On the use of the MOORA method in the selection of investment projects

As is well known, when faced with the problem of decision-making, involving several (eventually conflicting) objectives evaluated according to several criteria, multi-criteria analysis is one of the most appropriate methodologies to support the decision. The flexibility of multi-criteria decision analysis/making is one of its most recognized characteristics, which comes from the various methods that can be considered. Among them is the so-called MOORA (as the initials of Multi-Objective Optimization by Ratio Analysis) method.info:eu-repo/semantics/publishedVersio

An extension of the ratio system approach of MOORA method for group decision-making based on interval-valued triangular fuzzy numbers

Decision-making in fuzzy environment is often a very complex, especially when related to predictions and assessments. The Ratio system approach of the MOORA method and Intervalvalued fuzzy numbers have already proved themselves as the effective tools for solving complex decision-making problems. Therefore, in this paper an extension of the Ratio system approach of the MOORA method, which allows a group decision-making as well as the use of interval-valued triangular fuzzy numbers, is proposed. Interval-fuzzy numbers are rather complex, and therefore, they are not practical for direct assigning performance ratings. For this reason, in this paper it has also been suggested the approach which allows the expression of individual performance ratings using crisp, interval or fuzzy numbers, and their further transformation into the group performance ratings, expressed in the form of interval-valued triangular fuzzy numbers, which provide greater flexibility and reality compared to the use of linguistic variables. Finally, in this paper the weighted averaging operator was proposed for defuzzification of interval-valued triangular fuzzy numbers. First published online: 21 Sep 201

A framework for Comminution Circuits Design evaluation using grey compromise programming

Comminution process, particularly grinding, is very important in the mineral processing industry. Some characteristics of ore particles, which occur as a product of grinding process, have a significant impact on the effects of further ore processing. At the same time, this process requires a significant amount of energy and also significantly affects the overall processing costs. Therefore, in this paper, we propose new multiple criteria decision making model based on grey compromise programming for adequate comminution circuit design selection. Although it is based on a simple procedure, we consider that the proposed model is efficient and flexible, and that it also represents the basis for forming more sophisticated models for comminution circuit design selection, as in addition, many other decision making problems in business environment, which is characterized by predictions and uncertainty

A Comparative Analysis of TOPSIS and MOORA in Laptop Selection

A lot of criteria are influential in selection of a laptop computer due to the technological and global changes happening  today and making a choice is becoming harder. In this study, criteria that are taken into consideration in laptop selection are evaluated using multi-criteria decision making methods according to the selections of students studying at Dumlupinar University, School of Applied Sciences, and Department of Insurance and Risk Management. 6 criteria and 11 brands are considered for laptop selection. Evaluations made by students and alternatives are analyzed with TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) and MOORA (Multi-Objective Optimization on Basis of Ratio Analysis) methods and results are compared. Keywords: Laptop Selection, Multi-Criteria Decision Making, MOORA, TOPSIS

Interval valued multi criteria decision making methods for the selection of flexible manufacturing system

In real world multi criteria decision making (MCDM) problem, it is tough to solve a decision matrix with vague and imprecise data. The degree of impreciseness depends on the kind of data avail-able. For interval valued data this impreciseness is less and interval-valued MCDM methods can be effectively used to solve the problem. A flexible manufacturing system (FMS) selection prob-lem was taken into consideration to find the best FMS among available alternatives. An interval extension of CODAS method is proposed in this paper which was used to solve the problem along with two other interval-valued decision-making methods i.e. interval-valued TOPSIS, interval-valued EDAS. All the three methods are distance-based approaches and it was found that the interval-valued CODAS method gave the exact same ranking with that of interval-valued TOPSIS and interval-valued EDAS

Intuitionistic fuzzy edas method: an application to solid waste disposal site selection

Evaluation based on Distance from Average Solution (EDAS) is a new multicriteria decision making (MCDM) method, which is based on the distances of alternatives from the average scores of attributes. Classical EDAS has been already extended by using ordinary fuzzy sets in case of vague and incomplete data. In this paper, we propose an interval-valued intuitionistic fuzzy EDAS method, which is based on the data belonging to membership, nonmembership, and hesitance degrees. A sensitivity analysis is also given to show how robust decisions are obtained through the proposed intuitionistic fuzzy EDAS. The proposed intuitionistic fuzzy EDAS method is applied to the evaluation of solid waste disposal site selection alternatives. The comparative and sensitivity analyses are also included

Non-conventional Machining of Metal Matrix Composites: Parametric Appraisal and Multi-Objective Optimization

Al, SiCp MMCs have wide range of applications in aerospace, automotive and electronics engineering due to its excellent properties compared to other conventional materials. The paper presents a case study on selection of optimal machining parameters in ECM of Al/15%SiC composites using TOPSIS combined with Taguchi philosophy and Grey-Fuzzy Logic coupled with Taguchi’s optimization philosophy. The performance characteristics: metal removal rate and surface roughness have been considered for optimizing the machining parameters (feed rate, voltage and electrolytic concentration). EDM is another one of the most advanced nonconventional machining methods specially used for machining of advanced materials to overcome the disadvantages coming in machining by other conventional machining techniques. In this paper, a hybrid optimization technique utilizing PCA and TOPSIS integrated with Taguchi method and MOORA with Taguchi philosophy have been proposed to obtain the optimal parameter setting during EDM of Al-10%SiCp composites

Dispersion of relative importance values contributes to the ranking uncertainty: sensitivity analysis of Multiple Criteria Decision-Making methods

Multiple Criteria Decision-Making (MCDM) methods are widely used in research and industrial applications. These methods rely heavily on expert perceptions and are often sensitive to the assumptions made. The reliability and robustness of MCDM analysis can be further tested and verified by a computer simulation and sensitivity analysis. In order to address this, five different MCDM approaches, including Weighted Sum Model (WSM), Weighted Product Model (WPM), revised Analytic Hierarchy Process (rAHP), Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and COmplex PRoportional ASsessment (COPRAS) are explored in the paper. Real data of the case study for assessing housing affordability are used for testing the robustness of alternative ranking and finding the most sensitive criteria to the change of criterion weight. We identify the most critical criteria for any and best ranking alternatives. The paper highlights the significance of sensitivity analysis in assessing the robustness and reliability of MCDM outcomes. Furthermore, randomly generated and model-based data sets are used to establish relationship between the dispersion of relative importance values of alternatives and ranking uncertainty. Our findings demonstrate that the dispersion of relative importance values of alternatives correlate with the Euclidian distances of aggregated values. We conclude that the dispersion of relative importance values contributes directly to the ranking uncertainty and can be used as a measure for finding critical criteria

Determining the utility in management by using multi-criteria decision support tools: a review

The multiple criteria decision-making (MCDM) utility-determining techniques are considered to be new development techniques that have been recently presented, extended and used by some scholars. In the current work, an attempt is made to present a systematic review of methodologies and applications of the MCDM utilitydetermining techniques discussed in recent years. The researchers reviewed 86 papers, describing the use of the MCDM utility-determining techniques, which were published in the period 2004–2015 in more than 42 scientific journals. They mainly refer to the area of management and are extracted from online databases, such as Web of Science, Scopus and Google Scholar. According to the classification used by the researchers, the papers were grouped based on the five main MCDM utility-determining techniques, including stepwise weight assessment ratio analysis (SWARA), the weighted aggregated sum product assessment (WASPAS), the additive ratio assessment (ARAS), the method of complex proportional assessment (COPRAS), multi-objective optimisation by ratio analysis (MOORA) and MULTIMOORA (MOORA plus a full multiplicative form). Furthermore, the papers were categorised taking into account their authors, publication date, journal name, the technique and method used, research objectives, research gap and problem, solution and modelling and, finally, the results and findings. The results of this study show that, in 2013, scholars published more papers on the MCDM utility-determining techniques than in other years. It is also worth noting that a group of COPRAS methods (COPRAS-Grey and COPRAS-Fuzzy) was ranked number one among the methods used in this area. With regard to journals, the Journal of Civil Engineering and Management was ranked first in the list of journals, which contributed to this review

Green Technologies for Production Processes

This book focuses on original research works about Green Technologies for Production Processes, including discrete production processes and process production processes, from various aspects that tackle product, process, and system issues in production. The aim is to report the state-of-the-art on relevant research topics and highlight the barriers, challenges, and opportunities we are facing. This book includes 22 research papers and involves energy-saving and waste reduction in production processes, design and manufacturing of green products, low carbon manufacturing and remanufacturing, management and policy for sustainable production, technologies of mitigating CO2 emissions, and other green technologies