A sensitivity analysis approach to introducing weight factors into decision functions in fuzzy multicriteria decision making

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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Sensitivity Analysis of Multicriteria Decision Making Methodology Developed for Selection of Typologies of Earth-retaining Walls in an Urban Highway

Transportation Research Procedia ◽

10.1016/j.trpro.2016.12.019 ◽

2016 ◽

Vol 18 ◽

pp. 135-139 ◽

Cited By ~ 2

Author(s):

Belén Muñoz ◽

Manuel G. Romana ◽

Javier Ordóñez

Keyword(s):

Decision Making ◽

Sensitivity Analysis ◽

Multicriteria Decision Making ◽

Retaining Walls ◽

Multicriteria Decision ◽

Selection Of

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Identifying Value-Increasing Actions for Cultural Heritage Assets through Sensitivity Analysis of Multicriteria Evaluation Results

Sustainability ◽

10.3390/su12219238 ◽

2020 ◽

Vol 12 (21) ◽

pp. 9238

Author(s):

Emanuele Salerno

Keyword(s):

Decision Making ◽

Sensitivity Analysis ◽

Cultural Heritage ◽

Adaptive Reuse ◽

Multicriteria Decision Making ◽

Decision Makers ◽

Multicriteria Decision ◽

Final Destination ◽

The People ◽

The Stability

This paper presents a brief overview of multicriteria decision making (MCDM) as applied to the evaluation of adaptive reuse projects for cultural heritage assets and proposes a strategy to plan interventions to increase their value. The value of an object can be defined from its fitness to fulfil specified objectives, its significance to the people who own or use it, its potential to produce revenues, and a host of other criteria depending on its nature. These criteria are often subjective, relying on judgements issued by several experts, stakeholders and decision makers. This is why the MCDM methods need to formalize the problem so as to make it suitable to be treated quantitatively. Moreover, its sensitivity to variable opinions must be studied to check the stability of the result. We propose to leverage sensitivity analysis to identify the lines of intervention that promise to be the most effective to increase the value of the asset. A simulated example illustrates this strategy. This approach promises to be useful when assessing the sustainability of a reuse or redevelopment project in the cases where the final destination of the asset is still under examination.

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On the new quantifiers and their use in multicriteria decision functions via ordered weighted aggregations

Discrete Dynamics in Nature and Society ◽

10.1155/ddns/2006/49020 ◽

2006 ◽

Vol 2006 ◽

pp. 1-9 ◽

Cited By ~ 6

Author(s):

Aarthi Chandramohan ◽

M. V. C. Rao

Keyword(s):

Decision Making ◽

Real Life ◽

Multicriteria Decision Making ◽

Multicriteria Decision ◽

Decision Functions

The goal of this paper is to present new and different quantifiers for ordered weighted aggregation and illustrate their applicability by a real-life example. The role of these operators in the formulation of multicriteria decision making functions, using the concept of quantifier guided aggregation, is also discussed.

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The preliminary selection of oil reservoir in Serbia for carbon dioxide injection and storage by a multicriteria decision-making approach: a case study

Energy Sources Part A Recovery Utilization and Environmental Effects ◽

10.1080/15567036.2021.1936303 ◽

2021 ◽

pp. 1-15

Author(s):

Lola Tomić ◽

Vesna Karović Maričić ◽

Dušan Danilović

Keyword(s):

Carbon Dioxide ◽

Decision Making ◽

Multicriteria Decision Making ◽

Oil Reservoir ◽

Carbon Dioxide Injection ◽

Multicriteria Decision ◽

And Storage ◽

Selection Of ◽

Preliminary Selection

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Interactive visual tools for spatial multicriteria decision making

Proceedings of the Working Conference on Advanced Visual Interfaces - AVI '02 ◽

10.1145/1556262.1556282 ◽

2002 ◽

Cited By ~ 4

Author(s):

Gennady L. Andrienko ◽

Natalia V. Andrienko

Keyword(s):

Decision Making ◽

Multicriteria Decision Making ◽

Multicriteria Decision

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

SAGE Open ◽

10.1177/21582440211036080 ◽

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.

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