The paper introduces the MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method, a new approach for multi-objective optimization with discrete alternatives. MOORA uses a matrix of responses of alternatives to objectives, where ratios are applied to these responses. The method is compared with the reference point method, and it is found that MOORA is the best choice among different competing methods. In MOORA, the set of ratios has the square roots of the sum of squared responses as denominators, making them dimensionless and suitable for normalization. These ratios are added or subtracted based on maximization or minimization, and all alternatives are ranked accordingly. The importance of an objective can be given by specifying sub-objectives or coefficients of importance. The paper also discusses the application of MOORA in privatization in a transition economy, where the goal is to increase effectiveness while maximizing revenue. The method is compared with the reference point method, and it is shown that MOORA can handle multiple objectives and stakeholders more effectively. The paper concludes by highlighting the advantages of MOORA over other methods, such as the ability to handle contradictory objectives and the consideration of intermediate solutions.The paper introduces the MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method, a new approach for multi-objective optimization with discrete alternatives. MOORA uses a matrix of responses of alternatives to objectives, where ratios are applied to these responses. The method is compared with the reference point method, and it is found that MOORA is the best choice among different competing methods. In MOORA, the set of ratios has the square roots of the sum of squared responses as denominators, making them dimensionless and suitable for normalization. These ratios are added or subtracted based on maximization or minimization, and all alternatives are ranked accordingly. The importance of an objective can be given by specifying sub-objectives or coefficients of importance. The paper also discusses the application of MOORA in privatization in a transition economy, where the goal is to increase effectiveness while maximizing revenue. The method is compared with the reference point method, and it is shown that MOORA can handle multiple objectives and stakeholders more effectively. The paper concludes by highlighting the advantages of MOORA over other methods, such as the ability to handle contradictory objectives and the consideration of intermediate solutions.