Technique of Accurate Ranking Order (TARO): A novel multi criteria analysis approach in performance evaluation of industrial robots for material handling

Abstract

Rank reversal in decision making is a common phenomenon resulting in confusion and ambiguity in selection procedure especially while multiple multi-criteria decision making (MCDM) techniques are independently applied. To eradicate this confusion, this paper proposes a novel MCDM methodology namely Technique of Accurate Ranking Order (TARO). The TARO method is an extension of conventional MCDM approaches. The proposed method commences at the end of conventional methodologies with the final selection values. The proposed technique, using an advanced version of entropy weighting method, initially measures weights of the final selection values. Subsequently, based on the final section values and their computed weights, TARO measures accurate selection indices that determine the accurate ranking order of the alternatives. The proposed technique is illustrated by three real life examples on robot selection problems. The results obtained by TARO justify the validity, applicability and requirements of the proposed techniques for proper decision making under the MCDM environment.