Determining the Reliability of Cooperative Decisions by Sensitivity Analysis of Quantitative Multicriteria Decision Methods

2009 ◽  
pp. 305-312 ◽  
Author(s):  
Ruta Simanavichiene ◽  
Leonas Ustinovichius
Keyword(s):  
Sensitivity Analysis ◽  
Multicriteria Decision ◽  
Decision Methods

ADDITIVE-VETO MODELS FOR CHOICE AND RANKING MULTICRITERIA DECISION PROBLEMS

2013 ◽  
Vol 30 (06) ◽  
pp. 1350026 ◽  
Author(s):  
ADIEL TEIXEIRA DE ALMEIDA
Keyword(s):  
High Performance ◽  
Additive Model ◽  
Additive Models ◽  
Numerical Application ◽  
Multicriteria Decision ◽  
Decision Methods ◽  
Overall Evaluation ◽  
Low Performance ◽  
Ranking Problems ◽  
Multicriteria Decision Problems

Using additive models for aggregation of criteria is an important procedure in many multicriteria decision methods. This compensatory approach, which scores the alternatives straightforwardly, may have significant drawbacks. For instance, the Decision Maker (DM) may prefer not to select alternatives which have a very low performance in whatever criterion. In contrast, such an alternative may have the best overall evaluation, since the additive model may compensate this low performance in one of the criteria as a result of high performance in other criteria. Thus, additive-veto models are proposed with a view to considering the possibility of vetoing alternatives in such situations, particularly for choice and ranking problems. A numerical application illustrates the use of such models, with a detailed discussion related to real practical problems. Moreover, the results obtained from a numerical simulation show that it is not so rare for a veto of the best alternative to occur in the additive model. This is of considerable relevance depending on the DM's preference structure.

scholarly journals The Discrete Multicriteria Decision Methods And ARSV Model Used To Choice The Best Exchange Rate

2011 ◽  
Vol 14 (4) ◽  
Author(s):  
Maria del Carmen Garcia-Centeno ◽  
Roman Minguez Salido
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Stochastic Volatility ◽  
Econometric Model ◽  
Decision Matrix ◽  
Multicriteria Decision ◽  
Economic Agents ◽  
Decision Method ◽  
Decision Methods ◽  
Promethee Method

The exchange rate is a variable that economic agents have in consideration. For this reason, in this paper we suggest a decision method to compare several exchange rates. This method is the Promethee Method and it is a Multicriteria Decision Method used to order the preference between returns of the different exchange rates. We have used different statistic criteria to rank these exchange rates. To obtain the pay-off matrix it has been used one econometric model: Autoregressive Stochastic Volatility (ARSV) Model. We have proposed different generalized criteria and their corresponding thresholds. Both are used to evaluate the different exchange rate returns in the decision matrix or the pay-off matrix. These thresholds are suggested according to the obtained results in the decision matrix. Finally, we have obtained the best solution of the problem when all the criteria have the same importance for the decision-maker.

scholarly journals RISK ANALYSIS AND APPLICATION OF MULTICRITERIA DECISION METHODS IN THE PROJECT MANAGEMENT PROCESS

2020 ◽  
Vol 8 (1) ◽  
pp. 111-118
Author(s):  
Snežana Maksimović ◽  
Arben Lunjić ◽  
Milan Stamatović
Keyword(s):  
Project Management ◽  
Risk Analysis ◽  
Management Process ◽  
Multicriteria Decision ◽  
Decision Methods

scholarly journals METHOD OF PROJECT MULTICRITERIA DECISION SYNTHESIS ON THE BASIS OF DECISION SUCCESS CRITERION/PROJEKTŲ DAUGIAKRITERINIŲ SPRENDIMŲ SINTEZĖS REMIANTIS PRIIMAMO SPRENDIMO SĖKMĖS KRITERIJUMI METODAS

2000 ◽  
Vol 6 (3) ◽  
pp. 193-201 ◽  
Author(s):  
Vaidotas Šarka ◽  
Edmundas Kazimieras Zavadskas ◽  
Leonas Ustinovičius
Keyword(s):  
Decision Process ◽  
Construction Projects ◽  
Solution Method ◽  
Synthesis Method ◽  
Multicriteria Decision ◽  
Success Criterion ◽  
Decision Methods ◽  
Close Relationship ◽  
Relationship Of ◽  
Proper Analysis

Method of project multicriteria decision synthesis with decision success criterion is used for realisation of construction projects which require a proper analysis of constituent parts in close relationship of components. Scheme of this method is presented in Fig 3. Multicriteria decision project may be divided into several interrelated building processes and smaller projects. On every level of the whole project, the decision of closeness to ideal solution method is made and, on the basis of the obtained results, several alternatives are chosen. On every separate level, a number of alternatives is selected by the method user. It depends on complexity of the project and on requirements of interested parties. At the last decision stage, there is performed a synthesis using the chosen alternatives and relying on their interrelations. During decision process on the intermediate stages, having eliminated irrational alternatives, effective and precise results are achieved. The developed multicriteria decision synthesis method is one of the elements of the newly created group of multicriteria decision methods. Using this method algorithm, software is prepared that entirely manages the whole decision process from database filling to calculation and result processing.

scholarly journals Grey Weighted Sum Model for Evaluating Business Environment in West Africa

2016 ◽  
Vol 2016 ◽  
pp. 1-14 ◽  
Author(s):  
Moses Olabhele Esangbedo ◽  
Ada Che
Keyword(s):  
Decision Making ◽  
Sensitivity Analysis ◽  
West Africa ◽  
Multicriteria Decision Making ◽  
Business Environment ◽  
The Gambia ◽  
Weighted Sum ◽  
Multicriteria Decision ◽  
Ranking Of Alternatives

As West Africa investments grow, the decision in which country to begin investment is of great importance to investors. The complexity of the criteria involved draws us to use a Multicriteria Decision-Making (MCDM) approach to address this problem. In this paper, we use grey numbers in representing ranges of data and propose Grey Weighted Sum Model (GWSM) for evaluating and ranking of alternatives. Sensitivity analysis is carried out considering wide ranges of uncertainties to verify the changes that can affect the results. The Gambia is ranked the best country in West Africa. The GWSM is highly recommended for long-term investors because GWSM considers the uncertainty of a business environment over a period of years. Finally, GWSM can be used in conjunction with various weighting techniques putting the preferences of the investors into consideration.

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