Search results for: Multiple Criteria Decision Making

Authors: Musarrat Jabeen

Abstract:

Thoughtful intelligence offers a sustainable position to enhance the influence of decision-makers. Thoughtful Intelligence implies the understanding to realize the impact of one’s thoughts, words and actions on the survival, dignity and development of the individuals, groups and nations. Thoughtful intelligence has received minimal consideration in the area of Decision Support Systems, with an end goal to evaluate the quantity of knowledge and its viability. This pattern degraded the imbibed contribution of thoughtful intelligence required for sustainable decision making. Given the concern, this paper concentrates on the question: How to present a model of Thoughtful Decision Support System (TDSS)? The aim of this paper is to appreciate the concepts of thoughtful intelligence and insinuate a Decision Support System based on thoughtful intelligence. Thoughtful intelligence includes three dynamic competencies: i) Realization about long term impacts of decisions that are made in a specific time and space, ii) A great sense of taking actions, iii) Intense interconnectivity with people and nature and; seven associate competencies, of Righteousness, Purposefulness, Understanding, Contemplation, Sincerity, Mindfulness, and Nurturing. The study utilizes two methods: Focused group discussion to count prevailing Decision Support Systems; 70% results of focus group discussions found six decision support systems and the positive inexistence of thoughtful intelligence among decision support systems regarding sustainable decision making. Delphi focused on defining thoughtful intelligence to model (TDSS). 65% results helped to conceptualize (definition and description) of thoughtful intelligence. TDSS is offered here as an addition in the decision making literature. The clients are top leaders.

Keywords: Thoughtful intelligence, Sustainable decision making, Thoughtful decision support system.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 535

Authors: Christiono Utomo, Arazi Idrus, Madzlan Napiah, Mohd. Faris Khamidi

Abstract:

This paper presents a conceptual model of agreement options on negotiation support for civil engineering decision. The negotiation support facilitates the solving of group choice decision making problems in civil engineering decision to reduce the impact of mud volcano disaster in Sidoarjo, Indonesia. The approach based on application of analytical hierarchy process (AHP) method for multi criteria decision on three level of decision hierarchy. Decisions for reducing impact is very complicated since many parties involved in a critical time. Where a number of stakeholders are involved in choosing a single alternative from a set of solution alternatives, there are different concern caused by differing stakeholder preferences, experiences, and background. Therefore, a group choice decision support is required to enable each stakeholder to evaluate and rank the solution alternatives before engaging into negotiation with the other stakeholders. Such civil engineering solutions as alternatives are referred to as agreement options that are determined by identifying the possible stakeholder choice, followed by determining the optimal solution for each group of stakeholder. Determination of the optimal solution is based on a game theory model of n-person general sum game with complete information that involves forming coalitions among stakeholders.

Keywords: Agreement options, AHP, agent, negotiation, multicriteria, game theory, and coalition.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1610

Authors: Tarifa S. Almulhim, Ludmil Mikhailov, Dong-Ling Xu

Abstract:

In this paper, a method for deriving a group priority vector in the Fuzzy Analytic Network Process (FANP) is proposed. By introducing importance weights of multiple decision makers (DMs) based on their experiences, the Fuzzy Preferences Programming Method (FPP) is extended to a fuzzy group prioritization problem in the FANP. Additionally, fuzzy pair-wise comparison judgments are presented rather than exact numerical assessments in order to model the uncertainty and imprecision in the DMs- judgments and then transform the fuzzy group prioritization problem into a fuzzy non-linear programming optimization problem which maximize the group satisfaction. Unlike the known fuzzy prioritization techniques, the new method proposed in this paper can easily derive crisp weights from incomplete and inconsistency fuzzy set of comparison judgments and does not require additional aggregation producers. Detailed numerical examples are used to illustrate the implement of our approach and compare with the latest fuzzy prioritization method.

Keywords: Fuzzy Analytic Network Process (FANP), Fuzzy Non-linear Programming, Fuzzy Preferences Programming Method (FPP), Multiple Criteria Decision-Making (MCDM), Triangular Fuzzy Number.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2346

Authors: R. Monib, C. I. Goodier, A. Gibb

Abstract:

This paper aims to investigate decision support strategies in the EC sector to determine the most appropriate degree of modularization. This is achieved through three oil and gas (O&G) and two power plant case studies via semi-structured interviews (n = 59 and n = 27, respectively), analysis of project documents, and case study-specific semi-structured validation interviews (n = 12 and n = 8). Terminology to distinguish degrees of modularization is proposed, along with a decision-making support checklist and a diagrammatic decision-making support figure. Results indicate that the EC sub-sectors were substantially more satisfied with the application of component, structural, or traditional modularization compared with system modularization for some types of modules. Key drivers for decisions on the degree of modularization vary across module types. This paper can help the EC sector determine the most suitable degree of modularization via a decision-making support strategy.

Keywords: Modularization, engineering construction, case study, decision support.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 26

Authors: Saber Saati Mohtadi, Ali Payan, Azizallah Kord

Abstract:

One of the most important issues in multi-criteria decision analysis (MCDA) is to determine the weights of criteria so that all alternatives can be compared based on the collective performance of criteria. In this paper, one of popular methods in data envelopment analysis (DEA) known as common weights (CWs) is used to determine the weights in MCDA. Two frontiers named ideal and anti-ideal frontiers, instead of ideal and anti-ideal alternatives, are defined based on two new proposed CWs models. Ideal and antiideal frontiers are more flexible than that of alternatives. According to the optimal solutions of these two models, the distances of an alternative from the ideal and anti-ideal frontiers are derived. Then, a relative distance is introduced to measure the value of each alternative. The suggested models are linear and despite weight restrictions are feasible. An example is presented for explaining the method and for comparing to the existing literature.

Keywords: Anti-ideal frontier, Common weights (CWs), Ideal frontier, Multi-criteria decision analysis (MCDA)

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1857

Authors: M. A. Sharbafi, M. Shakiba Herfeh, Caro Lucas, A. Mohammadi Nejad

Abstract:

Several researchers have proposed methods about combination of Genetic Algorithm (GA) and Fuzzy Logic (the use of GA to obtain fuzzy rules and application of fuzzy logic in optimization of GA). In this paper, we suggest a new method in which fuzzy decision making is used to improve the performance of genetic algorithm. In the suggested method, we determine the alleles that enhance the fitness of chromosomes and try to insert them to the next generation. In this algorithm we try to present an innovative vaccination in the process of reproduction in genetic algorithm, with considering the trade off between exploration and exploitation.

Keywords: Genetic Algorithm, Fuzzy Decision Making.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1554

Authors: Mitsuhiro Taniyama, Yuu Hidaka, Masato Arai, Satoshi Kai, Hiromi Igawa, Hiroshi Yajima, Ryoichi Sasaki

Abstract:

Along with the progress of our information society, various risks are becoming increasingly common, causing multiple social problems. For this reason, risk communications for establishing consensus among stakeholders who have different priorities have become important. However, it is not always easy for the decision makers to agree on measures to reduce risks based on opposing concepts, such as security, privacy and cost. Therefore, we previously developed and proposed the “Multiple Risk Communicator" (MRC) with the following functions: (1) modeling the support role of the risk specialist, (2) an optimization engine, and (3) displaying the computed results. In this paper, MRC program version 1.0 is applied to the personal information leakage problem. The application process and validation of the results are discussed.

Keywords: Decision Making, Personal Information Leakage Problem, Risk Communication, Risk Management

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1574

Authors: Cheng-Che Tsai, Huang-Ming Chuang

Abstract:

The purpose of this paper is to explore the role of cognitive decision effort in recommendation system, combined with indicators "information quality" and "service quality" from IS success model to exam the awareness of the user for the "recommended system performance". A total of 411 internet user answered a questionnaire assessing their attention of use and satisfaction of recommendation system in internet book store. Quantitative result indicates following research results. First, information quality of recommended system has obvious influence in consumer shopping decision-making process, and the attitude to use the system. Second, in the process of consumer's shopping decision-making, the recommendation system has no significant influence for consumers to pay lower cognitive decision-making effort. Third, e-commerce platform provides recommendations and information is necessary, but the quality of information on user needs must be considered, or they will be other competitors offer homogeneous services replaced.

Keywords: Recommender system, Cognitive decision-making efforts, IS success model, Internet bookstore.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2029

Authors: Yufang Cheng, Hsiu-Hua Yang

Abstract:

This work develops a novel intelligent “model of dynamic decision-making" usingcell assemblies network architecture in robot's movement. The “model of dynamic decision-making" simulates human decision-making, and follows commands to make the correct decisions. The cell assemblies approach consisting of fLIF neurons was used to implement tasks for finding targets and avoiding obstacles. Experimental results show that the cell assemblies approach of can be employed to efficiently complete finding targets and avoiding obstacles tasks and can simulate the human thinking and the mode of information transactions.

Keywords: Cell assemblies, fLIF, Hebbian learning rule.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1181

Authors: José M. Merigó, Montserrat Casanovas

Abstract:

We analyze the problem of decision making under ignorance with regrets. Recently, Yager has developed a new method for decision making where instead of using regrets he uses another type of transformation called negrets. Basically, the negret is considered as the dual of the regret. We study this problem in detail and we suggest the use of geometric aggregation operators in this method. For doing this, we develop a different method for constructing the negret matrix where all the values are positive. The main result obtained is that now the model is able to deal with negative numbers because of the transformation done in the negret matrix. We further extent these results to another model developed also by Yager about mixing valuations and negrets. Unfortunately, in this case we are not able to deal with negative numbers because the valuations can be either positive or negative.

Keywords: Decision Making, Aggregation operators, Negret, OWA operator, OWG operator.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1274

Authors: Mohanad Alhabo, Li Zhang, Naveed Nawaz

Abstract:

Small cell deployment in 5G networks is a promising technology to enhance the capacity and coverage. However, unplanned deployment may cause high interference levels and high number of unnecessary handovers, which in turn result in an increase in the signalling overhead. To guarantee service continuity, minimize unnecessary handovers and reduce signalling overhead in heterogeneous networks, it is essential to properly model the handover decision problem. In this paper, we model the handover decision problem using Multiple Attribute Decision Making (MADM) method, specifically Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS), and propose a hybrid TOPSIS method to control the handover in heterogeneous network. The proposed method adopts a hybrid weighting policy, which is a combination of entropy and standard deviation. A hybrid weighting control parameter is introduced to balance the impact of the standard deviation and entropy weighting on the network selection process and the overall performance. Our proposed method show better performance, in terms of the number of frequent handovers and the mean user throughput, compared to the existing methods.

Keywords: Handover, HetNets, interference, MADM, small cells, TOPSIS, weight.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 507

Authors: Tunjo Peric, Zoran Babic

Abstract:

The authors of this work indicate by means of a concrete example that it is possible to apply efficaciously the method of multiple criteria programming in dealing with the problem of determining the optimal production plan for a certain period of time. The work presents: (1) the selection of optimization criteria, (2) the setting of the problem of determining an optimal production plan, (3) the setting of the model of multiple criteria programming in finding a solution to a given problem, (4) the revised surrogate trade-off method, (5) generalized multicriteria model for solving production planning problem and problem of choosing technological variants in the metal manufacturing industry. In the final part of this work the authors reflect on the application of the method of multiple criteria programming while determining the optimal production plan in manufacturing enterprises.

Keywords: multi-criteria programming, production planning, technological variant, Surrogate Worth Trade-off Method.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1819

Authors: R. Sammoura

Abstract:

In Lebanon, public construction projects are awarded to the contractor submitting the lowest bid price based on a competitive bidding process. The contractor has to make a strategic decision in choosing the appropriate bid price that will offer a satisfactory profit with a greater probability to win. A simulation model for bid price decision making based on the lowest bid price evaluation is developed. The model, built using Crystal Ball decisionengineering software, considers two main factors affecting the bidding process: the number of qualified bidders and the size of the project. The validity of the model is tested on twelve separate projects. The study also shows how to use the model to conduct risk analysis and help any specific contractor to decide on his bid price with associated certainty level in a scientific method.

Keywords: Bid price, Competition, Decision making, Simulation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2736

Authors: Mikel Alonso López

Abstract:

This paper explores, in depth, the idea that emotions are present in all consumer decision making processes, meaning that purchase decisions have never been purely cognitive or as they traditionally have been defined, rational. Human beings, in all kinds of decisions, has "always" used neural systems related to emotions along with neural systems related to cognition, regardless of the type of purchase or the product or service in question. Therefore, all purchase decisions are, at the same time, cognitive and emotional. This paper presents an analysis of the main contributions of researchers in this regard.

Keywords: Emotions, decision making, consumer behavior.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1420

Authors: Kamalendu Pal

Abstract:

This paper describes the main features of a knowledge-based system evaluation method. System evaluation is placed in the context of a hybrid legal decision-support system, Advisory Support for Home Settlement in Divorce (ASHSD). Legal knowledge for ASHSD is represented in two forms, as rules and previously decided cases. Besides distinguishing the two different forms of knowledge representation, the paper outlines the actual use of these forms in a computational framework that is designed to generate a plausible solution for a given case, by using rule-based reasoning (RBR) and case-based reasoning (CBR) in an integrated environment. The nature of suitability assessment of a solution has been considered as a multiple criteria decision-making process in ASHAD evaluation. The evaluation was performed by a combination of discussions and questionnaires with different user groups. The answers to questionnaires used in this evaluations method have been measured as a fuzzy linguistic term. The finding suggests that fuzzy linguistic evaluation is practical and meaningful in knowledge-based system development purpose. 

Keywords: Case-based reasoning, decision-support system, fuzzy linguistic term, rule-based reasoning, system evaluation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1600

Authors: Aseela Alhinaai, Suliman Abdullah, Adil Albusaidi

Abstract:

Knowledge has been considered an important asset in private and public organizations. It is utilized in the libraries sector to run different operations of technical services and administrative works. This study aims to identify the impact of the knowledge-sharing factors (technology, collaboration, management support) to improve decision-making at Sultan Qaboos University Libraries. This study conducted a quantitative method using a questionnaire instrument to measure the impact of technology, collaboration, and management support on knowledge sharing that lead to improved decision-making. The study population is the Sultan Qaboos University (SQU) libraries (Main Library, Medical Library, College of Economic and Political Science Library, and Art Library). The results showed that management support, collaboration, and technology use have a positive impact on the knowledge-sharing process, and knowledge sharing positively affects decision making process.

Keywords: Knowledge sharing, decision making, information technology, management support, corroboration, Sultan Qaboos University.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 30

Authors: R. Ferdous

Abstract:

Power, responsibility sharing, and democratic decision-making are the central ethos to co-management. It is assumed that involving local community in the decision-making process can create a sense of ownership and responsibility of that community and motivate the community towards collective action. But this paper demonstrated that the process to involve local community is not simple and straightforward as it is influenced by structural aspects, power relations among the actors, and social embedded institutions. These factors shape the process in that way who will participate, how they will participate and how the local community maneuvers their agency in the decision-making process. To grasp the complexities that materialize in the process of participation and to understand the inclusionary and exclusionary nature of participation, this paper examines the subjective understanding of different stakeholders concerning participation and furthermore observes the enabling or constraining factors that affect the community to exercise their agency.

Keywords: Participation, social embeddedness, power, structure.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1588

Authors: Mária Hudáková, Vladimír Míka, Katarína Hollá

Abstract:

Making decisions is the core of management and a result of conscious activities which is under way in a particular environment and concrete conditions. The managers decide about the goals, procedures and about the methods how to respond to the changes and to the problems which developed. Their decisions affect the effectiveness, quality, economy and the overall successfulness in every organisation. In spite of this fact, they do not pay sufficient attention to the individual steps of the decision-making process. They emphasise more how to cope with the individual methods and techniques of making decisions and forget about the way how to cope with analysing the problem or assessing the individual solution variants. In many cases, the underestimating of the analytical phase can lead to an incorrect assessment of the problem and this can then negatively influence its further solution. Based on our analysis of the theoretical solutions by individual authors who are dealing with this area and the realised research in Slovakia and also abroad we can recognise an insufficient interest of the managers to assess the risks in the decision-making process. The goal of this paper is to assess the risks in the managers´ decision-making process relating to the conditions of the environment, to the subject’s activity (the manager’s personality), to the insufficient assessment of individual variants for solving the problems but also to situations when the arisen problem is not solved. The benefit of this paper is the effort to increase the need of the managers to deal with the risks during the decision-making process. It is important for every manager to assess the risks in his/her decision-making process and to make efforts to take such decisions which reflect the basic conditions, states and development of the environment in the best way and especially for the managers´ decisions to contribute to achieving the determined goals of the organisation as effectively as possible.

Keywords: Risk, decision-making, manager, process, analysis, source of risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1751

Authors: Seongmin Yim, Hyun-Kyu Kang

Abstract:

As a part of evaluation system for R&D program, the Korean government has applied feasibility analysis since 2008. Various professionals put forth a great effort in order to catch up the high degree of freedom of R&D programs, and make contributions to evolving the feasibility analysis. We analyze diverse R&D programs from various viewpoints, such as technology, policy, and Economics, integrate the separate analysis, and finally arrive at a definite result; whether a program is feasible or unfeasible. This paper describes the concept and method of the feasibility analysis as a decision making tool. The analysis unit and content of each criterion, which are key elements in a comprehensive decision making structure, are examined

Keywords: Decision Making of New Government R&D Program, Feasibility Analysis Study

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1362

Authors: Sharmina Begum, M. G. Rasul, Delwar Akbar

Abstract:

Waste management is now a global concern due to its high environmental impact on climate change. Because of generating huge amount of waste through our daily activities, managing waste in an efficient way has become more important than ever. Alternative Waste Technology (AWT), a new category of waste treatment technology has been developed for energy recovery in recent years to address this issue. AWT describes a technology that redirects waste away from landfill, recovers more useable resources from the waste flow and reduces the impact on the surroundings. Australia is one of the largest producers of waste per-capita. A number of AWTs are using in Australia to produce energy from waste. Presently, it is vital to identify an appropriate AWT to establish a sustainable waste management system in Australia. Identification of an appropriate AWT through Multi-criteria analysis (MCA) of four AWTs by using five key decision making criteria is presented and discussed in this paper.

Keywords: Alternative waste technology (AWT), Energy fromwaste, Gasification, Multi-criteria Analysis (MCA)

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1567

Authors: M. Mazhar Manzoor, Nasar.A, A. Sattar

Abstract:

In the open space of decision support system the mental impression of a manager-s decision has been the subject of large importance than the ordinary famous one, when helped by decision support system. Much of this study is an attempt to realize the relation of decision support system usage and decision outcomes that governs the system. For example, several researchers have proposed so many different models to analyze the linkage between decision support system processes and results of decision making. This study draws the important relation of manager-s mental approach with the use of decision support system. The findings of this paper are theoretical attempts to provide Decision Support System (DSS) in a way to exhibit and promote the learning in semi structured area. The proposed model shows the points of one-s learning improvements and maintains a theoretical approach in order to explore the DSS contribution in enhancing the decision forming and governing the system.

Keywords: Decision Support System , Learning Organization,

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1410

Authors: Reza Ebrahimpour, Samaneh Hamedi

Abstract:

Classifier fusion may generate more accurate classification than each of the basic classifiers. Fusion is often based on fixed combination rules like the product, average etc. This paper presents decision templates as classifier fusion method for the recognition of the handwritten English and Farsi numerals (1-9). The process involves extracting a feature vector on well-known image databases. The extracted feature vector is fed to multiple classifier fusion. A set of experiments were conducted to compare decision templates (DTs) with some combination rules. Results from decision templates conclude 97.99% and 97.28% for Farsi and English handwritten digits.

Keywords: Decision templates, multi-layer perceptron, characteristics Loci, principle component analysis (PCA).

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1917

Authors: Siti Waringin Oon, Rashidah Shuib, Siti Hawa Ali, Nik Hazlina Nik Hussain, Juwita Shaaban, Harmy Mohd Yusoff

Abstract:

This paper explores the knowledge and attitude of women and men in decision making on pap smear screening. This qualitative study recruited 52 respondents with 44 women and 8 men, using the purposive sampling with snowballing technique through indepth interviews. This study demonstrates several key findings: Female respondents have better knowledge compared to male. Most of the women perceived that pap smear screening is beneficial and important, but to proceed with the test is still doubtful. Male respondents were supportive in terms of sending their spouses to the health facilities or give more freedom to their wives to choose and making decision on their own health due to prominent reason that women know best on their own health. It is expected that the results from this study will provide useful guideline for healthcare providers to prepare any action/intervention to provide an extensive education to improve people-s knowledge and attitude towards pap smear.

Keywords: Attitude, decision making, knowledge, pap smearscreening..

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2534

Authors: Mehmet Yörükoğlu, Serhat Aydın

Abstract:

Since the discovery of the manuscript, mechanical methods for storing, transferring and using the information have evolved into digital methods over the time. In this process, libraries that are the center of the information have also become digitized and become accessible from anywhere and at any time in the world by taking on a structure that has no physical boundaries. In this context, some criteria for information obtained from digital libraries have become more important for users. This paper evaluates the user criteria from different perspectives that make a digital library more useful. The Step-Wise Weight Assessment Ratio Analysis-Weighted Aggregated Sum Product Assessment (SWARA-WASPAS) method is used with flexibility and easy calculation steps for the evaluation of digital library criteria. Three different digital libraries are evaluated by information technology experts according to five conflicting main criteria, ‘interface design’, ‘effects on users’, ‘services’, ‘user engagement’ and ‘context’. Finally, alternatives are ranked in descending order.

Keywords: Digital library, multi criteria decision making, SWARA-WASPAS method.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 810

Authors: Thi T. Nguyen, Lee N. Gordon-Brown

Abstract:

A new deployment of the multiple criteria decision making (MCDM) techniques: the Simple Additive Weighting (SAW), and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) for portfolio allocation, is demonstrated in this paper. Rather than exclusive reference to mean and variance as in the traditional mean-variance method, the criteria used in this demonstration are the first four moments of the portfolio distribution. Each asset is evaluated based on its marginal impacts to portfolio higher moments that are characterized by trapezoidal fuzzy numbers. Then centroid-based defuzzification is applied to convert fuzzy numbers to the crisp numbers by which SAW and TOPSIS can be deployed. Experimental results suggest the similar efficiency of these MCDM approaches to selecting dominant assets for an optimal portfolio under higher moments. The proposed approaches allow investors flexibly adjust their risk preferences regarding higher moments via different schemes adapting to various (from conservative to risky) kinds of investors. The other significant advantage is that, compared to the mean-variance analysis, the portfolio weights obtained by SAW and TOPSIS are consistently well-diversified.

Keywords: Fuzzy numbers, SAW, TOPSIS, portfolio optimization, higher moments, risk management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2092

Authors: Debashree Guha, Debjani Chakraborty

Abstract:

The aim of this paper is to adopt a compromise ratio (CR) methodology for fuzzy multi-attribute single-expert decision making proble. In this paper, the rating of each alternative has been described by linguistic terms, which can be expressed as triangular fuzzy numbers. The compromise ratio method for fuzzy multi-attribute single expert decision making has been considered here by taking the ranking index based on the concept that the chosen alternative should be as close as possible to the ideal solution and as far away as possible from the negative-ideal solution simultaneously. From logical point of view, the distance between two triangular fuzzy numbers also is a fuzzy number, not a crisp value. Therefore a fuzzy distance measure, which is itself a fuzzy number, has been used here to calculate the difference between two triangular fuzzy numbers. Now in this paper, with the help of this fuzzy distance measure, it has been shown that the compromise ratio is a fuzzy number and this eases the problem of the decision maker to take the decision. The computation principle and the procedure of the compromise ratio method have been described in detail in this paper. A comparative analysis of the compromise ratio method previously proposed [1] and the newly adopted method have been illustrated with two numerical examples.

Keywords: Compromise ratio method, Fuzzy multi-attributesingle-expert decision making, Fuzzy number, Linguistic variable

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1366

Authors: C. Ardil

Abstract:

In this research, the Balkan peninsula countries' developmental integration into European Union represents the strategic economic development objectives of the countries in the region. In order to objectively analyze the level of economic development competition of Balkan Peninsula countries, the mathematical compromise programming technique of multicriteria evaluation is used in this ranking problem. The primary aim of this research is to explain the role and significance of the multicriteria method evaluation using a real example of compromise solutions. Using the mathematical compromise programming technique, twelve countries of the Balkan Peninsula are economically evaluated and mutually compared. The economic development evaluation of the countries is performed according to five evaluation criteria forming the basis for economic development evaluation. The multiattribute model is solved using the mathematical compromise programming technique for producing different Pareto solutions. The results obtained by the multicriteria evaluation gives the possibility of identification and evaluation of the most eminent economic development indicators for each country separately. Finally, in this way, the proposed method has proved to be a successful model for the evaluation of the Balkan peninsula countries' economic development competition.

Keywords: Balkan peninsula countries, standard deviation, multicriteria decision making, mathematical compromise programming, multicriteria decision making, multicriteria analysis, multicriteria decision analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 757

Authors: José M. Merigó, Montserrat Casanovas

Abstract:

We study the problem of decision making with Dempster-Shafer belief structure. We analyze the previous work developed by Yager about using the ordered weighted averaging (OWA) operator in the aggregation of the Dempster-Shafer decision process. We discuss the possibility of aggregating with an ascending order in the OWA operator for the cases where the smallest value is the best result. We suggest the introduction of the ordered weighted geometric (OWG) operator in the Dempster-Shafer framework. In this case, we also discuss the possibility of aggregating with an ascending order and we find that it is completely necessary as the OWG operator cannot aggregate negative numbers. Finally, we give an illustrative example where we can see the different results obtained by using the OWA, the Ascending OWA (AOWA), the OWG and the Ascending OWG (AOWG) operator.

Keywords: Decision making, aggregation operators, Dempster- Shafer theory of evidence, Uncertainty, OWA operator, OWG operator.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1489

Authors: Isa Nakhai Kamal Abadi, Esmaeel Saberi, Ehsan Mirjafari

Abstract:

Every organization is continually subject to new damages and threats which can be resulted from their operations or their goal accomplishment. Methods of providing the security of space and applied tools have been widely changed with increasing application and development of information technology (IT). From this viewpoint, information security management systems were evolved to construct and prevent reiterating the experienced methods. In general, the correct response in information security management systems requires correct decision making, which in turn requires the comprehensive effort of managers and everyone involved in each plan or decision making. Obviously, all aspects of work or decision are not defined in all decision making conditions; therefore, the possible or certain risks should be considered when making decisions. This is the subject of risk management and it can influence the decisions. Investigation of different approaches in the field of risk management demonstrates their progress from quantitative to qualitative methods with a process approach.

Keywords: Risk Management, Information Security, Methodology, Probability.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1494

Authors: José M. Merigó, Montserrat Casanovas

Abstract:

We present the induced generalized hybrid averaging (IGHA) operator. It is a new aggregation operator that generalizes the hybrid averaging (HA) by using generalized means and order inducing variables. With this formulation, we get a wide range of mean operators such as the induced HA (IHA), the induced hybrid quadratic averaging (IHQA), the HA, etc. The ordered weighted averaging (OWA) operator and the weighted average (WA) are included as special cases of the HA operator. Therefore, with this generalization we can obtain a wide range of aggregation operators such as the induced generalized OWA (IGOWA), the generalized OWA (GOWA), etc. We further generalize the IGHA operator by using quasi-arithmetic means. Then, we get the Quasi-IHA operator. Finally, we also develop an illustrative example of the new approach in a financial decision making problem. The main advantage of the IGHA is that it gives a more complete view of the decision problem to the decision maker because it considers a wide range of situations depending on the operator used.

Keywords: Decision making, Aggregation operators, OWA operator, Generalized means, Selection of investments.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1458