable to provide a conclusive best result