Multicriteria Decision Making Using TOPSIS Method: An Accurate Selection of Deserving Candidates

2021 ◽  
pp. 506-517
Author(s):  
Rahman Ali ◽  
Asad Masood Khatak
Keyword(s):  
Decision Making ◽  
Multicriteria Decision Making ◽  
Topsis Method ◽  
Multicriteria Decision ◽  
Selection Of

scholarly journals Sustainability in the Business Sector: A Fuzzy Multicriteria Decision-Making Model for Financial Leasing Company Selection of the Vietnamese SMEs

SAGE Open ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 215824402110360
Author(s):  
Fengsheng Chien ◽  
Chia-Nan Wang ◽  
Ka Yin Chau ◽  
Van Thanh Nguyen ◽  
Viet Tinh Nguyen
Keyword(s):  
Decision Making ◽  
Interest Rates ◽  
Small And Medium Enterprises ◽  
Multicriteria Decision Making ◽  
Primary Concern ◽  
Multicriteria Decision ◽  
Financial Leasing ◽  
Criteria Weights ◽  
Leasing Company ◽  
Selection Of

The uses and management of capital is extremely important to the operation of any businesses. However, not all businesses have available capital, so the use of loans in many different forms is always an effective solution in managing corporate finance. Accompanying with businesses, many financial leasing companies have implemented products and programs to lend money to businesses with low interest rates. So, choosing the best financial leasing company is a primary concern of businesses. To increase competitiveness, financial leasing companies often offer preferential conditions to attract businesses. Choosing the best financial leasing service to leasing is important and necessary to those businesses. Thus, the selection of a financial leasing company by small and medium enterprises benefits from the application of Multicriteria Decision-Making (MCDM) methods which allows the decision maker to consider various qualitative and quantitative criteria. In this article, the author applied Fuzzy Analytical Network Process (FANP) to calculate the related criteria weights of the financial leasing company selection problem of businesses. Then, the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is applied to rank the potential decision-making units. This research establishes one complete and efficient model for financial leasing company selection using FANP and TOPSIS methods. The proposed model is then applied into a real-world case study to demonstrate its feasibility.

scholarly journals Selection of Unmanned Aerial Vehicles by Using Multicriteria Decision-Making for Defence

2020 ◽  
Vol 2020 ◽  
pp. 1-11 ◽  
Author(s):  
Mustafa Hamurcu ◽  
Tamer Eren
Keyword(s):  
Decision Making ◽  
Unmanned Aerial Vehicles ◽  
Selection Process ◽  
Critical Role ◽  
Multicriteria Decision Making ◽  
Critical Factor ◽  
Unmanned Systems ◽  
Multicriteria Decision ◽  
Aerial Vehicles ◽  
Selection Of

The unmanned systems have been seeing a significant boom in the last ten years in different areas together with technological developments. One of the unmanned systems is unmanned aerial vehicles (UAVs). UAVs are used for reconnaissance and observation in the military areas and play critical role in attack and destroy missions. These vehicles have been winning more features together with developing technology in todays world. In addition, they have been varying with different features. A systematic and efficient approach for the selection of the UAV is necessary to choose a best alternative for the critical tasks under consideration. The multicriteria decision-making (MCDM) approaches that are analytic processes are well suited to deal intricacy in selection of alternative vehicles. This study also proposes an integrated methodology based on the analytic hierarch process (AHP) and technique for order preference by similarity to ideal solution (TOPSIS) to evaluate UAV alternatives for selection process. Firstly, AHP, a MCDM method, is used to determine the weights of each critical factor. Subsequently, it is utilized with the TOPSIS approach to rank the vehicle alternatives in the decision problem. Result of the study shows that UAV-1 was selected as the most suitable vehicle. In results, it is seen that the weights of the evaluation criteria found by using AHP affect the decision-making process. Finally, the validation and sensitivity analysis of the solution are made and discussed.

scholarly journals Systematic Approach for the selection of monitoring technologies in CO2 geological storage projects. Application of multicriteria decision making

2013 ◽  
Vol 16 (1) ◽  
pp. 36-42
Keyword(s):  
Decision Making ◽  
Co2 Storage ◽  
Multiple Criteria Decision Making ◽  
Multicriteria Decision Making ◽  
Multiple Criteria ◽  
Simultaneous Optimization ◽  
Case Scenario ◽  
Multicriteria Decision ◽  
Measurement Monitoring ◽  
Selection Of

<p>Geologic storage of carbon dioxide (CO2) has been proposed as a viable means for reducing anthropogenic CO2 emissions. Once injection begins, a program for measurement, monitoring, and verification (MMV) of CO2 distribution is required in order to: a) research key features, effects and processes needed for risk assessment; b) manage the injection process; c) delineate and identify leakage risk and surface escape; d) provide early warnings of failure near the reservoir; and f) verify storage for accounting and crediting. The selection of the methodology of monitoring (characterization of site and control and verification in the post-injection phase) is influenced by economic and technological variables. Multiple Criteria Decision Making (MCDM) refers to a methodology developed for making decisions in the presence of multiple criteria. MCDM as a discipline has only a relatively short history of 40 years, and it has been closely related to advancements on computer technology. Evaluation methods and multicriteria decisions include the selection of a set of feasible alternatives, the simultaneous optimization of several objective functions, and a decision-making process and evaluation procedures that must be rational and consistent. The application of a mathematical model of decision-making will help to find the best solution, establishing the mechanisms to facilitate the management of information generated by number of disciplines of knowledge. Those problems in which decision alternatives are finite are called Discrete Multicriteria Decision problems. Such problems are most common in reality and this case scenario will be applied in solving the problem of site selection for storing CO2. Discrete MCDM is used to assess and decide on issues that by nature or design support a finite number of alternative solutions. Recently, Multicriteria Decision Analysis has been applied to hierarchy policy incentives for CCS, to assess the role of CCS, and to select potential areas which could be suitable to store. For those reasons, MCDM have been considered in the monitoring phase of CO2 storage, in order to select suitable technologies which could be techno-economical viable. In this paper, we identify techniques of gas measurements in subsurface which are currently applying in the phase of characterization (pre-injection); MCDM will help decision-makers to hierarchy the most suitable technique which fit the purpose to monitor the specific physic-chemical parameter.</p>

Pemodelan Fuzzy ME-MCDM untuk Menentukan Kelayakan Komersialisasi Produk

Respati ◽  
2018 ◽  
Vol 13 (1) ◽  
Author(s):  
Mujiyanto Mujiyanto ◽  
Ema Utami ◽  
Hanif Al Fatta
Keyword(s):  
Decision Making ◽  
Multicriteria Decision Making ◽  
Multicriteria Decision ◽  
Fuzzy Method ◽  
Technology Products ◽  
Manual Calculation ◽  
Selection Of

INTISASISebagai perusahaan yang bergerak di bidang Teknologi informasi lainnya PT Gits Solution  dapat menganalisa dahulu produk yang dikeluarkan akan diterima oleh konsumen atau tidak. Dalam pemilihan produk teknologi menggunakanmetode Fuzzy ME-MCDM untuk menentukan teknologi pertanian. Fuzzy Multicriteria Decision Making Methods (MCDM) adalah sebuah metode yang mengacu pada proses melihat, memprioritaskan, melakukan perangkingan, untuk memilih alternative dengan kriteria yang bersifat independent, incommensurate atau conflicting. Dalam penelitian ini pengujian dilakukan dengan membandingkan hasil dari keluaran sistem dengan perhitungan secara manual,  hasil dari perbandingan itu membuktikan bahwa perhitungan secara manual dan sistem sama.Kata kunci— SPK; fuzzy; fuzzy ME-MCDM ABSTRACTIn order to compete with other companies , PT Gits Solution must analyze the products issued will be accepted by consumers or not. In the selection of technology products using the ME-MCDM Fuzzy method to determine the selection of technology products. Fuzzy Multi ExpertMulticriteria Decision Making Methods (ME-MCDM) is a method that refers to the process of viewing, prioritizing, ranking, choosing alternatives with independent, incommensurate or conflicting criteria with many expert. In this research, testing metode by comparison output from system and ouput from manual calculation..Kata kunci—  DSS; fuzzy; fuzzy MEMCDM

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