A New Approach for the Measurement of Criterion Weights in the Scope of Multi-Criteria Decision Making: Spearman Rank Correlation-based Expanded CRITIC Method (SRCBECM)

Advancing the field of multi-criteria decision making (MCDM), this study proposes the Spearman Rank Correlation-based Expanded CRITIC Method (SRCBECM) as a novel and objective method for computing criteria weight coefficients. Leveraging the intricate revised CRITIC method, SRCBECM aims to enrich and contribute the MCDM landscape. Drawing upon criterion values extracted from Freedom in the world (FIW) index assessments for 19 G20 member nations, the study showcases the sensivity of SRCBECM in objectively deriving criteria weights for diverse contexts. Further bolstering its credibility and reliability, comparative analyses reveal MIEXCF's alignment with established methodologies such as ENTROPY, CRITIC, SD, SVP, LOPCOW, and MEREC. Notably, the simulation analysis underscores SRCBECM's exceptional and stability in discerning criteria weights and its remarkable stability across diverse scenarios. In conclusion, SRCBECM emerges as a robust and objective criterion weighting technique, poised to make significant contributions to the burgeoning field of the broader MCDM corpus.