UTA method for the consulting firm selection problem

The market conditions change due to the introduction of new products, unforseen demand fluctuations, rapid change of the life cycle of products and profit margins. Therefore, companies try to survive in a competitive environment by making their operational decisions strategically and systematically. Selection problems play an important role among these decisions. In the literature there are many robust MCDM (Multi Criteria Decision Making) methods that consider the conflicting selection criteria and alternatives. In this paper the consulting firm selection problem is solved with UTA (UTility Additive) method which is one of the MCDM methods. This method considers preference of the decision makers on alternatives and uses linear programming model to obtain a utility function having a minimum deviation from the preferences. In order to illustrate the efficiency and effectiveness of the method, a real case study is presented

A multi-criteria performance analysis of Initial Public Offering (IPO) firms using CRITIC and VIKOR methods

As Initial Public Offering (IPO) is a significant milestone in the financial strategy of a firm, this study aims to evaluate performance of IPOs using multiple measures including account­ing-based performance (ABP), value-based performance (VBP) and overall performance (OP) in the pre-and post-IPO periods. Therefore, we present two combined approaches based on a compromise MCDM method-VIKOR and objective weighting methods-CRITIC and MW (Mean Weight) to evaluate and rank IPOs to help shareholders with understanding on how their performance changes under the different measures. Since the compromise solution (one or a set) proposed by VIKOR depends substantially on criteria weights, VIKOR-CRITIC can show more realistic results because of the differential weights assigned to criteria by CRITIC. In this study, a case study is con­ducted in order to evaluate the performance of Turkish IPOs based on ABP, VBP and OP measures using the combined methods. The results show that the compromise solution results obtained by VIKOR-CRITIC may be a guideline for investors in making more profitable investment decisions before leaping into any investment decision. First published online: 27 Mar 201

A methodology for the selection of new technologies in the aviation industry

The purpose of this report is to present a technology selection methodology to quantify both tangible and intangible benefits of certain technology alternatives within a fuzzy environment. Specifically, it describes an application of the theory of fuzzy sets to hierarchical structural analysis and economic evaluations for utilisation in the industry. The report proposes a complete methodology to accurately select new technologies. A computer based prototype model has been developed to handle the more complex fuzzy calculations. Decision-makers are only required to express their opinions on comparative importance of various factors in linguistic terms rather than exact numerical values. These linguistic variable scales, such as ‘very high’, ‘high’, ‘medium’, ‘low’ and ‘very low’, are then converted into fuzzy numbers, since it becomes more meaningful to quantify a subjective measurement into a range rather than in an exact value. By aggregating the hierarchy, the preferential weight of each alternative technology is found, which is called fuzzy appropriate index. The fuzzy appropriate indices of different technologies are then ranked and preferential ranking orders of technologies are found. From the economic evaluation perspective, a fuzzy cash flow analysis is employed. This deals quantitatively with imprecision or uncertainties, as the cash flows are modelled as triangular fuzzy numbers which represent ‘the most likely possible value’, ‘the most pessimistic value’ and ‘the most optimistic value’. By using this methodology, the ambiguities involved in the assessment data can be effectively represented and processed to assure a more convincing and effective decision- making process when selecting new technologies in which to invest. The prototype model was validated with a case study within the aviation industry that ensured it was properly configured to meet the

Gestão de Recursos Finitos em Empresas

The present work has as goal aiding decision makers, researchers, enterprises and practitioners by developing a proper literature review as a base for comparison among multiple-criteria decision making methods in finite resources management according to each of the most important areas of a business environment. Efficient resource management decision making in companies impacts its value creation capability and, therefore, its competitiveness and ultimate success. The methodology for paper research follows the PRISMA flow diagram, for correct paper filtrations according to the set of criteria stablished in alignment with the thesis goal. The papers included in the study are any that employ multiple-criteria decision making methods in their pure forms, in combination with each other forming hybrids, or in combination with other mathematical techniques for solving decision making problems across five major areas of a company’s body. The five major areas are: (1) Supply Chain Management and Logistics; (2) Environmental Management; (3) Business and Marketing Management; (4) Design, Engineering and Manufacturing Systems; and (5) Human Resources Management. The 204 final papers are presented separated by their corresponding application areas, ordered by number of citations, which is used as a measure of their scientific community relevance. They are also classified by, author, nationality, journal, year, type of research and methods used. All collected data is used for quantitative statistical analysis, with which is possible to collect more in-depth information on the literature research. Focused comments on the main methods are also present in this work, with observations made on the many applications and variations each of them had throughout the articles in the research. The AHP and TOPSIS approaches, either with their fuzzy set variations are by far the most popular methods in the referred applications. However, besides them other 51 MCDM or other mathematical techniques are employed in many different combinations and approaches, bringing a very interesting diversity to the study that is very useful for it to be used as a base for comparison among methods. A total number of 111 journals and authors and co-authors of 41 nationalities are involved in the publications between 2012 and 2018, with more than half of papers coming from either India, Turkey or Iran. Many other results are obtained, bringing the readers different perspectives on the subject. This paper contributes to the body of knowledge with a great and insightful overview on MCDM methods application in aiding in challenges part of a business environment, so that companies can better manage their resources and be more prosperous. It is a vast database that allows many comparisons and evaluations, offering more analysis than the standard literature review articles.O presente trabalho tem como objetivo auxiliar os tomadores de decisão, pesquisadores e profissionais, ao desenvolver uma revisão bibliográfica adequada como base para comparação entre os métodos de decisão multicritério na gestão de recursos finitos de acordo com cada uma das áreas mais importantes de um ambiente de negócios. A tomada eficiente de decisões de gestão de recursos nas empresas afeta sua capacidade de criação de valor e, portanto, sua competitividade e sucesso finais. A metodologia da investigação baseou-se na metodologia PRISMA, para a correta filtração das publicações de acordo com o conjunto de critérios estabelecidos, em alinhamento com o objetivo da tese. Os artigos incluídos no estudo são aqueles que apresentam métodos de decisão com critérios múltiplos em suas formas puras, em combinação uns com os outros ao formar híbridos, ou com outras técnicas matemáticas para resolver problemas em cinco áreas principais das empresas. As cinco áreas são: (1) Gestão da Cadeia de Suprimentos e Logística; (2) Gestão Ambiental; (3) Gestão de Negócios e Marketing; (4) Sistemas de Projeto, Engenharia e Manufatura; e (5) Gestão de Recursos Humanos. Os 204 artigos finais são apresentados de acordo com as áreas de aplicação correspondentes, ordenadas por número de citações, que são usadas como uma medida de sua relevância na comunidade científica. Eles são, ainda, classificados por autor, nacionalidade, revista, ano, tipo de pesquisa e métodos utilizados. Todos os dados coletados são utilizados para análise estatística quantitativa, com a qual é possível recolher informações mais aprofundadas sobre a pesquisa bibliográfica. São realizados comentários sobre os principais métodos e as maneiras que foram apresentados ao longo do estudo de todos os artigos durante a pesquisa. As abordagens AHP e TOPSIS, com suas variações em conjuntos difusos ou fuzzy, são de longe os métodos mais populares nas aplicações referidas. No entanto, além destes, outros 51 MCDM e outras técnicas são utilizadas em muitas combinações e abordagens, trazendo uma diversidade muito interessante para o estudo, servindo de base para comparação dos métodos. Um total de 111 revistas e autores e coautores de 41 nacionalidades estão envolvidos nas publicações entre 2012 e 2018, com mais de metade dos artigos provenientes da Índia, Turquia ou Irão. Estes e outros resultados levam aos leitores diferentes perspectivas sobre o assunto. Este documento contribui para o estado da arte, com um conhecimento geral excelente e perspicaz sobre a aplicação de métodos MCDM para ajudar nos desafios de um ambiente de negócios, para que as empresas possam melhor gerenciar seus recursos e serem mais prósperas. É um vasto banco de dados que permite muitas comparações e avaliações, oferecendo mais análises do que os artigos de revisão de literatura padrão

An Evaluation Model for Competitiveness Index of Construction Companies

The construction sector continues to experience significant challenges brought by new techniques and technologies. There is a dire need for construction companies to address critical issues concerning changing environmental conditions, construction innovations, market globalization and many other aspects, thereby enhancing their competitiveness edge. The existing literature shows that competitiveness approaches do not address current challenges. Thus, the primary goal for this research is to develop an evaluation model that would consider all essential factors in determining the competitiveness index of construction companies and so aid in their growth and development. In this research three new pillars (3P) for competitiveness are introduced: (1) Non-Financial Internal Pillar; (2) Non-Financial External Pillar; and (3) Financial Pillar. This concept can help construction companies manage short-term and long-term strategic plans and goals. The 3P includes 6 categories and 26 factors incorporated and defined by the assessment model for measuring competitiveness. This research also rests upon a questionnaire that was sent globally to generate two sets of information which are the factors affiliated thresholds and the weights for the identified factors using the Fuzzy Analytical Network Process (FANP) which was required to reduce the uncertainty inherited from the judgment of the respondents and the factors affiliated thresholds. Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) technique was implemented using the weight of factors and their associated thresholds as an input. PROMETHEE was then used as a ranking technique to rank any given construction company by determining its competitiveness index. The proposed evaluation model was validated through five cases studies that reveal its potential of illustrating detailed analysis with respect to the competitiveness ability of construction companies. A graphical user interface was developed for providing a competitiveness index for any construction company and rank companies relative to one another. It is anticipated that the proposed evaluation model can be used in decision making process by all parties involved in construction projects. Contractors can use the evaluation model in making better decisions regarding the markup values. Employers can also use the same model in the evaluation process of contractors

ORGANIZATION: COMPARISON MAMDANI FUZZY LOGIC vs SUGENO

Developing world-wide economy in an extremely fast rate of economic crisis followed by analysis required orientation at both the macro and micro economic indicators are interdependent in three-dimensional space by viewing reports and unified and combinations of input data to each other. These analyzes currently use concept (concept) of fuzzy logic to describe how close to reality phenomena or processes that are highly unstable. So many factors input is influenced by feedback organizations

Multi-Objective and Multi-Attribute Optimisation for Sustainable Development Decision Aiding

Optimization is considered as a decision-making process for getting the most out of available resources for the best attainable results. Many real-world problems are multi-objective or multi-attribute problems that naturally involve several competing objectives that need to be optimized simultaneously, while respecting some constraints or involving selection among feasible discrete alternatives. In this Reprint of the Special Issue, 19 research papers co-authored by 88 researchers from 14 different countries explore aspects of multi-objective or multi-attribute modeling and optimization in crisp or uncertain environments by suggesting multiple-attribute decision-making (MADM) and multi-objective decision-making (MODM) approaches. The papers elaborate upon the approaches of state-of-the-art case studies in selected areas of applications related to sustainable development decision aiding in engineering and management, including construction, transportation, infrastructure development, production, and organization management

R&D project selection: which criteria should we use?

Many companies around the world lay on R&D their chances to be profitable and still standing in a dynamic market. Tokeep the changes going, many ideas surge and some are transformed into projects. Since the resources are limited, organizations are obliged to select only the most suitable projects to attend their objectives. This is an old practice. However, project portfolio characteristics has changed. The portfolio objectives of today go beyond profit: strategy, environment and society has also become import, along with manyother decision criteria. The computational power was also enhanced, making multidata decision approaches feasible, even forsmall-profitable organizations. On the last half century, many author shave proposed multicriteria decision making (MCDM) methods for project portfolio selection (PPS) on Research and Development (R&D). However, only a few gave importance to the criteria used, which would be a central issue on any multicriteria decision. Thus, in order to contribute to R&D PPS field of study, this thesis investigates two propositions: (1) most criteria used in R&D PPS may be represented by a smaller list of criteria, and (2) the criteria used in R&D PPS can be selected in a fuzzy environment, according to their influence and importance. To do so, we explore the 227 criteria used in R&D PPS from 1970 to 2019, summarizing them in a list of 23 criteria with broader scopes and 8 criteria groups. We have also performed a Systematic Literature Review to get to the initial 227 criteria and to lighten the research opportunities in MCDM-based R&D PPS explored by this thesis. We also propose a novel MCDM approach for criteria selection, that integrates Fuzzy-based DEMATEL and Fuzzy-AHP Extend Analysis methods. Experts from a representative electrical-public Brazilian R&D organization have built and validated bothlist and method. Experts from other representative public Brazilian R&D organizations have also contributed in other research steps. All involved organizations manage together R&D portfolios valued around US$ 5 billion each year, which account for 38% of all Brazilian annually expenditures in R&D projects. In a overall manner, the results provide guidance on the topic and facilitate knowledge accumulation and creation concerning the criteria selectionprocessinMCDM-basedR&D PPS

Uncertain Multi-Criteria Optimization Problems

Most real-world search and optimization problems naturally involve multiple criteria as objectives. Generally, symmetry, asymmetry, and anti-symmetry are basic characteristics of binary relationships used when modeling optimization problems. Moreover, the notion of symmetry has appeared in many articles about uncertainty theories that are employed in multi-criteria problems. Different solutions may produce trade-offs (conflicting scenarios) among different objectives. A better solution with respect to one objective may compromise other objectives. There are various factors that need to be considered to address the problems in multidisciplinary research, which is critical for the overall sustainability of human development and activity. In this regard, in recent decades, decision-making theory has been the subject of intense research activities due to its wide applications in different areas. The decision-making theory approach has become an important means to provide real-time solutions to uncertainty problems. Theories such as probability theory, fuzzy set theory, type-2 fuzzy set theory, rough set, and uncertainty theory, available in the existing literature, deal with such uncertainties. Nevertheless, the uncertain multi-criteria characteristics in such problems have not yet been explored in depth, and there is much left to be achieved in this direction. Hence, different mathematical models of real-life multi-criteria optimization problems can be developed in various uncertain frameworks with special emphasis on optimization problems

Partner selection in agile supply chains: A fuzzy intelligent approach

Partner selection is a fundamental issue in supply chain management as it contributes significantly to overall supply chain performance. However, such decision-making is problematic due to the need to consider both tangible and intangible factors, which cause vagueness, ambiguity and complexity. This paper proposes a new fuzzy intelligent approach for partner selection in agile supply chains by using fuzzy set theory in combination with radial basis function artificial neural network. Using these two approaches in combination enables the model to classify potential partners in the qualification phase of partner selection efficiently and effectively using very large amounts of both qualitative and quantitative data. The paper includes a worked empirical application of the model with data from 84 representative companies within the Chinese electrical components and equipment industry, to demonstrate its suitability for helping organisational decision-makers in partner selection