Fuzzy analytic hierarchy process model for multi-criteria analysis of internet of things

Kybernetes ◽  
2019 ◽  
Vol 49 (10) ◽  
pp. 2509-2520
Author(s):  
Ibrahim Mashal ◽  
Osama Alsaryrah
Keyword(s):  
Decision Making ◽  
Internet Of Things ◽  
Process Model ◽  
Fuzzy Model ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Iot Applications ◽  
Effective Decision Making ◽  
Application Developers ◽  
Hierarchy Process

Purpose Nowadays, there are various internet of things (IoT) applications covering many aspects of daily life. Many people own numerous smart objects that use these IoT applications. The purpose of this study is determining suitable IoT applications for each user which is a relevant challenge because it is amulti-criteria decision-making. Design/methodology/approach To solve this challenge, the authors propose fuzzy analytical hierarchy process model. Based on the opinions of IoT experts, the model and the hierarchy were designed to assess and compare three crucial IoT criteria, namely, object, application and providers. Findings The results indicated that the application criterion is far more relevant for users other than the two criteria. The findings of this study offer insights into more effective decision-making for IoT application developers and providers. Originality/value This study contributes to the IoT through proposing a fuzzy model to classify IoT applications. The findings provide meaningful implications for IoT application providers.

Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process

2019 ◽  
Vol 12 (3) ◽  
pp. 297-314 ◽  
Author(s):  
Jinesh Jain ◽  
Nidhi Walia ◽  
Sanjay Gupta
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
Investment Decision ◽  
Investment Decisions ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Behavioral Biases ◽  
Investment Decision Making ◽  
Overconfidence Bias ◽  
Hierarchy Process

Purpose Research in the area of behavioral finance has demonstrated that investors exhibit irrational behavior while making investment decisions. Investor behavior usually deviates from logic and reason, and consequently, investors exhibit various behavioral biases which impact their investment decisions. The purpose of this paper is to rank the behavioral biases influencing the investment decision making of individual equity investors from the state of Punjab, India. This research would provide valuable insight into the different behavioral biases to investors and other participants of the capital market and help them in improving investment decisions. Design/methodology/approach The research is conducted on the individual equity investors of Punjab, India. Fuzzy analytic hierarchy process was applied to rank the factors influencing the decision making of individual equity investors of Punjab. The primary factors considered for the study are overconfidence bias, representative bias, anchoring bias, availability bias, regret aversion bias, loss aversion bias, mental accounting bias and herding bias. Findings The three most influential criteria were herding bias, loss aversion bias and overconfidence bias. The five most influential sub-criteria were “I readily sell shares that have increased in value (C61),” “News about the company (Newspapers, TV and magazines) affects my investment decision (C84),” “I invest each element of my investment portfolio separately (C71)” and “I usually hold loosing stock for long time, expecting trend reversal (C52).” Research limitations/implications Although sample survey conducted in the present study was based on a limited sample selected from a particular area that truly represented the total population, it is considered as the limitation of this study. Practical implications The outcome of this research provides investors with a better understanding of behavioral biases that influence their decision making. This study provides them a guideline on different behavioral biases that they should consider while making investment decisions. Originality/value The research model is based on the available literature on behavioral finance and the research results and findings would add value to the existing knowledge base.

scholarly journals A decision-making methodology integrated in product design for additive manufacturing process selection

2020 ◽  
Vol 26 (5) ◽  
pp. 895-909
Author(s):  
Wei Liu ◽  
Zicheng Zhu ◽  
Songhe Ye
Keyword(s):  
Decision Making ◽  
Additive Manufacturing ◽  
Product Design ◽  
Production Costs ◽  
Process Selection ◽  
Analytic Hierarchy ◽  
Content Type ◽  
The Given ◽  
Hierarchy Process ◽  
Am Processes

Purpose The decision-making for additive manufacturing (AM) process selection is typically applied in the end of the product design stages based upon an already finished design. However, due to unique characteristics of AM processes, the part needs to be designed for the specific AM process. This requires potentially feasible AM techniques to be identified in early design stages. This paper aims to develop such a decision-making methodology that can seamlessly be integrated in the product design stages to facilitate AM process selection and assist product/part design. Design/methodology/approach The decision-making methodology consists of four elements, namely, initial screening, technical evaluation and selection of feasible AM processes, re-evaluation of the feasible process and production machine selection. Prior to the design phase, the methodology determines whether AM production is suitable based on the given design requirements. As the design progresses, a more accurate process selection in terms of technical and economic viability is performed using the analytic hierarchy process technique. Features that would cause potential manufacturability issues and increased production costs will be identified and modified. Finally, a production machine that is best suited for the finished product design is identified. Findings The methodology was found to be able to facilitate the design process by enabling designers to identify appropriate AM technique and production machine, which was demonstrated in the case study. Originality/value This study addresses the gap between the isolated product design and process selection stages by developing the decision-making methodology that can be integrated in product design stages.

Improving risk evaluation in FMEA with a hybrid multiple criteria decision making method

2015 ◽  
Vol 32 (7) ◽  
pp. 763-782 ◽  
Author(s):  
Hu-Chen Liu ◽  
Jian-Xin You ◽  
Xue-Feng Ding ◽  
Qiang Su
Keyword(s):  
Decision Making ◽  
Failure Modes ◽  
Multiple Criteria Decision Making ◽  
Multiple Criteria ◽  
Analytic Hierarchy ◽  
Effect Analysis ◽  
Maintenance Strategies ◽  
Content Type ◽  
Safety And Reliability ◽  
Hierarchy Process

Purpose – The purpose of this paper is to develop a new failure mode and effect analysis (FMEA) framework for evaluation, prioritization and improvement of failure modes. Design/methodology/approach – A hybrid multiple criteria decision-making method combining VIKOR, decision-making trial and evaluation laboratory (DEMATEL) and analytic hierarchy process (AHP) is used to rank the risk of the failure modes identified in FMEA. The modified VIKOR method is employed to determine the effects of failure modes on together. Then the DEMATEL technique is used to construct the influential relation map among the failure modes and causes of failures. Finally, the AHP approach based on the DEMATEL is utilized to obtain the influential weights and give the prioritization levels for the failure modes. Findings – A case study of diesel engine’s turbocharger system is provided to illustrate the potential application and benefits of the proposed FMEA approach. Results show that the new risk priority model can be effective in helping analysts find the high risky failure modes and create suitable maintenance strategies. Practical implications – The proposed FMEA can overcome the shortcomings and improve the effectiveness of the traditional FMEA. Particularly, the dependence and interactions between different failure modes and effects have been addressed by the new failure analysis method. Originality/value – This paper presents a systemic analytical model for FMEA. It is able to capture the complex interrelationships among various failure modes and effects and provide guidance to analysts by setting the suitable maintenance strategies to improve the safety and reliability of complex systems.

Supporting decision-making in service supplier selection using a hybrid fuzzy extended AHP approach

2017 ◽  
Vol 23 (1) ◽  
pp. 196-222 ◽  
Author(s):  
Giustina Secundo ◽  
Donato Magarielli ◽  
Emilio Esposito ◽  
Giuseppina Passiante
Keyword(s):  
Decision Making ◽  
Analytic Hierarchy Process ◽  
Fuzzy Set ◽  
Supplier Selection ◽  
Hybrid Approach ◽  
High Tech ◽  
Manufacturing Companies ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Hierarchy Process

Purpose Service supplier selection is a multi-criteria decision-making (MCDM) problem assuming a strategic role for the competitiveness of high-tech manufacturing companies. Nevertheless, especially for service quality evaluation, there is little empirical evidence of the practical usefulness of MCDM methodologies. Aiming to cover this gap between theoretical approaches and empirical applications, the purpose of this paper is to propose a fuzzy extended analytic hierarchy process (FEAHP) approach for service supplier evaluation. Design/methodology/approach A hybrid approach which combines some of the strengths of the analytic hierarchy process (AHP) and of the fuzzy set theory is presented, as organized into five steps. A case study is used to evaluate the applicability in a real company context. Findings The usability of the approach is demonstrated in an aerospace company for solving the supplier selection problem of a business software whose applications are still in infancy: a Test Data Management System (TDMS). The illustrative application contains both “general” criteria to be used for other service supplier selection contexts as well as service-specific criteria related to software selection. Research limitations/implications Even if the application regards the selection of a software supplier, the methodology can be generically extended to other services’ selection in complex manufacturing industries through the personalization of some criteria. Practical implications Implications can be derived both for business managers involved into the decision-making process and for suppliers identifying the most promising features of software quality. Originality/value The originality consists in the combination into a hybrid approach of the strong points of the AHP with the fuzzy set; the inclusion of multiple perspectives of decision criteria for service supplier selection, basically the “software product” and “supplier” ones; a real empirical application to test and demonstrate the efficacy and the practical utility of the proposed approach.

Use of AHP in decision-making for machine tool configurations

2016 ◽  
Vol 27 (6) ◽  
pp. 874-888 ◽  
Author(s):  
Uday Hameed Farhan ◽  
Majid Tolouei-Rad ◽  
Adam Osseiran
Keyword(s):  
Decision Making ◽  
Multiple Criteria Decision Making ◽  
Pairwise Comparison ◽  
Assessment Process ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Four Levels ◽  
Time Required ◽  
Hierarchy Process ◽  
Selection Of

Purpose The purpose of this paper is to develop a model of analytic hierarchy process (AHP), a multiple criteria decision-making method, to assist selecting suitable machine configurations for special purpose machines (SPMs) from available alternatives. Design/methodology/approach The necessary criteria and sub-criteria were identified and used in the developed model. The assessment process was carried out by constructing the hierarchy of four levels. Then, pairwise comparison matrices were created for each level to compute the weights for the alternatives. The model was programmed and implemented by software for practical use. Findings Different scenarios were obtained from the assessment process of the developed AHP model showing the influence of changing the relevant importance of the elements in the hierarchy on the selection of SPMs configurations. Selection of the suitable scenario was also affected by some factors of manufacturing preferences and industry recommendations such as cost and production rate. Originality/value This is a new application of AHP method which assists decision makers to select suitable configurations for SPMs, and reduce the time required for designing SPMs.

Developing an analytic hierarchy process-based decision model for modular construction in urban areas

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michael Sing ◽  
Joseph Chan ◽  
Henry Liu ◽  
Nancy Hei Ngai
Keyword(s):  
Decision Making ◽  
Urban Area ◽  
Urban Areas ◽  
Modular Construction ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Decision Making Factors ◽  
Decision Making Model ◽  
Hierarchy Process ◽  
Decision Making Tool

Purpose Modular construction is considered a well-established construction method for improving the efficiency of the construction industry worldwide. However, the industry struggles to achieve higher levels of modularisation in urban areas. Previous studies on decision-making for modularisation have, so far, not focussed much on its application in urban areas. As modular construction could bring lots of advantages such as speed of construction, This study aims to develop a decision-making tool that can assist the project planners in deciding whether the modular construction techniques should be applied in their urban area project. Design/methodology/approach Based on the literature review, a total of 35 decision-making factors of modularisation were identified for this study. The decision-making model is then developed to evaluate the significance of each factor using the analytic hierarchy process (AHP) approach. A total number of 72 valid responses were obtained and analysed. The geometric mean of priorities is adopted to obtain the par-wise comparison between the critical factors in which each factor’s weighting in the decision-making model is calculated. Afterwards, the robustness of the decision-making model is demonstrated by the real-life projects in China, Hong Kong and the UK, respectively. Findings A total of 35 decision-making factors allocated in five criteria for modular construction selection in urban areas were identified. The criteria include site attributes, project characteristics, labour consideration, environmental and organisation and project risk. Their impact was calculated using the AHP to indicate the relative importance with respect to the adoption of modularisation in urban areas. Afterwards, a two-level decision-making model was developed that can be used as a decision-making tool for the adoption of modular construction. Practical implications The outcome of this research will be beneficial to industrial practitioners and academics in understanding the critical attributes that affect the adoption of modular construction in an urban area. It further enables the building professionals to assess the feasibility of using modular construction in their projects, especially at the early stage, so as to facilitate its use. Originality/value There is a number of literature on the decision-making model on the adoption of modular construction. However, previous studies did not provide specific concerns related to urban areas, whereas there is an urgent need to have an updated analysis that can be catered to the modular construction in the urban area. In this research study, the 35 decision-making factors were ranked by the experienced project managers and then a pair-wise comparison was conducted. With this information, the robust decision-making model is formulated to offer a kept promised indicator in adopting modularisation in the urban area.

Ranking criteria for selection of certification bodies for ISO 9001 through the Analytic Hierarchy Process (AHP)

2018 ◽  
Vol 35 (7) ◽  
pp. 1321-1342 ◽  
Author(s):  
Augusto Duarte Alvarenga ◽  
Eduardo Gomes Salgado ◽  
Glauco Henrique de Sousa Mendes
Keyword(s):  
Decision Making ◽  
Analytic Hierarchy Process ◽  
Quality Management System ◽  
Iso 9001 ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Ranking Criteria ◽  
Hierarchy Process ◽  
Criteria For Selection ◽  
Selection Of

Purpose The purpose of this paper is to present a framework to assist the selection of certification bodies in the implementation of quality management system (QMS) based on ISO 9001 taking into account a set of criteria organized in a multi-level hierarchical form. To deal with this complexity, the multi-criteria decision-making method (MCDM) analytic hierarchy process (AHP) was used in this research. Design/methodology/approach The research was conducted in small and medium-sized companies certified to ISO 9001. The MCDM method AHP was used as a method for developing the model to support the selection of certification bodies. Findings This paper provides a framework for companies seeking to hire certification bodies, mainly for ISO 9001 certification, which help identify the companies that best fit the certification objectives. Additionally, a ranking of the main criteria to select certification bodies for ISO 9001 was obtained. Research limitations/implications The decision-making method was applied to Brazilian companies from different sectors. As the results can vary between regions and sectors, this is a limitation of the research. In addition, the number of ten respondents could be higher to increase the robustness of the results. Practical implications The model assists companies looking for certification, mainly ISO 9001, in the selection of certification bodies contributing in the search for deeper implementations of QMS. Originality/value This work has the originality of the application of a decision-making method in the final process of ISO 9001 certification, scarce in the literature. In addition, it defines weights for the criteria involved in the process of selecting certification bodies.

Optimum portfolio selection using a hybrid genetic algorithm and analytic hierarchy process

2015 ◽  
Vol 32 (3) ◽  
pp. 379-394 ◽  
Author(s):  
Maghsoud Solimanpur ◽  
Gholamreza Mansourfar ◽  
Farzad Ghayour
Keyword(s):  
Genetic Algorithm ◽  
Decision Making ◽  
Analytic Hierarchy Process ◽  
Portfolio Selection ◽  
Efficient Frontier ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Multi Objective ◽  
Fitness Functions ◽  
Hierarchy Process

Purpose – The purpose of this paper is to present a multi-objective model to the optimum portfolio selection using genetic algorithm and analytic hierarchy process (AHP). Portfolio selection is a multi-objective decision-making problem in financial management. Design/methodology/approach – The proposed approach solves the problem in two stages. In the first stage, the portfolio selection problem is formulated as a zero-one mathematical programming model to optimize two objectives, namely, return and risk. A genetic algorithm (GA) with multiple fitness functions called as Multiple Fitness Functions Genetic Algorithm is applied to solve the formulated model. The proposed GA results in several non-dominated portfolios being in the Pareto (efficient) frontier. A decision-making approach based on AHP is then used in the second stage to select the portfolio from among the solutions obtained by GA which satisfies a decision-maker’s interests at most. Findings – The proposed decision-making system enables an investor to find a portfolio which suits for his/her expectations at most. The main advantage of the proposed method is to provide prima-facie information about the optimal portfolios lying on the efficient frontier and thus helps investors to decide the appropriate investment alternatives. Originality/value – The value of the paper is due to its comprehensiveness in which seven criteria are taken into account in the selection of a portfolio including return, risk, beta ratio, liquidity ratio, reward to variability ratio, Treynor’s ratio and Jensen’s alpha.

Multi-criteria decision making for supplier selection using fuzzy AHP approach

2015 ◽  
Vol 22 (6) ◽  
pp. 1158-1174 ◽  
Author(s):  
Vinod Yadav ◽  
Milind Kumar Sharma
Keyword(s):  
Decision Making ◽  
Automobile Industry ◽  
Supplier Selection ◽  
Selection Process ◽  
Fuzzy Ahp ◽  
Selection Model ◽  
Multi Criteria Decision Making ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Hierarchy Process

Purpose – The purpose of this paper is to propose a multi-criteria supplier selection model using fuzzy analytical hierarchy process (FAHP) approach for a leading automobile company in India. Design/methodology/approach – FAHP approach followed by a sensitivity analysis has been used. Findings – In this study, a FAHP-based supplier selection model is proposed to provide useful insights in choosing appropriate suppliers in dynamic situations in order to enhance long-term relationship with them. Practical implications – This study proposes a supplier selection model for an automobile industry which often faces heterogeneous supply environments. This model may have a high acceptability where a large number of suppliers are available to supply the materials or provide the services. As analytic hierarchy process is the most widely used methodology for supplier selection, however, it becomes less efficient in case of inconsistencies observed in the data. However a FAHP-based approach may overcome this difficulty. Originality/value – It contributes to supplier selection process and points out the importance of supplier selection problem, especially in the context of multi-criteria decision-making in Indian scenario.

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