Improving China’s regional financial center modernization development using a new hybrid MADM model

The regional financial center is the propeller of regional economic development. Regional financial center modernization, however, has been the predominant propulsion of economic sustainability. Decisions related to regional financial center modernization development are in­herent problems of multiple attribute decision-making (MADM), and strategically important to the government. The purpose of this paper is to set up a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addresses the main causal-effect factors and amended priorities in order to strengthen ongoing planning. This paper adopts a new hybrid MADM model combined with the DEMATEL technique to construct an influential network relationship map (INRM) and determined the influential weights of DANP. Then, a modified VIKOR method using influential weights is applied to measure and integrate the performance gaps from each criterion into dimensions, as well as the overall criterion for evaluating and improving the modernization development of the regional financial center, as based on INRM. Finally an empirical case study using data from the Guangzhou regional financial center is carried out as an example to demonstrate the suitability of the proposed hybrid MADM model for solving real-world problems. The results show the priorities for improvement, as based on the degree of the effect and impact of the dimensions, as follows: first is making “government policy”, second is enforcing “financial infrastructure and safety”, next is formulating “financial institutions and human resources”, and finally “financial service”. First published online: 22 Mar 201

Symmetric and Asymmetric Data in Solution Models

This book is a Printed Edition of the Special Issue that covers research on symmetric and asymmetric data that occur in real-life problems. We invited authors to submit their theoretical or experimental research to present engineering and economic problem solution models that deal with symmetry or asymmetry of different data types. The Special Issue gained interest in the research community and received many submissions. After rigorous scientific evaluation by editors and reviewers, seventeen papers were accepted and published. The authors proposed different solution models, mainly covering uncertain data in multicriteria decision-making (MCDM) problems as complex tools to balance the symmetry between goals, risks, and constraints to cope with the complicated problems in engineering or management. Therefore, we invite researchers interested in the topics to read the papers provided in the book

RELIABILITY ANALYSIS OF MARINE PILOTS USING ADVANCED DECISION MAKING METHODS

Seaports play a significant role in global logistics networks, contributing to the efficiency of both national and international economic growth. Dramatic changes in the supply chain encourage ports to maintain effective integration when delivering services. Ports are thus parts of complex systems operating in uncertain operational environments. Accident investigation shows that there has been a significant increase in marine accidents contributed to by human error during marine pilotage operations. The human element has been identified as a major critical factor for most operational failures. Therefore, an adequate understanding of the key factors influencing pilot reliability plays a vital role in all high-risk industries, among which maritime operations are included. This study aims to develop a new quantitative marine pilot reliability assessment methodology, known as the Marine Pilot’s Reliability Index (MPRI). The MPRI seeks to help decision makers in identifying the effects of certain factors on pilot reliability. Although human reliability has been investigated in different disciplines, there is no consensus on the selected criteria. Therefore, in this study, the researcher employed a hybrid research approach, comprised of qualitative and quantitative approaches in a sequential exploratory approach to elicit the key factors that are considered dominant in maintaining the reliability of a marine port pilot. This was conducted through a series of investigation tools such as field observation, semi-structured focus-group interviews, and port pilotage accident data analysis. This step culminated in a composite of four main criteria with thirteen sub-factors, which pilots considered dominant to their reliability. These factors are arranged in a hierarchal order forming the new developed MPRI. To ensure the applicability of the identified MPRI factors, the researcher applied a Delphi technique in examining the degree of agreement among experts towards the identified MPRIs. Two rounds of questionnaires were conducted. The results obtained show a high degree of agreement among experts towards the identified factors. This is followed by the application of the analytical hierarchal process (AHP) approach to determine the relative weights of all identified criteria. The second approach, a new conceptual MPRI interdependency model is constructed using a hybrid approach of a fuzzy decision-making trial and evaluation laboratory (FDEMATEL) and an analytical network process (ANP). This hybrid approach helps to deal with inherent uncertainties and highlights the degree of interdependences in the developed MPRIs. To examine the feasibility of the proposed model and determine the outputs from this research, the researcher employed a fuzzy evidential reasoning (FER) for solving multiple criteria decision-making (MCDM) problems in conjunction with the aforementioned approaches to empirically assess the reliability of a marine pilot. The application of FER helps manage uncertainties resulting from the nature of operations. Three senior marine pilots have been assessed using the developed reliability assessment tool. The results reveal the novelty of this assessment tool in offering an effective and flexible reliability assessment and a diagnostic instrument for decision makers to predict a reduction in a pilot’s reliability. The developed model is partially validated using a sensitivity analysis. The novelty of this work offers a foundation towards assessing the reliability of marine pilotage operations using risk-based methodologies with variance techniques to facilitate the acquisition of qualitative and quantitative data and to ensure safe and efficient port operations