scholarly journals Risk Attitude in Multicriteria Decision Analysis: A Compromise Approach

2021 ◽  
Vol 18 (12) ◽  
pp. 6536
Author(s):  
Juan Ribes ◽  
Jacinto González-Pachón
Keyword(s):  
Decision Analysis ◽  
Multicriteria Decision Making ◽  
Risk Attitude ◽  
Decision Makers ◽  
Random Component ◽  
Relevant Factor ◽  
Trade Off ◽  
Multicriteria Decision ◽  
Lower Uncertainty ◽  
Selection Of

In fields on which decisions need to be taken including health, as we are seeing nowadays in the COVID-19 crisis, decision-makers face multiple criteria and results with a random component. In stochastic multicriteria decision-making models, the risk attitude of the decision maker is a relevant factor. Traditionally, the shape of a utility function is the only element that represents the decision maker’s risk attitude. The eduction process of multi-attribute utility functions implies some operational drawbacks, and it is not always easy. In this paper, we propose a new element with which the decision maker’s risk attitude can be implemented: the selection of the stochastic efficiency concept to be used during a decision analysis. We suggest representing the risk attitude as a conflict between two poles: risk neutral attitude, associated with best expectations, and risk aversion attitude, associated with a lower uncertainty. The Extended Goal Programming formulation has inspired the parameter that is introduced in a new risk attitude formulation. This parameter reflects the trade-off between the two classical poles with respect to risk attitude. Thus, we have produced a new stochastic efficiency concept that we call Compromise Efficiency.

Vector Distribution of Limited Resources in Complex Systems

2019 ◽  
pp. 160-173
Author(s):  
Albert N. Voronin
Keyword(s):  
Decision Making ◽  
Multicriteria Optimization ◽  
Multicriteria Decision Making ◽  
Optimization Approach ◽  
Trade Off ◽  
Multicriteria Decision ◽  
Vector Distribution ◽  
Resources Distribution ◽  
The Given ◽  
Selection Of

The problem of distribution of the given global resource of the system under the constraints imposed on individual resources is considered. It is shown that the problem lies in constructing an adequate objective function for optimization of the resources distribution under their limitations. For solving the considered problem, the multicriteria optimization approach is undertaken with the nonlinear trade-off scheme. The proposed nonlinear compromise scheme has the property to adapt to the situation of multicriteria decision-making. The adaptation to the situation of a nonlinear scheme is carried out continuously, while the traditional selection of compromise schemes is done discretely that adds to subjective errors the errors, associated with the quantization compromise schemes. Model examples are given.

scholarly journals Compromise solutions in mining method selection - case study in colombian coal mining

DYNA ◽  
2015 ◽  
Vol 82 (191) ◽  
pp. 127-136 ◽  
Author(s):  
Jorge Iván Romero-Gélvez ◽  
Félix Antonio Cortes-Aldana ◽  
Giovanni Franco-Sepúlveda
Keyword(s):  
Multicriteria Decision Making ◽  
Entropy Method ◽  
Decision Makers ◽  
Vikor Method ◽  
Mine Design ◽  
Multicriteria Decision ◽  
Mining Method Selection ◽  
Western Side ◽  
Selection Of

The purpose of this paper is to present a quantitative approach to the selection of the mining extraction method by developing a methodological problem of discrete multicriteria decision making (MCDM), this approach seeks to support the process of planning and mine design. Select the extractive method is one of the problems of Discrete Multicriteria Decision (MCDM) where decision-makers had problems in assigning weight to each criterion. To solve this problem, this article suggests the ENTROPY method. This paper wants to handle the subjectivity inherent to this problem by using the VIKOR method, which yields results in a compromise alternative. The methodology proposed in this article applies in coal deposit located in the western side of Cerro Tasajero in Norte de Santander, Colombia

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

SAGE Open ◽  
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.

scholarly journals Approaches for multicriteria decision-making based on the hesitant fuzzy best–worst method

2021 ◽  
Author(s):  
Jian Li ◽  
Li-li Niu ◽  
Qiongxia Chen ◽  
Zhong-xing Wang
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Programming Model ◽  
Multicriteria Decision Making ◽  
Decision Makers ◽  
Multicriteria Decision ◽  
Preference Relations ◽  
Fuzzy Preference Relations ◽  
Decision Making Models ◽  
Best Worst Method

AbstractHesitant fuzzy preference relations (HFPRs) have been widely applied in multicriteria decision-making (MCDM) for their ability to efficiently express hesitant information. To address the situation where HFPRs are necessary, this paper develops several decision-making models integrating HFPRs with the best worst method (BWM). First, consistency measures from the perspectives of additive/multiplicative consistent hesitant fuzzy best worst preference relations (HFBWPRs) are introduced. Second, several decision-making models are developed in view of the proposed additive/multiplicatively consistent HFBWPRs. The main characteristic of the constructed models is that they consider all the values included in the HFBWPRs and consider the same and different compromise limit constraints. Third, an absolute programming model is developed to obtain the decision-makers’ objective weights utilizing the information of optimal priority weight vectors and provides the calculation of decision-makers’ comprehensive weights. Finally, a framework of the MCDM procedure based on hesitant fuzzy BWM is introduced, and an illustrative example in conjunction with comparative analysis is provided to demonstrate the feasibility and efficiency of the proposed models.

Fuzzy multicriteria decision-making-based optimal Zn–Al alloy selection in corrosive environment

2020 ◽  
Vol 111 (11) ◽  
pp. 953-963
Author(s):  
Ankur V. Bansod ◽  
Awanikumar P. Patil ◽  
Kanak Kalita ◽  
B. D. Deshmukh ◽  
Nilay Khobragade
Keyword(s):  
Decision Making ◽  
Weight Loss ◽  
Multicriteria Decision Making ◽  
Decision Makers ◽  
Al Alloy ◽  
Ideal Solution ◽  
Corrosive Environment ◽  
Multicriteria Decision ◽  
Al Content ◽  
The Ideal

Abstract Suitable material selection with emphasis on a specific property or application is an indispensable part of engineering sciences. It is a complex process that involves multiple criteria and often multiple decision makers. The tendency of decision makers to specify their preference in terms of imprecise qualitative statements like ‘good’, ‘bad’ etc. poses a further challenge. Thus, in this research, a comprehensive multicriteria decision-making study was conducted to select the optimal Zn-Al alloy based on performance in a corrosive environment. Four variants of technique for order of preference by similarity to the ideal solution were used to perform the multicriteria decision-making analysis. Group decision and imprecise decision making is handled by incorporating the fuzzy theory concept in a technique for order of preference by similarity to the ideal solution. The effect of addition of aluminium to zinc was studied by examination of microstructure, hardness, and corrosion behaviour. The result indicates that an increase in Al content increases the formation of dendrites. The dendrites were rich in the α phase, which results in an increase in hardness. An increase in Al content in Zn (Zn-22Al and Zn-55Al) results in the uniform distribution of the a phase in the microstructure and reduction of non-equilibrium phases. The potentiodynamic polarisation test revealed that an increase in Al in the alloy decreases the corrosion current density. The weight loss test carried out to validate the potentiodynamic test findings exhibited higher weight loss in pure Zn and lowest in Zn-55Al. Similar results were observed in the salt spray test. The multicriteria decision-making analysis revealed that Zn-55Al is the most suitable alloy in a corrosive environment among the tested alloys.

scholarly journals A Multicriteria Decision Making Approach Based on Fuzzy Theory and Credibility Mechanism for Logistics Center Location Selection

2014 ◽  
Vol 2014 ◽  
pp. 1-9 ◽  
Author(s):  
Bowen Wang ◽  
Haitao Xiong ◽  
Chengrui Jiang
Keyword(s):  
Decision Making ◽  
Fuzzy Theory ◽  
Multicriteria Decision Making ◽  
Decision Makers ◽  
Location Selection ◽  
Logistics Center ◽  
Multicriteria Decision ◽  
Model Based ◽  
Center Location ◽  
Decision Making Model

As a hot topic in supply chain management, fuzzy method has been widely used in logistics center location selection to improve the reliability and suitability of the logistics center location selection with respect to the impacts of both qualitative and quantitative factors. However, it does not consider the consistency and the historical assessments accuracy of experts in predecisions. So this paper proposes a multicriteria decision making model based on credibility of decision makers by introducing priority of consistency and historical assessments accuracy mechanism into fuzzy multicriteria decision making approach. In this way, only decision makers who pass the credibility check are qualified to perform the further assessment. Finally, a practical example is analyzed to illustrate how to use the model. The result shows that the fuzzy multicriteria decision making model based on credibility mechanism can improve the reliability and suitability of site selection for the logistics center.

scholarly journals Selection of Unmanned Aerial Vehicles by Using Multicriteria Decision-Making for Defence

2020 ◽  
Vol 2020 ◽  
pp. 1-11 ◽  
Author(s):  
Mustafa Hamurcu ◽  
Tamer Eren
Keyword(s):  
Decision Making ◽  
Unmanned Aerial Vehicles ◽  
Selection Process ◽  
Critical Role ◽  
Multicriteria Decision Making ◽  
Critical Factor ◽  
Unmanned Systems ◽  
Multicriteria Decision ◽  
Aerial Vehicles ◽  
Selection Of

The unmanned systems have been seeing a significant boom in the last ten years in different areas together with technological developments. One of the unmanned systems is unmanned aerial vehicles (UAVs). UAVs are used for reconnaissance and observation in the military areas and play critical role in attack and destroy missions. These vehicles have been winning more features together with developing technology in todays world. In addition, they have been varying with different features. A systematic and efficient approach for the selection of the UAV is necessary to choose a best alternative for the critical tasks under consideration. The multicriteria decision-making (MCDM) approaches that are analytic processes are well suited to deal intricacy in selection of alternative vehicles. This study also proposes an integrated methodology based on the analytic hierarch process (AHP) and technique for order preference by similarity to ideal solution (TOPSIS) to evaluate UAV alternatives for selection process. Firstly, AHP, a MCDM method, is used to determine the weights of each critical factor. Subsequently, it is utilized with the TOPSIS approach to rank the vehicle alternatives in the decision problem. Result of the study shows that UAV-1 was selected as the most suitable vehicle. In results, it is seen that the weights of the evaluation criteria found by using AHP affect the decision-making process. Finally, the validation and sensitivity analysis of the solution are made and discussed.

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