Preference Selection Index | Multi-Attribute Decision making method | Estimation of weights

 Introduction to PSI

• Preference Selection Index (PSI) is the Multi-attribute Decision making (MADM) method for selecting the best alternative and also used for the estimation of weights. 
• Proposed by Kalpesh Maniya and M.B. Bhatt (2010)
• Why PSI ? (Alternatives – without deciding relative importance between attributes)
• Weights are also estimated based on the objective methodology
• Computational complexity is low
• This method is useful when there is conflict in deciding the relative importance between attributes

Procedure for PSI method

Step 1 Formulation of Decision matrix

Step 2 Normalization of the decision matrix

Step 3 Computing the preference variation value

Step 4 Determine overall preference

Step 5 Obtain Preference Selection Index and ranking of the alternatives

 

Step - by - step procedure for solving the PSI method

 

 Download the Excel file, which is solved in the video

 

Reference: Maniya, K., & Bhatt, M. G. (2010). A selection of material using a novel type decision-making method: Preference selection index method. Materials & Design, 31(4), 1785-1789