Decision Making TOPSIS

Take the BEST Decision using this Notion Template

We often struggle with decision-making. Whether it be a decision with life-altering consequences or one with a relatively non-consequential outcome. In either case, we can all agree that making a decision isn't an easy task. 

Let's take the example of buying a mobile phone. Mobile phones have different attributes, such as

💵. Cost
📦. Storage space
📷. Camera
👌  Looks

The decision has to be made based on these attributes. 

HOW to use this template

EXAMPLE CASE : Buy the best mobile for you 

IF Criteria/attribute has a numerical value such as a 'cost' of the alternative, it can be directly added to the information table below.

ELSE when the criteria/attribute can be described in terms of levels like:

🔴  'Low'

⚪️  'Good'

✅  'Excellent'

the five-point scale given below should be used for adding the information of the alternatives. 

In the table database below, the information about the considered alternatives should be added. Up to 10 alternatives can be added and compared using this template. Also, up to 5 different criteria or attributes can be used to assess the alternatives and rank them. 

Next, we select the weightage (also called importance multiplier) of each criterion/attribute, i.e., how much priority should be given to each criterion/attribute. 

The required calculations according to the TOPSIS formulation are performed. The following table gives the final results and the ranking of the alternatives. The alternative with rank 1 is the best choice for you with the given information. Note that weightage given to each criterion influences the ranking; hence it should be selected carefully.

Using these rankings you can easily decide which alternative to go for.