A comprehensive literature review of mcdm techniques electre, promethee, vikor and topsis applications in business competitive environment

Purpose: The purpose of this paper is to introduce and provide an overview of the Multi Criteria Decision Making techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS and suggest further scope and direction of research in this emerging field. Design/Methodology/Approach: The work relies on step wise method, case studies, application and other literature related to MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS. Literature has been segregated to understand various issues and work related to MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS. A detailed review is used to sort out the literature and develop the research direction of the study. The review is focussed on development and improvement of MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS including all those research which is relevant to the implementation of these methods in various sectors including energy, transportation etc. A literature seems to be a valid approach, as a necessary step in structuring a research field. Findings: The objectives of this paper are to identify major research work conducted on MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS and to classify them to identify gaps in literature and opportunities for future research. The paper has provided an integrative framework for study, improvement and implementation of MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS. The findings also identify a number of issue that need to be addressed. Research limitations/Implications – Implication of the work is that the knowledge of the research gap can to be used to focus efforts on key areas so as to ensure speedy and comprehensive implementation of MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS. Practical implications: The paper may prove to be a very useful source of information to decision makers in various fields to select the best alternatives/solution and in implementation of MCDM techniques. Originality/Value: This paper provides some of the very first insights into development and implementation of MCDM techniques PROMETHEE, ELECTRE, VIKOR and TOPSIS. This methodological review will provide better understanding of the current state of the research in the discipline