Each week, a business school professor considered an expert in his or her field defines a key term on the FT Lexicon, an online economics, business and finance glossary.
The FT Lexicon team invited EMC Expert Prof. Constantin Zopounidis to define the term multiple criteria decision analysis.
Why multi criteria decision analysis should be explained
"Nowadays, policy makers and managers within firms and organisations make decisions in a highly complex environment that requires multiple points of view of very different natures to be considered," says Prof Zopounidis. " Multiple criteria decision analysis introduces a formal framework for supporting the decision process and improving the decision-maker's understanding of a problem's characteristics and the available options."
About Our EMC Expert
EMC Expert Constantin Zopounidis is professor of financial engineering and operations research at the Technical University of Crete (Greece) and director of its financial engineering laboratory. He is also research professor in Audencia Nantes School of Management (France) and senior academician of the Royal Academy of Economics and Financial Sciences of Spain.
He is editor of five international research journals and associate editor/member of the editorial board of seven other journals. In early 2012, he was elected president of the Financial Engineering and Banking Society (FEBS).