A multicriteria approach to ranking Latin-American universities based on region-specific criteria

University rankings have become a widespread tool for assessing and comparing the performance of higher education institutions worldwide. Over time, these rankings have evolved into crucial references for both students and academic institutions when making decisions. Several well-established university rankings, such as the QS and Scimago Ranking, utilize various evaluation criteria to classify universities. However, these criteria may adversely affect universities in different regions, including Latin America. In this study, we aim to address the unique reality of Latin American universities, considering their specific characteristics and challenges. Our focus will be on a comprehensive review of the evaluation criteria used in these two renowned rankings and their impact on the region, including how they influence the performance of universities. We propose a novel ranking model using the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) to counter these potential biases and regional disparities. This multicriteria optimization approach enables us to evaluate and compare universities based on multiple criteria, considering their similarities to the ideal solution and differences from the anti-ideal solution. By adopting the TOPSIS method, we aim to create a more robust and balanced approach incorporating carefully selected criteria. It allows us to include economic and inclusion criteria often overlooked in conventional rankings. Our study seeks to establish a fairer, more relevant university ranking system tailored to Latin America's needs and aspirations. Our proposed TOPSIS-based model aims to contribute significantly to the ongoing discussions on higher education excellence in Latin America by providing a comprehensive evaluation considering the region's specific circumstances.