A Critical Review on Metaheuristic Algorithms based Multi-Criteria Decision-Making Approaches and Applications

Abstract

This study includes a panoramic view of various existing techniques and approaches of Metaheuristic Optimization Algorithms (MOAs), specifically applied in solving decision-making problems. The synergy of MOAs and Multi-Criteria Decision-Making (MCDM) methods has already established many milestones in the literature. However, the review papers existing in the literature mostly segregates MOAs and MCDM, lacking behind a comprehensive exploration of their integration. This paper bridges the aforesaid gap by providing the recent publications of these two intricate domains arranged and explored with respect to their key contributions. The paper emphasizes on four highly cited Evolutionary Algorithms (EAs) to reduce the information overload. It provides in-depth exploration of practical applications, highlighting instances where synthesis of past achievements and current trends lay the groundwork for future explorations. The study claims that more than 85% of this work has been performed in the last decade only with Genetic Algorithm (GA)-MCDM leading this realm. It offers valuable insights for scholars and practitioners seeking to navigate the intricate developments in this interdisciplinary field.