Examining the New Business Opportunities via Multi-Criteria Decision-Making Approaches

Abstract

This study aims to determine the best investment opportunity using a multi-criteria decision-making (MCDM) approach based on famous Analytic Hierarchy Process and TOPSIS methods. Throughout the study, the concept of MCDM is discussed, and the most used methods and their applications in several sectors are explained. In addition, the major benefits of these methods are examined. After that, considering five different investment opportunities, the best choice between them is determined based on the Analytic Hierarchy Process. For this task, seven management professionals' opinions are taken, and each of them are evaluated based on the TOPSIS method. Finally, an obvious image is created in selecting the best investment opportunity and how to employ MCDM approaches in this process.