
Evaluation of Countries in Terms of Quality of Life Using Multi-Criteria Decision Making (MCDM) Methods and Principal Component Analysis (PCA) Method
Synopsis
Quality of life is a multifaceted concept that determines the general level of well-being of individuals and societies. This concept is not limited to the financial possibilities of individuals and societies, but can be explained by many other factors. Quality of life directly affects the daily lives of individuals and the general well-being of societies. For this reason, it is very important to determine policies and develop strategies to increase the quality of life of individuals and therefore societies. Measuring quality of life is a process that includes both objective and subjective dimensions. The quality of life of countries is evaluated depending on many factors and measured with different indicators.In this study, countries were evaluated in terms of quality of life using Multi-Criteria Decision Making (MCDM) Methods and Principal Component Analysis (PCA) method. The criteria determined for the evaluation of countries in terms of quality of life are; Purchasing Power, Security, Healthcare, Climate, Cost of Living, Ratio of Real Estate Price to Income, Time Spent in Traffic, Pollution, Average Years of Schooling, Human Freedom, Democracy. ENTROPI and CRITIC Methods were used separately in weighting the determined criteria. The countries were ranked in terms of quality of life by using the criteria weighted by ENTROPI and CRITIC Methods together with ARAS, COPRAS, EDAS, MABAC, TOPSIS and MOORA Methods, which are Multi-Criteria Decision Making Methods. In addition, the criteria determined for quality of life were used in the Principal Component Analysis Method to rank countries in terms of quality of life. Finally, the rankings obtained with both methods (MCDA and PCA) were compared.