Comparative application of multicriteria decision making/analysis (MCDM/MCDA) methods for the evaluation of project success
Abstract
The application of multicriteria decision making/analysis (MCDM/MCDA) methods is widespread for resolving important decision-making problems in the engineering sciences. The main objective of this article is the comparison of prominent MCDM/MCDA methods for the evaluation/assessment of project success. Twenty (20) completed projects are evaluated against seventeen (17) success criteria using a web-based application by ten (10) experts and professionals in the construction sector of Greece. Subsequently, the ten (10) established MCDM/MCDA methods are applied, leading to the final ranking of the twenty (20) examined projects, and the results are compared using Spearman’s correlation coefficient. The extracted results demonstrate remarkable deviations in the final rankings mainly justified by the designation of the evaluation criteria and the adoption of different implementation processes. Additionally, the correlation analysis indicates high statistical significance and very strong correlations between the applied MCDM/MCDA methods. Future research should focus on other prominent MCDM/MCDA methods obtaining empirical data from a larger number of projects.
