MCDA meaning in Academic & Science ?

Answer:

What is Multi-Criteria Decision Analysis mean?

Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamental conflicting criteria.

In their daily lives, people usually weigh multiple criteria implicitly and may be comfortable with the consequences of such decisions that are made based on only intuition. On the other hand, when stakes are high, it is important to properly structure the problem and explicitly evaluate multiple criteria. In making the decision of whether to build a nuclear power plant or not, and where to build it, there are not only very complex issues involving multiple criteria, but there are also multiple parties who are deeply affected by the consequences.

Structuring complex problems well and considering multiple criteria explicitly leads to more informed and better decisions. There have been important advances in this field since the start of the modern multiple-criteria decision-making discipline in the early 1960s. A variety of approaches and methods, many implemented by specialized decision-making software, have been developed for their application in an array of disciplines, ranging from politics and business to the environment and energy.

reference

Full Form	Category
Multi-Criteria Decision Analysis	Academic & Science
Minnesota Career Development Association	Business
Maine Career Development Association	Business
Maryland Career Development Association	Business
Michigan Community Development Association	Community
Michigan Cannabis Development Association	Community
Mountain Contemporary Dance Arts	Community
Missouri Choral Directors Association	Community
Michigan Communication Directors Association	Community
McLean County Dance Association	Community
Micro Channel Developer's Association	Computing
Mehari Cote D'Azur	General
Multiple criteria decision analysis	General
Medina Centre For Dance Art	General
Military and Civil Defense Assets	Governmental
Milwaukee County Department on Aging	Regional
Multnomah County District Attorney	Regional