Application of Multi-Criteria Decision Analysis (MCDA) for real estate projects
Multi Criteria Decision Analysis (MCDA) is a structured approach to evaluate multiple options and select the best solution. There are many methods to decide the weights/ importance that can be applied to each criteria including AHP (Analytic Hierarchy Process), TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution), PROMETHEE (Preference Ranking Organization METHod for Enrichment of Evaluations), Delphi etc. MCDA can be used for a number of applications in the real estate sector. For example, it can be a helpful decision-making tool when it comes to evaluating different locations for proposing a new housing scheme. From a consumer’s perspective, it can help in making informed decisions about which house is the best to buy out of the many options available in the market. The present research topic attempts to explore the applicability of MCDA in housing sector.
