Abstract
Technique for order preference by similarity to an ideal solution (TOPSIS) is a multi-attribute decision making technique, used to evaluate alternatives and find an ideal solution. Practically, it has been successfully applied to identify the best alternative for decision making process from a finite set of alternatives in different industries. It can be used for evaluation of the performance of different entities like suppliers/processes/designs/locations/ standards and many others. In view of the significance of TOPSIS in several industries to prioritise the alternatives, this paper is intended to highlight various important industrial applications with the help of detailed review of literature. The application areas covered include automobile, mobile, information technology, manufacturing, biological and behavioural. A hypothetical example with six alternatives and five criteria is presented to detail the step-wise derivation of solution by TOPSIS method.
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