scholarly journals Hesitant Fuzzy MADM Approach in Optimal Selection of Investment Projects

10.29007/gnfq ◽  
2018 ◽  
Author(s):  
Irina Khutsishvili ◽  
Gia Sirbiladze ◽  
Gvanca Tsulaia
Keyword(s):  
Optimal Selection ◽  
Bicriteria Optimization ◽  
Investment Projects ◽  
Order Preference ◽  
Fuzzy Madm ◽  
Multi Attribute Decision Making ◽  
Topsis Technique ◽  
Two Stages ◽  
Selection Of ◽  
Made In

The article proposes a multi-attribute decision making (MADM) approach, which is applied to the problem of optimal selection of the investment projects. This novel methodology comprises two stages. First, it makes ranking of projects based on TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method presented in hesitant fuzzy environment. We consider the case when the information on the weights of the attributes is completely unknown. The identification of the weights of the attributes is made in the context of hesitant fuzzy sets and is based on the De Luca-Termini information entropy. The ranking of alternatives is made in accordance with the proximity of their distance to the positive and negative ideal solutions. Second stage of the methodology allows making the most profitable investment in several projects simultaneously. The decision on an optimal distribution of allocated investments among the selected projects is provided using the method developed by the authors for a possibilistic bicriteria optimization problem. An investment example is given to illustrate the application of the proposed approach.

scholarly journals Methodology for Determining the Location of River Ports on a Modernized Waterway Based on Non-Cost Criteria: A Case Study of the Odra River Waterway

2021 ◽  
Vol 13 (6) ◽  
pp. 3571
Author(s):  
Bogusz Wiśnicki ◽  
Dorota Dybkowska-Stefek ◽  
Justyna Relisko-Rybak ◽  
Łukasz Kolanda
Keyword(s):  
Large Scale ◽  
Multicriteria Decision Making ◽  
Research Process ◽  
Optimal Selection ◽  
Investment Projects ◽  
Odra River ◽  
Research Problems ◽  
Selection Of ◽  
Construction Works

The paper responds to research problems related to the implementation of large-scale investment projects in waterways in Europe. As part of design and construction works, it is necessary to indicate river ports that play a major role within the European transport network as intermodal nodes. This entails a number of challenges, the cardinal one being the optimal selection of port locations, taking into account the new transport, economic, and geopolitical situation that will be brought about by modernized waterways. The aim of the paper was to present an original methodology for determining port locations for modernized waterways based on non-cost criteria, as an extended multicriteria decision-making method (MCDM) and employing GIS (Geographic Information System)-based tools for spatial analysis. The methodology was designed to be applicable to the varying conditions of a river’s hydroengineering structures (free-flowing river, canalized river, and canals) and adjustable to the requirements posed by intermodal supply chains. The method was applied to study the Odra River Waterway, which allowed the formulation of recommendations regarding the application of the method in the case of different river sections at every stage of the research process.

scholarly journals Supplier selection using different metric functions

2015 ◽  
Vol 25 (3) ◽  
pp. 413-423 ◽  
Author(s):  
S.E. Omosigho ◽  
Dickson Omorogbe
Keyword(s):  
Supplier Selection ◽  
Selection Process ◽  
Fuzzy Topsis ◽  
Ideal Solution ◽  
Order Preference ◽  
Metric Functions ◽  
Metric Function ◽  
Topsis Technique ◽  
Intuitionistic Fuzzy Topsis ◽  
Selection Of

Supplier selection is an important component of supply chain management in today?s global competitive environment. Hence, the evaluation and selection of suppliers have received considerable attention in the literature. Many attributes of suppliers, other than cost, are considered in the evaluation and selection process. Therefore, the process of evaluation and selection of suppliers is a multi-criteria decision making process. The methodology adopted to solve the supplier selection problem is intuitionistic fuzzy TOPSIS (Technique for Order Preference by Similarity to the Ideal Solution). Generally, TOPSIS is based on the concept of minimum distance from the positive ideal solution and maximum distance from the negative ideal solution. We examine the deficiencies of using only one metric function in TOPSIS and propose the use of spherical metric function in addition to the commonly used metric functions. For empirical supplier selection problems, more than one metric function should be used.

Optimal Location of Sub-Station Using Q-GIS and Multi-Criteria Decision Making Approach

2018 ◽  
Vol 10 (2) ◽  
pp. 65-79 ◽  
Author(s):  
Shabbir Uddin ◽  
Sandeep Chakravorty ◽  
Amitava Ray ◽  
Karma Sonam Sherpa
Keyword(s):  
Site Selection ◽  
Solution Method ◽  
Assessment Method ◽  
Optimal Location ◽  
Multi Criteria Decision Making ◽  
Order Preference ◽  
Topsis Technique ◽  
Strength Of Association ◽  
Selection Of

In this article, methodologies have been proposed for site selection of sub-station considering technical and non-technical constraints. Firstly, a systematic frame has been developed considering various factors that influence the optimal location of the sub-station. Various factors considered are evaluated using DEMATEL-QFD. An evaluation has been done between the outcome of the TOPSIS (Technique for order preference by similarity to ideal solution) method and the COPRAS (Compressed Proportional Assessment) method. Finally, Spearman rank co-relation co-efficients indicates the strength of association of both the methodologies. A case study is done using GIS to prove the justification of the methodologies to the applied area. The application of the methodologies will help the decision maker improve the plan, location and grid renovation of the distribution sub-stations.

scholarly journals A Comparative Study on Decision Making Methods with Interval Data

2014 ◽  
Vol 2014 ◽  
pp. 1-10 ◽  
Author(s):  
Aditya Chauhan ◽  
Rahul Vaish
Keyword(s):  
Decision Making ◽  
Input Data ◽  
Multiple Criteria Decision Making ◽  
Interval Data ◽  
Cross Entropy ◽  
Ideal Solution ◽  
Order Preference ◽  
Topsis Technique ◽  
Selection Of ◽  
Novel Algorithm

Multiple Criteria Decision Making (MCDM) models are used to solve a number of decision making problems universally. Most of these methods require the use of integers as input data. However, there are problems which have indeterminate values or data intervals which need to be analysed. In order to solve problems with interval data, many methods have been reported. Through this study an attempt has been made to compare and analyse the popular decision making tools for interval data problems. Namely, I-TOPSIS (Technique for Order Preference by Similarity to Ideal Solution), DI-TOPSIS, cross entropy, and interval VIKOR (VlseKriterijumska Optimiza-cija I Kompromisno Resenje) have been compared and a novel algorithm has been proposed. The new algorithm makes use of basic TOPSIS technique to overcome the limitations of known methods. To compare the effectiveness of the various methods, an example problem has been used where selection of best material family for the capacitor application has to be made. It was observed that the proposed algorithm is able to overcome the known limitations of the previous techniques. Thus, it can be easily and efficiently applied to various decision making problems with interval data.

scholarly journals Optimum Selection of Mechanical Drives Using TOPSIS

10.29007/vl8w ◽  
2018 ◽  
Author(s):  
Ketan Tamboli ◽  
P.M. George
Keyword(s):  
New Product Development ◽  
Power Transmission ◽  
New Product ◽  
Transmission System ◽  
Data Matrix ◽  
Power Transmission System ◽  
Optimum Selection ◽  
Order Preference ◽  
Multi Attribute Decision Making ◽  
Selection Of

New product development demands the analysis of each of the component from various engineering concepts.If a machine is expected to have a mechanical power transmission system, obviously number of options can be thought of.The power transmission system involves many hardware and many options are available.These mechanical drives are expected to be light,energy efficient and maintenance free. In the present work,a data matrix comprising of 10 attributes and 10 alternatives is presented .It is then operated for optimum selection in form of ramking using one of the welknown Multi Attribute Decision Making( MADM) method called Technique for Order Preference by Similarity to Ideal Solution (TOPSIS).The results are given as ranking for the purpose of selectionwhich sets initiative for preliminary design.However the approach presented is also useful for existing designs which needs to be changed to enhance performance.

scholarly journals APLEISTŲ PASTATŲ RACIONALAUS NAUDOJIMO MODELIAVIMAS TAIKANT GEOINFORMACINES SISTEMAS

2012 ◽  
Vol 31 (4) ◽  
pp. 129-133 ◽  
Author(s):  
Jurgita Antuchevičienė
Keyword(s):  
Decision Making ◽  
Ideal Solution ◽  
Order Preference ◽  
Multi Attribute Decision Making ◽  
Topsis Technique

Priimant erdvinius sprendimus geografinių informacinių sistemų (GIS) galimybės taikomos apleistų pastatų racionalaus naudojimo problemoms aplinkos ir visuomenės darnos požiūriu spręsti. Pasiūlytas pradinių duomenų parengimo ir jų taikymo skaičiavimams daugiatiksliais sprendimų priėmimo (Multi-attribute Decision Making – MADM) metodais modelis. Pateikta apleistų pastatų duomenų bazės struktūra ir parengtas šios bazės pildymo duomenimis apie nenaudojamus Lietuvos kaimo statinius pavyzdys. Sudaryti darnią ūkio plėtrą šalyje nusakančių socialinių, ekonominių ir aplinkos rodiklių sluoksniai. Numatytos duomenų analizės galimybės. Pateiktas GIS ir daugiatikslio sprendimų priėmimo metodo TOPSIS (Technique for the Order Preference by Similarity to Ideal Solution) integravimo racionaliam apleistų pastatų Lietuvos kaimo vietovėse naudojimui modeliuoti pavyzdys.

scholarly journals Penerapan Metode Topsis Untuk Pemilihan Vendor Terbaik

2021 ◽  
Vol 11 (2) ◽  
pp. 19-30
Author(s):  
Derman Janner Lubis ◽  
Nur Amalina Anindita
Keyword(s):  
Calculation Method ◽  
Research Method ◽  
Ideal Solution ◽  
Topsis Method ◽  
Decision Matrix ◽  
Relative Closeness ◽  
The Matrix ◽  
Order Preference ◽  
Topsis Technique ◽  
Selection Of

The selection of vendors to work on a project is an activity that must be carried out effectively and precisely so that the project is carried out in accordance with business needs and does not suffer losses. To get the best vendor ranking, you can use the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) calculation method. TOPSIS method is a method that generates rankings by calculating the distance between the best solution and the worst solution. The steps to calculate using TOPSIS are identification of alternatives and their values, create a decision matrix, normalize the matrix, calculate the normalization matrix, look for positive and negative solutions, calculate the distance between positive and negative solutions, and calculate relative closeness and sort preferences. In this study using 8 criteria and 5 alternative vendors. Research method using research and development. This method will produce a prototype. The results of the calculation of TOPSIS obtained vendor c who gets the highest score and vendor b with the lowest rank

scholarly journals DETERMINING WEIGHTS OF FUZZY ATTRIBUTES FOR MULTI-ATTRIBUTE DECISION-MAKING PROBLEMS BASED ON CONSENSUS OF EXPERT OPINIONS

2015 ◽  
Vol 21 (5) ◽  
pp. 738-755 ◽  
Author(s):  
Seyed Hossein RAZAVI HAJIAGHA ◽  
Hannan Amoozad MAHDIRAJI ◽  
Shide Sadat HASHEMI ◽  
Zenonas TURSKIS
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Decision Makers ◽  
Expert Opinions ◽  
Decision Making Problem ◽  
Order Preference ◽  
Multi Attribute Decision Making ◽  
Group Opinion ◽  
Selection Of

An important objective of a group decision-making problem is to determine the weights of attributes that are given by experts participating in the decision-making process. Since different decision-makers have unequal importance in decision-making, a series of studies focused on finding a set of appropriate weights for experts participating in a decision problem. In this paper, the problem of weight determination among decision-makers is investigated by extending an algorithm taken from the technique for order preference by similarity-to-ideal solution. In this case, a pair of most compromising and least compromising solutions is derived from individual judgments of decision-makers and then, these solutions are applied as the bases for determining the magnitude of individual alignment with the group opinion by using a closeness coefficient approach. Determining the weights of decision-makers, the group decision-making problem is then solved. Application of the proposed method is illustrated by a numerical example for the selection of a maintenance strategy.

scholarly journals A MULTI-ATTRIBUTE DECISION SUPPORT MODEL FOR THE SELECTION OF TOURISTIC ACTIVITIES

2015 ◽  
Vol 7 (3) ◽  
Author(s):  
Sait Gul ◽  
Ilker Topcu
Keyword(s):  
National Income ◽  
Decision Support Model ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Proposed Model ◽  
Order Preference ◽  
Multi Attribute Decision Making ◽  
National Economies ◽  
Hierarchy Process ◽  
Selection Of

<p>People who wish to travel or participate in a touristic activity often do not have certain information about available travel destinations, group tours, and touristic events. Furthermore, they have their own personal expectations and preferences, especially regarding time and budget limitations. Therefore, they do not want to spend their limited time collecting information about travelling instead of actually travelling. Besides, the individualistic dimensions of tourism planning and marketing studies have a significant importance on national economies all over the world, particularly for nations whose tourism income is becoming a bigger share of their total national income. This study aims to develop a touristic suggestion model for tourist candidates with regards to their personal expectations and preferences about tourism. The Analytic Hierarchy Process (AHP) and Technique for Order Preference by Similarity to Ideal Solution TOPSIS multi-attribute decision-making methods are used in this study to analyze the problem. The proposed model was built in three main phases: structuring, modeling and analyzing. The AHP method was used for prioritizing the related criteria obtained from the tourist candidates, and then TOPSIS was used for assessing global preference of alternatives. Finally, a recommendation to the decision maker is made with the most appropriate alternative.</p>

Sign in / Sign up

Export Citation Format

Share Document