Introduction to VIKOR

[Neeraj Kaushik]

Dear Friends

S. Opricovic developed the basic ideas of VIKOR in his Ph.D. dissertation in 1979, and an application was published in 1980.The name VIKOR appeared in 1990 from Serbian: VIseKriterijumska Optimizacija I Kompromisno Resenje, that means: Multicriteria Optimization and Compromise Solution, with pronunciation: vikor. [Source:  VIKOR method - Wikipedia]

I used gemini.google.com to note the differences between Topsis and Vikor  

VIKOR and TOPSIS are both popular MCDM (Multi-Criteria Decision Making) methods, but they have some key differences:

Concept:
TOPSIS: Finds the alternative closest to the ideal solution and farthest from the negative ideal solution.
VIKOR: Seeks a compromise solution, considering both closeness to the ideal and "regret" (distance from the best alternative if the current one is chosen).

Ranking:
TOPSIS: Ranks based on a single similarity index representing both closeness to ideal and distance from negative ideal.
VIKOR: Ranks based on two measures: S (closeness to ideal) and R (regret). It also offers a compromise solution (Q) combining these measures.

Normalization:
TOPSIS: Uses vector normalization, which preserves the relative distances between alternatives.
VIKOR: Employs linear normalization, where all values fall within a specific range, potentially affecting relative distances.

Strengths:
TOPSIS: Easy to understand and implement, provides clear visualization of alternatives' positions.
VIKOR: Considers compromise solutions, offering options even with conflicting criteria, may be better for decision-makers valuing stability and minimizing regret.

Weaknesses:
TOPSIS: Sensitive to outliers and changes in weights, may not handle inconsistent criteria well.
VIKOR: Can be more complex to understand and interpret, normalization method may influence results.

Choosing between methods:
TOPSIS: Suitable for problems with clear ideal and negative ideal solutions, when distance-based ranking is preferred.
VIKOR: Well-suited for compromise solutions, handling conflicting criteria, or minimizing regret in decision-making.

I've explained the working of VIKOR in R-studio in this video:

Introduction to VIKOR: https://youtu.be/ybIScyeqQKo

Happy Learning

Neeraj