This research paper presents a comprehensive review of Multiple Criteria Decision-Making (MCDM) methods, encompassing their advancements, applications, and future directions. The study begins with an introduction emphasizing the significance of MCDM in complex decision-making scenarios. Through a systematic literature review, recent developments in MCDM techniques are examined, including multi-objective methods, fuzzy-based approaches, data-driven models, and hybrid methodologies. The strengths and limitations of each method are critically analyzed. Furthermore, the paper investigates the diverse applications of MCDM in domains such as business, engineering, environment, healthcare, and public policy, highlighting the practical implications through real-world case studies. The study then identifies emerging trends and challenges in MCDM research, discussing the integration of MCDM with emerging technologies, enhancing robustness and adaptability, addressing uncertainty, and identifying unexplored domains for potential application. This comprehensive review serves as a valuable resource for decision-makers and researchers, providing insights into the advancements, applications, and future directions of MCDM methods.
Sahoo et al. (2023) studied this question.