Recent advances in multi-criteria decision analysis: A comprehensive review of applications and trends

Abstract

In recent years, multi-criteria decision support methods have become widely used research tools by both scientists and practitioners. Theoretical works involving new multi-criteria methods and developments of existing methods immediately find applications in areas of business practice. This paper attempts to sort out the areas of application of MCDA methods. For this purpose, the relevant literature from 2018–2023 was reviewed. The inclusion selection criteria were defined as addressing multi-criteria practical issues, open accessibility, comprehensive research methodology and findings, and the use of an MCDA method in the evaluation process. Detailed research identified that the main areas of use of MCDA methods are healthcare, energy management, supplier selection, and transportation. Due to the timeliness and importance of the problem, a detailed study of the use of MCDA methods in sustainability issues was separated. The paper contributes contributions to both theory and economic practice. The article provides a series of recommendations both on the methodological side of the problems to be solved and shows the practical prism of individual decision models, offering ready-to-use decision models, and providing a comprehensive review of recent MCDA advancements, fostering informed and reliable decision-making. Additionally, this review sheds light on the latest developments in MCDA, emphasizing trends in Decision Support Systems (DSS) and prominent application areas in contemporary research.