Capital Budgeting with Multiple Criteria and Multiple Decision Makers: A Fuzzy Approach

2001 ◽  
Vol 5 (3) ◽  
pp. 139-148
Author(s):  
Yong Shi ◽  
◽  
Wikil Kwak ◽  
Heeseok Lee ◽  
Cheng-few Lee ◽  
...  
Keyword(s):  
Capital Budgeting ◽  
Solution Procedure ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Optimal Selection ◽  
Fuzzy Approach ◽  
Strategic Investment ◽  
Multiple Decision Makers ◽  
Compromise Value ◽  
Selection Of

A capital budgeting model with multiple criteria and multiple decision makers (MCMDM) is more likely to provide realistic solutions than linear or goal programming models. This paper adopts a fuzzy approach to solve MCMDM capital budgeting problems. This approach is based on two fundamental human cognitive processes: (i) all decision makers who are involved in the capital budgeting problem have goal setting and compromise behavior for seeking multiple criteria, and (ii) each decision maker has a preference for the budget availability level. A solution procedure is proposed to systematically identify a fuzzy optimal selection of possible projects that can not only reach the best compromise value for the multiple criteria, but also use the best budget availability level according to the multiple decision makers’ preferences. The optimal selection can help the firm make a realistic decision regarding its strategic investment. A comparison study of the fuzzy approach with other approaches shows the advantages of using the fuzzy approach.

Capital budgeting with multiple criteria and multiple decision makers

1996 ◽  
Vol 7 (1) ◽  
Author(s):  
Wikil Kwak ◽  
Yong Shi ◽  
Heeseok Lee ◽  
ChengF. Lee
Keyword(s):  
Capital Budgeting ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Multiple Decision Makers

Experiments in multiple criteria selection problems with multiple decision makers

2010 ◽  
Vol 7 (4) ◽  
pp. 413 ◽  
Author(s):  
Maria Angelica Velazquez ◽  
David Claudio ◽  
A. Ravi Ravindran
Keyword(s):  
Multiple Criteria ◽  
Decision Makers ◽  
Selection Problems ◽  
Multiple Decision Makers

An interactive approach to multiple criteria optimization with multiple decision-makers

1986 ◽  
Vol 33 (4) ◽  
pp. 589-602 ◽  
Author(s):  
Pekka Korhonen ◽  
Herbert Moskowitz ◽  
Jyrki Wallenius ◽  
Stanley Zionts
Keyword(s):  
Multiple Criteria ◽  
Decision Makers ◽  
Interactive Approach ◽  
Multiple Criteria Optimization ◽  
Multiple Decision Makers

A Weighted Least-Square Dissimilarity Approach for Multiple Criteria ABC Inventory Classification

2018 ◽  
Vol 35 (04) ◽  
pp. 1850025 ◽  
Author(s):  
Sisi Wu ◽  
Yelin Fu ◽  
K. K. Lai ◽  
W. K. John Leung
Keyword(s):  
Classification Problem ◽  
Multiple Criteria ◽  
Least Square ◽  
Decision Makers ◽  
Group Consensus ◽  
Multiple Decision Makers ◽  
Weighted Least Square ◽  
Common Weights ◽  
The Common ◽  
Criteria Importance

The present paper develops a weighted least-square dissimilarity approach to address the Multiple Criteria ABC inventory classification problem, when the different criteria ranking makes impossible to achieve a group consensus. The proposed approach effectively eliminates drawbacks regarding subjective judgements of multiple decision makers on the criteria importance, and comprehensively aggregates all rankings of the criteria importance to provide a more reasonable and effective classification mechanism. The common weights associated with all rankings are determined. An illustrative example is presented to compare the performance of our approach with the existing studies.

scholarly journals Evaluation of tanker vehicle selection using a novel hybrid fuzzy MCDM technique

2021 ◽  
Vol 4 (2) ◽  
pp. 140-162
Author(s):  
Omer Faruk Gorcun ◽  
◽  
S. Senthil ◽  
Hande Küçükönder ◽  
◽  
...  
Keyword(s):  
Decision Making ◽  
Sensitivity Analysis ◽  
Decision Makers ◽  
Assessment Process ◽  
Fuzzy Approach ◽  
Material Transportation ◽  
And Performance ◽  
Logistics Activity ◽  
Decision Alternatives ◽  
Selection Of

Petroleum product transportation considered as one of the crucial parts of dangerous material transportation is a risky logistics activity. The selection of the appropriate tanker vehicles may be a suitable solution to reduce the risks and increase the efficiency and performance of the fuel transportation companies. However, the selection of a suitable road tanker vehicle is not an easy task for decision-makers as there are many conflicting criteria and many decision alternatives. In addition, decision-makers may have to decide with insufficient information since collecting crisp values may not be possible at all times. Hence, many ambiguities affecting the evaluation results exist in an assessment process performed to select the best tanker vehicle option. This paper suggests a novel integrated fuzzy approach to solve these decision-making problems. Sensitivity analysis is conducted to test the validation of the proposed integrated fuzzy approach and its results was performed by forming 130 scenarios. The results of sensitivity analysis prove that the proposed model can be applied to solve these kinds of decision-making problems.

scholarly journals Multiple Criteria Decision-Making Based on Vector Similarity Measures under the Framework of Dual Hesitant Fuzzy Sets

2020 ◽  
Vol 2020 ◽  
pp. 1-11 ◽  
Author(s):  
Juan Luis García Guirao ◽  
M. Sarwar Sindhu ◽  
Tabasam Rashid ◽  
Agha Kashif
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Multiple Criteria Decision Making ◽  
Similarity Measures ◽  
Smart Phone ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Hesitant Fuzzy Sets ◽  
Investment Companies ◽  
Selection Of

Similarity measures have a great importance in the decision-making process. In order to identify the similarity between the options, many experts have established several types of similarity measures on the basis of vectors and distances. The Cosine, Dice, and Jaccard are the vector similarity measures. The present work enclosed the modified Jaccard and Dice similarity measures. Founded on the Dice and Jaccard similarity measures, we offered a multiple criteria decision-making (MCDM) model under the dual hesitant fuzzy sets (DHFSs) situation, in which the appraised values of the alternatives with respect to criteria are articulated by dual hesitant fuzzy elements (DHFEs). Since the weights of the criteria have a much influence in making the decisions, therefore decision makers (DMs) allocate the weights to each criteria according to their knowledge. In the present work, we get rid of the doubt to allocate the weights to the criteria by taking an objective function under some constraints and then extended the linear programming (LP) technique to evaluate the weights of the criteria. The Dice and Jaccard weighted similarity measures are practiced amongst the ideal and each alternative to grade all the alternatives to get the best one. Eventually, two practical examples, about investment companies and selection of smart phone accessories are assumed to elaborate the efficiency of the proposed methodology.

scholarly journals A MULTIPLE CRITERIA DECISION‐MAKING APPROACH TO THE SELECTION OF CONCRETE PUMPS

2009 ◽  
Vol 15 (4) ◽  
pp. 369-376 ◽  
Author(s):  
Serdar Ulubeyli ◽  
Aynur Kazaz
Keyword(s):  
Decision Making ◽  
Effective Means ◽  
Multiple Criteria Decision Making ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Real World Data ◽  
Equipment Selection ◽  
Electre Iii ◽  
Robust Decisions ◽  
Selection Of

In this study, the ELECTRE III method, which is one of the most common techniques among multiple criteria decision‐making (MCDM) approaches, was considered in a selection problem of concrete pumps. As a methodological framework, a two‐step questionnaire survey was conducted by 70 firms that have and use concrete pumps. A solution of the problem was then found in the light of the real world data by means of ELECTRE III. The paper can be of value to researchers studying the anatomy of decision‐making in equipment selection in general and investigating selection criteria of concrete pumps in particular. It also contributes to the academic environment as an application practice of ELECTRE III to correspond with the nature of equipment selection and as an effective means for the formalization of knowledge possessed by industrial practitioners. On the practical side, ELECTRE III offers an efficient and convenient tool that forces the users into orderly and methodical thinking, and guides them in making logical and robust decisions. In addition, the example illustrated in the present study can be helpful for decision‐makers dealing with similar equipment selection issues. Santrauka Šio tyrimo ELECTRE III metodas – vienas dažniausiai taikomų metodų iš daugiatikslių sprendimo priėmimo metodų – buvo pritaikytas betono siurblių parinkimo uždaviniui spręsti. 70 įmonių buvo apklaustos dviem etapais. Tuomet buvo išspręstas realus uždavinys realiais duomenimis, taikant ELECTRE III metodą. Straipsnis gali būti naudingas tyrėjams, nagrinėjantiems įrenginių parinkimo uždavinių prigimtį ir esmę. Šis straipsnis turi akademinę ir praktinę vertę, nes išreiškia efektyvių sprendimų priėmimo proceso esmę ir pateikia tvirtą sprendimo priėmimo pagrindą. Pateiktas praktinio uždavinio sprendimas yra gera metodinė priemonė parenkant statybinius mechanizmus.

A MULTIPLE CRITERIA ENERGY DECISION SUPPORT SYSTEM / ENERGETIKOS DAUGIAKRITERINĖ SPRENDIMŲ PARAMOS SISTEMA

2011 ◽  
Vol 17 (2) ◽  
pp. 219-245 ◽  
Author(s):  
Kazim Baris Atici ◽  
Aydin Ulucan
Keyword(s):  
Decision Support ◽  
Decision Support System ◽  
Support System ◽  
Energy Sector ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Decision Problems ◽  
Electricity Distribution ◽  
Energy And Environment ◽  
Selection Of

Multiple Criteria Decision Analysis (MCDA) techniques are particularly suitable for Energy and Environment (E&E) decisions due to multiple criteria nature of these types of problems and they have been widely applied in this area. Main points that can be taken into consideration when examining the MCDA literature related to E&E are the selection of appropriate method, selection of criteria to be used and the widely distributed application areas. The motivation behind this study is designing such a Decision Support System (DSS) that enables the energy decision makers to perform analysis using different methods of MCDA and different criteria from various application areas and test the applicability of the system through an application in Turkish Energy Sector. The system includes several methods of MCDA and common parameters from previous studies in order to provide different approaches of evaluating decision problems. With this feature, the system stands on the intersection of MCDA and E&E fields. Moreover, an application of MCDA in Turkish Energy Sector has been performed to test the applicability of the system and some conclusions about electricity distribution in Turkey are put forth. Santrauka Daugiakriterinės sprendimų analizės (DKSA) metodai yra ypač tinkami energetikos ir aplinkos (E ir A) sprendimams priimti dėl daugiakriterinio problemų pobūdžio ir šioje srityje metodai buvo plačiai naudojami. Svarbiausi punktai, į kuriuos gali būti atsižvelgta nagrinėjant DKSA literatūrą, susijusą su E ir A, yra tinkamo metodo parinkimas, galimų rodiklių parinkimas ir plačiai paplitusios taikymo sritys. Šio mokslinio straipsnio motyvas yra suformuoti tokias sprendimų paramos sistemas (SPS), kurios leidžia energetikos sprendimus priimantiems asmenims atlikti analizę naudojant įvairius DKSA metodus ir skirtingus rodiklius iš įvairių taikymo sričių bei bandyti pritaikyti šią sistemą remiantis Turkijos energetikos sektoriumi. Sistema apima kelis DKSA metodus ir bendrus parametrus, iš ankstesnių mokslinių straipsnių, siekiant užtikrinti skirtingų požiūrių buvimą vertinant sprendimų priėmimo problemas. Šiame straipsnyje sprendimų sistema yra sankirtoje tarp DKSA bei E ir A. Be to, buvo atliktas DKSA pritaikymas Turkijos energetikos sektoriuje siekiant patikrinti sistemos pritaikomumą bei yra pateikti keli pasiūlymai dėl elektros paskirstymo Turkijoje.

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