A Multidimensional Framework for Financial-Economic Decisions

Most financial-economic decisions are made consciously, with a clear and constant drive to ???good???, ???better??? or even ???optimal??? decisions. Nevertheless, many decisions in practice do not earn these qualifications, despite the availability of financial economic theory, decision sciences and ample resources. We plea for the development of a multidimensional framework to support financial economic decision processes. Our aim is to achieve a better integration of available theory and decision technologies. We sketch (a) what the framework should look like, (b) what elements of the framework already exist and which not, and (c) how the MCDA community can co-operate in its development.decision making;finance;decision analysis;financial decisions;multiple criteria

Methodological review of multicriteria optimization techniques: aplications in water resources

Multi-criteria decision analysis (MCDA) is an umbrella approach that has been applied to a wide range of natural resource management situations. This report has two purposes. First, it aims to provide an overview of advancedmulticriteriaapproaches, methods and tools. The review seeks to layout the nature of the models, their inherent strengths and limitations. Analysis of their applicability in supporting real-life decision-making processes is provided with relation to requirements imposed by organizationally decentralized and economically specific spatial and temporal frameworks. Models are categorized based on different classification schemes and are reviewed by describing their general characteristics, approaches, and fundamental properties. A necessity of careful structuring of decision problems is discussed regarding planning, staging and control aspects within broader agricultural context, and in water management in particular. A special emphasis is given to the importance of manipulating decision elements by means ofhierarchingand clustering. The review goes beyond traditionalMCDAtechniques; it describes new modelling approaches. The second purpose is to describe newMCDAparadigms aimed at addressing the inherent complexity of managing water ecosystems, particularly with respect to multiple criteria integrated with biophysical models,multistakeholders, and lack of information. Comments about, and critical analysis of, the limitations of traditional models are made to point out the need for, and propose a call to, a new way of thinking aboutMCDAas they are applied to water and natural resources management planning. These new perspectives do not undermine the value of traditional methods; rather they point to a shift in emphasis from methods for problem solving to methods for problem structuring. Literature review show successfully integrations of watershed management optimization models to efficiently screen a broad range of technical, economic, and policy management options within a watershed system framework and select the optimal combination of management strategies and associated water allocations for designing a sustainable watershed management plan at least cost. Papers show applications in watershed management model that integrates both natural and human elements of a watershed system including the management of ground and surface water sources, water treatment and distribution systems, human demands,wastewatertreatment and collection systems, water reuse facilities,nonpotablewater distribution infrastructure, aquifer storage and recharge facilities, storm water, and land use

R & D Planning Involving Multicriteria Decision Analytic Methods at the Branch Level

This series of papers are a product of collaborative research coordinated through IIASA's Management and Technology Area. The collaborating institutions are Hungarian State Office of Technical Development (Personnel: Anna Vari, Janos Vecsenyi, Laszlo David); Decision Analysis Unit, Brunel University, England (Personnel: Patrick Humphreys, Lawrence D. Phillips); All-Union Research Institute of Systems Studies, USSR (Personnel: Oleg. I Larichev). The papers report case studies prepared by the personnel from the collaborating institutions based on their own, and their colleagues' work in their own institutions. They worked together as a team in developing the methods for the analysis of these case studies which are described in the first paper in the series. IIASA provided support for this work through its telecenter for communication between the investigations, and provided facilities for short term meetings between the investigations at IIASA for development of case studies and their comparative analysis. Particular MMT staff were Ronald M. Lee, Nora Avedisians, and Miyoko Yamada, who is the editor of this series. A summary of this comparative analysis, based on the first four case studies in this series was presented at the IFIP/IIASA Conference on "Processes and Tools for Decision Support", Laxenburg, Austria, July, 1982. The paper presented at the IFIP/IIASA conference will be published as Humphreys, P.C., O.I. Larichev, A. Vari, and J. Vecsenyi, Comparative analysis of decision support systems in R&D decisions, in H.G. Sol (ed.), "Processes and Tools for Decision Support", Amsterdam: North Holland, 1982. Another study in this series was published separately as L.D. Phillips: Requisite decision modeling: a case study. "Journal of the Operations Research Society, 1982, 33:303-311

Intelligent systems in manufacturing: current developments and future prospects

Global competition and rapidly changing customer requirements are demanding increasing changes in manufacturing environments. Enterprises are required to constantly redesign their products and continuously reconfigure their manufacturing systems. Traditional approaches to manufacturing systems do not fully satisfy this new situation. Many authors have proposed that artificial intelligence will bring the flexibility and efficiency needed by manufacturing systems. This paper is a review of artificial intelligence techniques used in manufacturing systems. The paper first defines the components of a simplified intelligent manufacturing systems (IMS), the different Artificial Intelligence (AI) techniques to be considered and then shows how these AI techniques are used for the components of IMS

EmC-ICDSST 2019: 5th International Conference on Decision Support System Technology - ICDSST 2019 & EURO Mini Conference 2019 on "Decision Support Systems: Main Developments & Future Trends"

info:eu-repo/semantics/publishedVersio

Public initiatives of settlement transformation. A theoretical-methodological approach to selecting tools of multi-criteria decision analysis

In Europe, the operating context in which initiatives of settlement transformation are currently initiated is characterized by a complex, elaborate combination of technical, regulatory and governance-related factors. A similar set of considerations makes it necessary to address the complex decision-making problems to be resolved through multidisciplinary, comparative approaches designed to rationalize the process and treat the elements to be considered in systematic fashion with respect to the range of alternatives available as solutions. Within a context defined in this manner, decision-making processes must often be used to obtain multidisciplinary and multidimensional analyses to support the choices made by the decision-makers. Such analyses are carried out using multi-criteria tools designed to arrive at syntheses of the numerous forms of input data needed to describe decision-making problems of similar complexity, so that one or more outcomes of the synthesis make possible informed, well thought-out, strategic decisions. The technical literature on the topic proposes numerous tools of multi-criteria analysis for application in different decision-making contexts. Still, no specific contributions have been drawn up to date on the approach to take in selecting the tool best suited to providing adequate responses to the queries of evaluation that arise most frequently in the various fields of application, and especially in the settlement sector. The objective of this paper is to propose, by formulating a taxonomy of the endogenous and exogenous variables of tools of multi-criteria analysis, a methodology capable of selecting the tool best suited to the queries of evaluation which arise regarding the chief categories of decision-making problems, and particularly in the settlement sector

Embracing data uncertainty in water decision-making: an application to evaluate water supply and sewerage in Spain

Analyses of complex water management decision-making problems, involving tradeoffs amongst multiple criteria, are often undertaken using multi-criteria decision analysis (MCDA) techniques. Various forms of uncertainty may arise in the application of MCDA methods, including imprecision, inaccuracy or ill determination of data. The ELECTRE family methods deal with imperfect knowledge of data by incorporating ‘pseudo-criteria’, with discrimination thresholds, to interpret the outranking relation as a fuzzy relation. However, the task of selecting thresholds for each criterion can be difficult and ambiguous for decision-makers. In this paper, we propose a confidence-interval-based approach which aims to reduce the subjective input required by decision-makers. The proposed approach involves defining the uncertainty in the input values using confidence intervals and expressing thresholds as a function of the interval estimates. The usefulness of the approach is illustrated by applying it to evaluate the water supply and sewerage services in Spain. Results show that the confidence interval approach may be interesting in some cases (e.g. when dealing with statistical data from surveys or measuring equipment), but should never replace the preferences or judgments of the actors involved in the decision process.Peer ReviewedPostprint (author's final draft

Selected Issues of Design and Implementation od Decision Support Systems

The paper presents selected issues related to design and implementation of model based Decision Support Systems (DSS). For over ten years the SDS Program has been involved in cooperation with various projects at IIASA and in collaborating research institutes. This cooperation has resulted in the development of many DSS, which in turn stimulated research on the theory and methodology of decision analysis. An overview of selected DDS developed within the cooperation with IIASA is presented. Different concepts of DSS are briefly discussed and one specific type of DSS, namely model based, aspiration-led DSS is characterized. Finally, selected problems of designing and implementation of a DSS are discussed in more detail. A short description of software packages developed within the cooperation with the MDA Project is provided. The paper also gives a short summary of recent activities of the Methodology of Decision Analysis Project and of the DSS software available from the MDA Project