Introduction to CoCoSo method
When numerous criteria exist in a decision-making scenario, the problem arises in selecting the best alternative among the given input. Depending on the complicated scenarios, the apt decision-making technique for solving is also important. There are many MCDM methods to solve those selection problems. Compromise ranking methodologies have become crucial. VIKOR (VIsekriterijumska optimizacijai KOmpromisno Resenje) It is such a compromise ranking method. A compromise solution to a problem with different criteria can help the decision-makers to reach a final decision. Combined Compromise Solution (CoCoSo) method is one the multi-attribute decision-making method for selection of the best alternative.
Steps in CoCoSo method
Step 1 Input decision making matrix
The formulation of the decision matrix is important for solving the decision-making problems. Here the problem is material selection cryogenic storage tank for transportation of liquid nitrogen based on that one there are three beneficial attributes and four non-beneficial attributes.
Step 2 Normalization of input decision matrix
The step is common for most of the decision making methods and this is done by using the standard reference formulas for beneficial attributes and non-beneficial attributes
Step 3 Sum of the weighted comparability matrix
In this step the normalized matrix is used and applied the weighted sum method
Step 4 Power of the weighted comparability matrix
in this step the normalized matrix again done power to the original matrix.
Step 5 Aggregation of Appraisal score strategies
There are three score strategies for all the three different formula the ranking was estimated.
Step 6 Final ranking of the alternatives
Based in the rank the alternatives are selected.
Step-by-step calculations are solved in this video
Download the Excel file demonstrated in the Video - Click on the download button
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