Sustainability Aspects of Real Estate Development: Lithuanian Case Study of Sports and Entertainment Arenas

The principles of sustainability have become particularly important in the real estate and construction sector over the past decade. Despite extended efforts to evaluate the sustainability aspects of the real estate development, very few attempts have been exposed in the scientific literature pursuing integrating the investors and real estate developers’ responsibility for the local community, regional economy and environmental problems within their financial expectations. The paper presents methodology enabling evaluating the balance of real estate development sustainability and financial viability issues during the feasibility study process. The Model for Real Estate Investment Evaluation Based on Sustainable Development Aspects proposed by the authors was applied to the case study of Lithuanian sports and entertainment arenas. By using multi-criteria decision analysis sustainability assessment of multi-functional arenas was carried out which disclosed that positive sustainability effects lays down on the owner’s and operator’s monetary liabilities

A COPRAS-F base multi-criteria group decision making approach for site selection of wind farm

Today global warming is on the rise and the natural resources are getting consumed at a faster rate. Power consumption has increased many folds to cater the human need. Thus renewable energy resources are the only option available at this juncture. Wind energy is one of the renewable energy. Location selection for wind farm takes an important role on power generation. However, the location selection is a complex multicriteria problem due to the criteria factors which are conflicting in nature as well as uncertain. The process becomes more complex when a group of decision makers are involved in decision making. In the present study, a COPRAS (COmplex PRoportional ASsessment) based multi-criteria decision-making (MCDM) methodology is done under fuzzy environment with the help of multiple decision makers. More specifically, this study is aimed to focus the applicability of COPRAS-F as a strategic decision making tools to handle the group decision-making problems

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

Development of MCDM Methods – in Honour of Professor Edmundas Kazimieras Zavadskas on the Occasion of His 70th Birthday

Multiple Criteria Decision Making (MCDM) substantially evolved duringthe past decades and became one of the most important areas in OperationalResearch/Management Science. The article presents a review of extensive scientificwork of Professor Edmundas Kazimieras Zavadskas on development of MCDM methodson the occasion of his 70th birthday. The article also highlights his researchcarrier, and lists some of his publications

COMPARATIVE ANALYSIS OF SOME PROMINENT MCDM METHODS: A CASE OF RANKING SERBIAN BANKS

In the literature, many multiple criteria decision making methods have been proposed. There are also a number of papers, which are devoted to comparison of their characteristics and performances. However, a definitive answer to questions: which method is most suitable and which method is most effective is still actual. Therefore, in this paper, the use of some prominent multiple criteria decision making methods is considered on the example of ranking Serbian banks. The objective of this paper is not to determine which method is most appropriate for ranking banks. The objective of this paper is to emphasize that the use of various multiple criteria decision making methods sometimes can produce different ranking orders of alternatives, highlighted some reasons which lead to different results, and indicate that different results obtained by different MCDM methods are not just a random event, but rather reality

State of art surveys of overviews on MCDM/MADM methods

Decision-making is primarily a process that involves different actors: people, groups of people, institutions and the state. As a discipline, multi-criteria decision-making has a relatively short history. Since 1950s and 1960s, when foundations of modern multi-criteria decision-making methods have been laid, many researches devoted their time to development of new multi-criteria decision-making models and techniques. In the past decades, researches and development in the field have accelerated and seem to continue growing exponentially. Despite the intensive development worldwide, few attempts have been made to systematically present the theoretical bases and developments of multi-criteria decision-making methods. However, the methodological choices and framework for assessment of decisions are still under discussion. The article describes the situation with reviews of MCDM/MADM methods. Furthermore, there is a need for research to study the strengths and weaknesses of different decision-making methods

ANALIZA RIZIKA KRITIČNIH INFRASTRUKTURA POMOĆU NEIZRAZITE COPRAS

Critical infrastructures play a significant role in countries because of the essentiality of nation security, public safety, socioeconomic security, and way of life. According to the importance of infrastructures, it is a necessity to analyze the potential risks to do not allow these risks be converted into events. The main purpose of this paper is to provide a developed framework with the aim to overcome limitations of the classical approach to build a more secure, safer, and more resilient critical infrastructures in order to develop, implement, control. The proposed framework extends conventional RAMCAP (Risk Analysis and Management for Critical Asset Protection) through introducing new parameters the effects on risk value. According to the complexity of problem and the inherent uncertainty, this research adopts the fuzzy COPRAS (COPRAS-F) as a fuzzy multi criteria decision making technique to determine the weights of each criterion and the importance of alternatives with respect to criteria. Case analysis is implemented to illustrate the capability and effectiveness of the model for ranking the risk of critical infrastructures. The proposed model demonstrates a significant improvement in comparison with conventional RAMCAP.Kritične infrastrukture imaju važnu ulogu u zemljama radi same važnosti nacionalne sigurnosti, javne sigurnosti, društveno-ekonomske sigurnosti i načina života. S obzirom na važnost infrastruktura potrebno je analizirati potencijalne rizike kako se isti ne bi ostvarili. Svrha ovog rada je ponuditi razvijeni okvir u cilju prevladavanja ograničenja klasičnog pristupa izgradnji sigurnijih i izdržljivijih kritičnih infrastruktura s ciljem razvoja, primjene i kontrole. Predloženi okvir proširuje konvencionalni RAMCAP (Analiza i upravljanje rizikom za zaštitu ključnih faktora) uvođenjem novih parametara učinka na vrijednost rizika. S obzirom na složenost problema i inherentnu nesigurnost, istraživanje koristi neizrazitu (fuzzy) COPRAS (COPRAS-F) kao neizrazitu multi kriterijsku tehniku donošenja odluka kako bi se odredila težina svakog kriterija i važnost alternativa u odnosu na kriterije. Koristi se analiza slučajeva kako bi se prikazala sposobnost i efikasnost modela za rangiranje rizika kritičnih infrastruktura. Predloženi model prikazuje značajan napredak u usporedbi s konvencionalnim RAMCAP-om

A novel hybrid fuzzy DEA-Fuzzy MADM method for airlines safety evaluation

Safety is a critical element in the air transport industry. Although fatal air accidents are rare compared to other transport industries, the rapid growth in air travel demands has resulted in a growing aviation risk exposure and new challenges in the aviation sector. Although the issue of airline safety is of serious public concern, notably few studies have investigated the safety efficiency of airlines. This paper aims to propose a novel hybrid method using fuzzy data envelopment analysis (DEA) and fuzzy multi-attribute decision making (F-MADM) for ranking the airlines’ safety. In this study, fuzzy DEA is utilized to calculate criteria weights, in contrast to the conventional approach of using DEA for measuring the efficiency of alternatives. A ranking of each airline (DMU) on the basis of obtained weights is then assessed using MADM methods. Six MADM methods including Fuzzy SAW, Fuzzy TOPSIS, Fuzzy VIKOR, ARAS-F, COPRAS-F and Fuzzy MULTIMOORA are implemented to rank the alternatives, and finally, the results are compounded with the utility interval technique. This new hybrid method can efficiently overcome the pitfalls of traditional hybrid DEA-MADM models. The method proposed in this study is used to evaluate the safety levels of seven Iranian airlines and to select the safest one. © 2018 Elsevier Lt

KORIŠTENJE INTEGRIRANOG MCDM MODELA ZA ODABIR TEHNIKE RUDARENJA U SLUČAJU NESIGURNOSTI

The aim objective of this study is to model mining method selection problem for a real world case in Angouran mine which is one of the major zinc producers in Iran. According to many problems of ore body extraction are direct or indirect depend on underground mining method, this issue is one of the most critical decisions in the design stage of mine that should be made. A number of the evaluation criteria that often are in conflicting with each other exist for evaluating feasible mining methods. Therefore, the problem of mining method selection is a multi-criteria decision making (MCDM) issue.On the other hand, according to the sophisticated structure of the problem, imprecise data, less of information, and inherent uncertainty, the usage of the fuzzy sets can be useful. In this paper an integrated model based on fuzzy analytic hierarchy process (FAHP) and fuzzy technique for order preference by similarity to ideal solution (FTOPSIS) is developed. FAHP is applied to determine the relative weights of the evaluation criteria for mining method selection that these weights are inserted to the FTOPSIS technique to rank the alternatives and select the most appropriate alternative. The study was followed by the sensitivity analysis of the results. The results of this study demonstrate the efficiency, capability, and robustness of the proposed model, which can be applied to different types of sophisticated problems in reality.Cilj ovog rada je izvođenje efikasnog i primjenjivog modela odabira najbolje proizvodne tehnike na primjeru Angouran rudnika koji je jedan od glavnih proizvođača cinka u Iranu. Proizvodne tehnike ekstrakcije ruda su izravno ili neizravno ovisne o izboru tehnika izvlačenja ruda, jednog od najkritičnijih pitanja u odlučivanju u fazi projektiranja rudnika koji bi trebao biti izrađen. Broj evaluacijskih kriterija često su u sukobu jedni s drugima pri odabiru i ocjeni prihvatljive proizvodne (rudarske) metode i tehnike. Dakle, problem odabira prihvatljive proizvodne rudarske metode u praksi je problem odabira multi-kriterijskog odlučivanja (MCDM). S druge strane, s obzirom na složenost i strukturu problema, nepreciznih podataka, manjkavost informacija, a time i inherentnu nesigurnost, korištenje fuzzy tehnika može biti od iznimne koristi. U ovom radu integrirani model koji se temelji fuzzy analitičkoj hijerarhiji procesa (FAHP) i fuzzy tehnikama za redom preferencija po sličnosti idealnog rješenja (FTOPSIS) je razvijen i prezentiran. FAHP se primjenjuje za određivanje relativne težine kriterija za ocjenu najbolje proizvodne tehnike pri ekstrakciji ruda u odnosu na ostale dostupne alternativne proizvodne tehnike. Rezultati istraživanja rada testirani su analizom osjetljivosti rezultata. Rezultati ovog istraživanja pokazuju učinkovitost, sposobnost i robusnost predloženog modela izbora proizvodnih tehnika, koji se mogu primijeniti na različite vrste složenih problema u stvarnom životu