A novel technique for criterion weighting in multi-criteria decision making: The Extended Standard Deviation (ESD) method

Multi-Criteria Decision Making (MCDM) methods provide systematic approaches for evaluating alternatives under multiple criteria. Determining the relative importance of criteria is a critical step that directly affects the reliability of the obtained results. In this study, the Extended Standard Deviation (ESD) method is proposed to overcome the limitations of the classical Standard Deviation (SD) method. The proposed method offers a more comprehensive weighting process by considering not only the internal variations of individual criteria but also their effect with comprehensive value of all criteria. Unlike conventional SD, the ESD method calculates weights based on both the individual distributions of criteria and their effects on other criteria. This approach enables a more holistic evaluation of the degree of contrast among criteria and the overall structure of the dataset. The primary objective of this study is to conduct a comparative analysis of the proposed method against the classical SD method and other widely used objective weighting techniques, thereby identifying their respective advantages and limitations. To assess the applicability of the proposed method, sensitivity, comparative, and simulation analyses were performed, and the method was statistically evaluated by applying it to different decision matrices. The findings indicate that the proposed method provides a robust and reliable alternative in objective weighting processes.