scholarly journals Pareto Optimal Decisions in Multi-Criteria Decision Making Explained with Construction Cost Cases

Symmetry ◽  
2020 ◽  
Vol 13 (1) ◽  
pp. 46
Author(s):  
Hubert Anysz ◽  
Aleksander Nicał ◽  
Željko Stević ◽  
Michał Grzegorzewski ◽  
Karol Sikora
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Pareto Optimal ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Optimal Decisions ◽  
Cost Criterion ◽  
The Cost ◽  
Financial Result ◽  
The Ideal

In multi-criteria decision-making (MCDM) problems the decision-maker is often forced to accept a not ideal solution. If the ideal choice exists, it would be certainly chosen. The acceptance of a non- ideal solution leads to some inadequate properties in the chosen solution. MCDM methods help the decision-maker to structure his needs considering different units, in which the properties of the solutions are expressed. Secondly, with MCDM tools the assessment of the available solutions can be calculated with consideration of the decision-maker’s needs. The incorporation of the cost criterion into the decision maker’s preferences calculation, and the solution assessment calculation, deprives the decision-maker of the ability to calculate the financial result of the decision he must make. A new multi-criteria decision making with cost criterion analysed at the final stage (MCDM-CCAF) method is developed based on principle of Pareto optimal decisions. It is proposed to exclude the cost criterion from the MCDM analysis and consider it at the final phase of the decision-making process. It is illustrated by example solutions with consideration of cost criterion and without it. It is proposed to apply the invented post-processing method to all MCDM analyses where the cost criterion of analysed variants is considered.

scholarly journals SELECTING THE OPTIMAL RENEWABLE ENERGY USING MULTI CRITERIA DECISION MAKING

2013 ◽  
Vol 14 (5) ◽  
pp. 957-978 ◽  
Author(s):  
Abdolreza Yazdani-Chamzini ◽  
Mohammad Majid Fouladgar ◽  
Edmundas Kazimieras Zavadskas ◽  
S. Hamzeh Haji Moini
Keyword(s):  
Decision Making ◽  
Renewable Energy ◽  
Evaluation Criteria ◽  
Energy Resources ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Proposed Model ◽  
Negative Ideal Solution ◽  
Hierarchy Process ◽  
The Ideal

Renewable energies are well-known as one of the most important energy resources not only due to limited other energy resources, but also due to environmental problems associated with air pollutants and greenhouse gas emissions. Renewable energy project selection is a multi actors and sophisticated problem because it is a need to incorporate social, economic, technological, and environmental considerations. Multi criteria decision making (MCDM) methods are powerful tools to evaluate and rank the alternatives among a pool of alternatives and select the best one. COPRAS (COmplex PRoportional ASsessment) is an MCDM technique which determines the best alternative by calculating the ratio to the ideal solution and the negative ideal solution. On the other hand, analytical hierarchy process (AHP) is widely used in order to calculate the importance weights of evaluation criteria. In this paper an integrated COPRAS-AHP methodology is proposed to select the best renewable energy project. In order to validate the output of the proposed model, the model is compared with five MCDM tools. The results of this paper demonstrate the capability and effectiveness of the proposed model in selecting the most appropriate renewable energy option among the existing alternatives.

Multi-Criteria Decision Making Methods for Designing Optomechatronic Systems

2015 ◽  
Vol 220-221 ◽  
pp. 188-193
Author(s):  
Tomasz Giesko
Keyword(s):  
Decision Making ◽  
Vision System ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Topsis Method ◽  
Relative Closeness ◽  
Innovative Solutions ◽  
Essential Problem ◽  
Economic Criteria ◽  
The Ideal

When designing unique optomechatronic systems with the application of innovative solutions, decision making with respect to a number of technical and economic criteria seems to be an essential problem. The multi-criteria decision theory is a process of selecting the best solution to the set of alternatives. The paper presents the application of the TOPSIS method for working towards a solution to decision making in the process of designing a unique measurement vision system. The set of alternatives for the vision system has been considered with regard to benefit and cost criteria. As a result, the best alternative has been identified, which represents the highest similarity to the ideal solution expressed by the value of the relative closeness index.

scholarly journals IDENTIFYING AND PRIORITIZING COST REDUCTION SOLUTIONS IN THE SUPPLY CHAIN BY INTEGRATING VALUE ENGINEERING AND GRAY MULTI-CRITERIA DECISION-MAKING

2020 ◽  
Vol 26 (6) ◽  
pp. 1311-1338 ◽  
Author(s):  
Jalil Heidary Dahooie ◽  
Seyyed Jalaladdin Hosseini Dehshiri ◽  
Audrius Banaitis ◽  
Arūnė Binkytė-Vėlienė
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Value Engineering ◽  
Multi Criteria Decision Making ◽  
Team Members ◽  
A Value ◽  
Cost Criterion ◽  
Engineering Team ◽  
Supply Chain Cost Management ◽  
The Cost

Value engineering is an appropriate policy for creating and improving value, which reduces unnecessary costs and maintains core functionality. Despite the mentioned benefits, this approach has so far received little attention in the area of supply chain management. Although this approach is highly structured, limitations such as overemphasizing the cost criterion and failure to meet other criteria, utilizing team members’ votes to rank solutions, ignoring inherent uncertainty and ultimately disagreement between value engineering team members have reduced the effectiveness of this approach. The present study aims to provide a coherent framework for utilizing a value engineering approach to supply chain cost management and overcome the aforementioned limitations by utilizing gray multi-criteria decision-making. In this regard, in the first phase, the initial list of improvement solutions is determined, the criteria extracted from the literature are localized using value engineering team members’ opinion. These criteria are weighted using the gray stepwise weight assessment ratio analysis (SWARA-Gray) method. Then, the score of each solution is calculated by the value engineering team based on the list of criteria as a gray number. The scores are aggregated using the gray evaluation based on distance from average solution (EDAS-Gray) method, and the solutions are prioritized. Finally, the application of the proposed framework is investigated in a real case study in a power plant in Iran. The results of the research show that the final rankings of the solutions rarely changed for different methods; so the model used in this study has acceptable stability.

scholarly journals Selection of vacuum cleaner with Technique for Order Preference by Similarity to Ideal Solution method based upon multi-criteriadecision-making theory

2020 ◽  
Vol 53 (3-4) ◽  
pp. 627-634
Author(s):  
Raman Kumar ◽  
Sunpreet Singh
Keyword(s):  
Decision Making ◽  
Solution Method ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Proof Of Concept ◽  
Vacuum Cleaner ◽  
First Choice ◽  
Order Preference ◽  
The Cost ◽  
Selection Of

This study focuses on multi-criteria decision-making theory to pick vacuum cleaner available in the Indian market. The choice of a vacuum cleaner for the customer is an intricate decision-making, the problem involving multiple conflicting criteria such as the cost of the vacuum cleaner, dust bag capacity, power consumption, and so on. The simple methodology based on the Technique for Order Preference by Similarity to Ideal Solution method is presented to choose a vacuum cleaner. Based on data collection, eight different companies/brands are considered with 26 diverse models. The ranks of the different alternatives obtained with Technique for Order Preference by Similarity to Ideal Solution method are presented. The result reveals that the alternative Karcher WD 3.200 comes out to be the first choice, followed by Karcher WD 4.200 and Eureka Forbes Sensi. This approach based upon multi-criteria decision-making is very beneficial for retailer and wholesalers to help consumers/customers for purchasing their product/item or the consumer itself can make use of this simple methodology. The established proof-of-concept could be further used in the different domains of engineering, science, and management, wherein the decision-making could be biased and vague.

scholarly journals Evaluating Olympic Pictograms Using Fuzzy TOPSIS – Focus on Judo, Taekwondo, Boxing, and Wrestling

2021 ◽  
Author(s):  
Choi kyoungho ◽  
Kim Bongseok ◽  
Jinhee Choi
Keyword(s):  
Decision Making ◽  
Sensitivity Analysis ◽  
Fuzzy Topsis ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Topsis Method ◽  
Weight Changes ◽  
Beijing Olympics ◽  
Priority Ranking ◽  
The Ideal

This study evaluated the ranking of comprehensibility of the pictograms for judo, taekwondo, boxing, and wrestling used in the six games from the 27th Sydney Olympics in 2000 to the 32nd Tokyo Olympics in 2021. The evaluation was done using the Fuzzy TOPSIS method, one of the multi-criteria decision-making methodologies commonly used in economics and others fields. The results are as follows. The first, pictograms from the 2008 Beijing Olympics ranked first in three sports: taekwondo, boxing, and wrestling, but there were no pictograms that consistently ranked first or sixth in all sports. Second, the result of the sensitivity analysis shows a possibility that the ranking will be reversed if the weight of the evaluation factors changes, but in the 1000-time repetitive prediction, the better the evaluation ranking, the closer the value of the priority ranking to the ideal solution on average even if the weight changes.

Applying the Multi-Criteria Decision Making Model for Ranking Commercial Banks: The Case of Vietnam

2019 ◽  
pp. 125-133
Author(s):  
Duong Truong Thi Thuy ◽  
Anh Pham Thi Hoang
Keyword(s):  
Decision Making ◽  
Commercial Banks ◽  
Decision Model ◽  
Business Models ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Topsis Method ◽  
Decision Making Model

Banking has always played an important role in the economy because of its effects on individuals as well as on the economy. In the process of renovation and modernization of the country, the system of commercial banks has changed dramatically. Business models and services have become more diversified. Therefore, the performance of commercial banks is always attracting the attention of managers, supervisors, banks and customers. Bank ranking can be viewed as a multi-criteria decision model. This article uses the technique for order of preference by similarity to ideal solution (TOPSIS) method to rank some commercial banks in Vietnam.

Optimum criterion for lightweight nonlinear confusion component with multi-criteria decision making

2021 ◽  
pp. 1-12
Author(s):  
Nabilah Abughazalah ◽  
Majid Khan ◽  
Noor Munir ◽  
Amna Zafar
Keyword(s):  
Decision Making ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Mathematical Structures ◽  
Substitution Boxes

In this article, we have designed a new scheme for the construction of the nonlinear confusion component. Our mechanism uses the notion of a semigroup, Inverse LA-semigroup, and various other loops. With the help of these mathematical structures, we can easily build our confusion component namely substitution boxes (S-boxes) without having specialized structures. We authenticate our proposed methodology by incorporating the available cryptographic benchmarks. Moreover, we have utilized the technique for order of preference by similarity to ideal solution (TOPSIS) to select the best nonlinear confusion component. With the aid of this multi-criteria decision-making (MCDM), one can easily select the best possible confusion component while selecting among various available nonlinear confusion components.

scholarly journals The Analysis of Small Investors’ Demands on a Thermal Insulation System for a Family House: A Case Study

2021 ◽  
Vol 13 (5) ◽  
pp. 2491
Author(s):  
Alena Tažiková ◽  
Zuzana Struková ◽  
Mária Kozlovská
Keyword(s):  
Decision Making ◽  
Thermal Insulation ◽  
Construction Cost ◽  
Environmental Cost ◽  
Multi Criteria Decision Making ◽  
Insulation System ◽  
Insulation Systems ◽  
Small Investors ◽  
The Cost ◽  
Family House

This study deals with small investors’ demands on thermal insulation systems when choosing the most suitable solution for a family house. By 2050, seventy percent of current buildings, including residential buildings, are still expected to be in operation. To reach carbon neutrality, it is necessary to reduce operational energy consumption and thus reduce the related cost of building operations and the cost of the life cycle of buildings. One solution is to adapt envelopes of buildings by proper insulation solutions. To choose an optimal thermal insulation system that will reduce energy consumption of building, it is necessary to consider the environmental cost of insulation materials in addition to the construction cost of the materials. The environmental cost of a material depends on the carbon footprint from the initial origin of the material. This study presents the results of a multi-criteria decision-making analysis, where five different contractors set the evaluation criteria for selection of the optimal thermal insulation system. In their decision-making, they involved the requirements of small investors. The most common requirements were selected: the construction cost, the construction time (represented by the total man-hours), the thermal conductivity coefficient, the diffusion resistance factor, and the reaction to fire. The confidences of the criteria were then determined with the help of the pairwise comparison method. This was followed by multi-criteria decision-making using the method of index coefficients, also known as the method of basic variant. The multi-criteria decision-making included thermal insulation systems based on polystyrene, mineral wool, thermal insulation plaster, and aerogels’ nanotechnology. As a result, it was concluded that, currently, in Slovakia, small investors emphasize the cost of material and the coefficient of thermal conductivity and they do not care as much about the carbon footprint of the material manufacturing, the importance of which is mentioned in this study.

The framework of data-driven and multi-criteria decision-making for detecting unbalanced bidding

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Huimin Li ◽  
Limin Su ◽  
Jian Zuo ◽  
Xiaowei An ◽  
Guanghua Dong ◽  
...  
Keyword(s):  
Decision Making ◽  
Distance Measure ◽  
Public Procurement ◽  
Unit Price ◽  
Data Driven ◽  
Relative Distance ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Content Type ◽  
The Government

PurposeUnbalanced bidding can seriously imposed the government from obtaining the best value for the taxpayers' money in public procurement since it increases the owner's cost and decreases the fairness of the competitive bidding process. How to detect an unbalanced bid is a challenging task faced by theoretical researchers and practical actors. This study aims to develop an identification method of unbalanced bidding in the construction industry.Design/methodology/approachThe identification of unbalanced bidding is considered as a multi-criteria decision-making (MCDM) problem. A data-driven unit price database from the historical bidding document is built to present the reference unit prices as benchmarks. According to the proposed extended TOPSIS method, the data-driven unit price is chosen as the positive ideal solution, and the unit price that has the furthest absolute distance measure as the negative ideal solution. The concept of relative distance is introduced to measure the distances between positive and negative ideal solutions and each bidding unit price. The unbalanced bidding degree is ranked by means of relative distance.FindingsThe proposed model can be used for the quantitative evaluation of unbalanced bidding from a decision-making perspective. The identification process is developed according to the decision-making process. The finding shows that the model will support owners to efficiently and effectively identify unbalanced bidding in the bid evaluation stage.Originality/valueThe data-driven reference unit prices improve the accuracy of the benchmark to evaluate the unbalanced bidding. The extended TOPSIS model is applied to identify unbalanced bidding; the owners can undertake objective decision-making to identify and prevent unbalanced bidding at the stage of procurement.

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