162 research outputs found

    MULTI CRITERIA DECISION MAKING MODELS: AN OVERVIEW ON ELECTRE METHODS

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    In portfolio analysis, there are a few models that can be used. Therefore, the aim of this paper is to make an overview on multi criteria decision making models, in particular, on ELECTRE methods. We discuss the different versions of ELECTRE, which exist and why they exist. So, when speaking about ELECTRE methods structure, we have to consider two main procedures: construction of one or several outranking relation(s) procedure, and exploitation procedure. In the exploitation procedure, recommendations are elaborated from the results obtained in the first phase. The nature of the recommendation depends on the problematic: choosing, ranking or sorting. Each method is characterized by its construction and exploitation procedure. For choice problem, we can apply ELECTRE I, ELECTRE Iv, and ELECTRE IS; for ranking problem, we can apply ELECTRE II, ELECTRE III, ELECTRE IV and ELECTRE-SS; and for sorting problem we can apply ELECTRE TRI. Finally, some failings on ELECTRE methods assumptions are discussed, for instance, rank reversals. So, when analyzing portfolio management decision problem, the literature suggests AHP method and PROMETHEE family.CAPM; decision problem; multi criteria decision making models; ELECTRE family; ELECTRE rank reversals

    A Review of Cutting-edge Techniques for Material Selection

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    Selecting the optimum material for a given application is a complex task for engineers and designers across all industrial fields. There are a huge number of materials now available with a range of different properties and behaviours and so it has become even more necessary to carry out a systematic process in order to screen and/or rank the materials to give a promising number of candidates. The output of the material selection process depends upon which method is used. In some methods, a chart can be used to identify promising candidates whereas in others a single ‘optimum’ material may be chosen or a ranked list of candidates identified. This paper aims to summarise the documented techniques for material selection, evaluating the methods that are currently available, and compare the methods for consistency and effectiveness

    A Participatory Approach to Assess the Effectiveness of Responses to Cope With Flood Risk

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    This work illustrates the preliminary findings of a participatory research process aimed at identifying responses for sustainable water management in a climate change perspective, in two river basins in Europe and Asia. The paper describes the methodology implemented through local workshops, aimed at eliciting and evaluating possible responses to flood risk. Participatory workshops allowed for the identification of four categories of possible responses and a set of nine evaluation criteria, three for each of the three pillars of sustainable development. The main outcome of such activities consists in the ranking of broad response categories instrumental to the objective of the Brahmatwinn research project, i.e. the identification of Integrated Water Resource Management Strategies (IWRMS) based upon the issues and preferences elicited from local experts. The mDSS tool was used to facilitate transparent and robust management of the information collected through Multi-Criteria Decision Analysis (MCDA) and communication of the outputs.Participatory Process, Climate Change, Flood Risk, Decision Support System, Multi Criteria Analysis, MCA, Eliciting Responses, Evaluating Responses, Integrated Water Resources Management, IWRM, Mulino Decision Support System, mDSS

    A robustness study of state-of-the-art surrogate weights for MCDM

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    A vast number of methods for solving multi-criteria decision problems have been suggested for assessing criteria weights requiring more exact input data than users normally are able to provide. In particular, the selection of adequate criteria weights is difficult and in order to be realistic, other methods must be introduced. One class of such methods is to introduce so called surrogate weights, where numerical weights are assigned to each criterion based on a cardinal or ordinal rank ordering, assumed to represent the information extracted from the user. One essential problem is the robustness of such methods. In this article, we compare state-of-the-art methods based on surrogate weights from the literature and, utilizing a simulation approach, discuss underlying assumptions and robustness properties. This results in a quantitative measurement of these weighting methods and a methodology applicable also to forthcoming methods

    Multi-Criteria Evaluation of Design Complexity for Patient-Specific Bone Graft

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    With the rise of modern computer-aided technologies, their use in various different fields is becoming more and more apparent, but more profoundly in the field of medicine. The use of such technology enables the design of complex anatomical structures, often found in different areas of medicine. Maxillofacial and oral fields are becoming more and more popular with the use of such technologies, all leaning toward designing and fabrication of patient-specific implants from a biocompatible material. The level of complexity in personal graft design depends on criteria that describe the bone graft\u27s various properties. This research applies multi-criteria decision aiding in selection of patient-specific bone graft optimal design.Twelve different patient-specific bone-grafts designs have been evaluated by four decision makers who expressed their preferences with direct weighting and revised Simos procedure. Well known VIKOR method was used for multi-criteria decision aiding and the final results verified that the fully curved shape graft design is the least complex while the complex shape is the most demanding from the graft design perspective
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