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Several studies have been conducted during the last decade that utilized MCDM for solving asset management and engineering decision problems. MCDM was applied in assessing decision options by many industries and ranking the decisions and scenarios (Wang, & Triantaphyllou, 2006; Shyjith, Ilangkumaran, & Kumanan, 2008; Dytczak, & Ginda, 2006; Campanella & Ribeiro 2011; Prida, Viveros, Crespo, & Martin, 2014; Santiago, Romo, Marcos, Borja-de la Rosa, 2015; Thakala, Devlin, Marsch, Baltussen, Boyse, Kalo, Longrenn, Mussen., Peacock, Watkins, Ijzerman, 2016). Wang et al. (2006) provided a few criteria to establish effectiveness of multi criteria decision analysis. Others utilized AHP as a MCDM model for ranking the decisions and scenarios by applying both qualitative and quantitative criteria (Prida et al., 2014). A few other researchers applied weighting method in MCDM for financial decision in allocating research funding, and selecting R&D projects (Pirdashti et al., 2009 & Santiago et al., 2015). The MCDM methodology has been extensively used in energy and sustainability industries (Cinelli et al., 2014; Wang et al., 2009; Handfield 2002; Dytczak & Ginda, 2006; Jaderi et al., 2012; Majumder, 2015). In the construction project, AHP methodology was applied to assess the risks of the projects (Mustafa, 1991).
Triantaphyllou et al. (1998) provided a background of weighted sum method (WSM), which recommended a simple decision model for easily obtainable and quantifiable data. Another competing method, weighted product model (WPM) is considered as a modification of the WSM, and used in order to overcome some of the weaknesses of WSM (Prida, et al., 2014) by eliminating units of measurement from the decision model. Thakala et al. (2016) has utilized WSM model by proposing a “swing weighting” concept. This approach takes into account of ranges of performance relevant to a set of alternatives i.e. the “swing” in performance. Hosseinzadeh et al. (2013) used voting approach in ranking the alternatives. Miljkovic et al. (2017) proposed a new weighted sum model where a normalization process was introduced. The approach allows the alternatives ranking is not reversed when a new alternative is added to the mix of several alternatives.