MULTI CRITERIA DECISION MAKING MODELS: AN OVERVIEW ON ELECTRE METHODS

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

Bibliometric analysis of scientific production on methods to aid decision making in the last 40 years

Purpose: Multicriteria methods have gained traction in both academia and industry practices for effective decision-making over the years. This bibliometric study aims to explore and provide an overview of research carried out on multicriteria methods, in its various aspects, over the past forty-four years. Design/Methodology/Approach: The Web of Science (WoS) and Scopus databases were searched for publications from January 1945 to April 29, 2021, on multicriteria methods in titles, abstracts, and keywords. The bibliographic data were analyzed using the R bibliometrix package. Findings: This bibliometric study asserts that 29,050 authors have produced 20,861 documents on the theme of multicriteria methods in 131 countries in the last forty-four years. Scientific production in this area grows at a rate of 13.88 per year. China is the leading country in publications with 14.14%; India with 10.76%; and Iran with 8.09%. Islamic Azad University leads others with 504 publications, followed by the Vilnius Gediminas Technical University with 456 and the National Institute of Technology with 336. As for journals, Expert Systems With Applications; Sustainability; and Journal of Cleaner Production are the leading journals, which account for more than 4.67% of all indexed literature. Furthermore, Zavadskas E. and Wang J have the highest publications in the multicriteria methods domain regarding the authors. Regarding the most commonly used multicriteria decision-making methods, AHP is the most favored approach among the ten countries with the most publications in this research area, followed by TOPSIS, VIKOR, PROMETHEE, and ANP. Practical implications: The bibliometric literature review method allows the researchers to explore the multicriteria research area more extensively than the traditional literature review method. It enables a large dataset of bibliographic records to be systematically analyzed through statistical measures, yielding informative insights. Originality/value: The usefulness of this bibliometric study is summed in presenting an overview of the topic of the multicriteria methods during the previous forty-four years, allowing other academics to use this research as a starting point for their research

EmC-ICDSST 2019: 5th International Conference on Decision Support System Technology - ICDSST 2019 & EURO Mini Conference 2019 on "Decision Support Systems: Main Developments & Future Trends"

info:eu-repo/semantics/publishedVersio

A multi-objective decision support methodology for developing national energy efficiency plans

Tese de Programa Doutoral. Sistemas Sustentáveis de Energia. Universidade do Porto. Faculdade de Engenharia. 201

Advancing sustainable nanotechnology with multiple criteria decision aiding

Nanotechnology is currently emerging as the next industrial revolution. It enables the production of goods (i.e. nanoproducts, NPs) with enhanced functionalities, which have nonetheless caused mounting concerns about the potential implications they can have on the environment, economy and society. This thesis employs Multiple Criteria Decision Aiding (MCDA), one form of decision support, to aid the sustainable development of nanotechnology. The first original contribution of this doctoral research is the development of a framework of sustainability assessment criteria for NPs, through a three-phase procedure based on the MCDA process, including a literature review, a pilot and a main survey. It lead to a comprehensive framework of 68 criteria, ranked according to their relative importance, allocated to six main domain areas: (i) economic performance; (ii) environmental impacts; (iii) environmental risk assessment; (iv) human health risk assessment; (v) social implications; and (vi) technical performance. All the criteria are reliable and can be used in real case studies to increase the knowledge about the sustainability of NPs. The second original contribution presented in this thesis is a robust model (DRSA-based model) based on green chemistry principles implementation for the classification of synthesis processes of nanomaterials in preference-ordered classes. This tool was developed through knowledge elicitation techniques based on coconstructive MCDA with the collaboration of two experts (the decision makers) in synthesis of nanomaterials. The robustness of the ensuing model was assessed (and confirmed) by means of another model developed ad hoc (ELECTRE-based model), structured on an MCDA method implementing a stochastic multiple criteria classification strategy. The results confirm that MCDA is an effective decision support approach to foster sustainable development of nanotechnology, providing that the analysts who apply it take these considerations into account. They must ensure that (1) multidisciplinary teams are created to perform comprehensive and credible sustainability evaluations; (2) problem structuring and model construction are as important as (if not more important) than the results (i.e. decision recommendations) themselves; (3) identification of the appropriate MCDA method depends on the problem at hand and not vice-versa; and (4) the credibility of the decision recommendations is subject to the preferences of the decision-makers. If these considerations are accounted for, the possibility of advancing nanotechnology on a sustainable path is very concrete and realistic

An integrated and comprehensive fuzzy multicriteria model for supplier selection in digital supply chains

Digital supply chains (DSCs) are collaborative digital systems designed to quickly and efficiently move information, products, and services through global supply chains. The physical flow of products in traditional supply chains is replaced by the digital flow of information in DSCs. This digitalization has changed the conventional supplier selection processes. We propose an integrated and comprehensive fuzzy multicriteria model for supplier selection in DSCs. The proposed model integrates the fuzzy best-worst method (BWM) with the fuzzy multi-objective optimization based on ratio analysis plus full multiplicative form (MULTIMOORA), fuzzy complex proportional assessment of alternatives (COPRAS), and fuzzy technique for order preference by similarity to ideal solution (TOPSIS). The fuzzy BWM approach is used to measure the importance weights of the digital criteria. The fuzzy MULTIMOORA, fuzzy COPRAS, and fuzzy TOPSIS methods are used as prioritization methods to rank the suppliers. The maximize agreement heuristic (MAH) is used to aggregate the supplier rankings obtained from the prioritization methods into a consensus ranking. We present a real-world case study in a manufacturing company to demonstrate the applicability of the proposed method

Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges

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

Portugal SB13: contribution of sustainable building to meet EU 20-20-20 targets

Proceedings of the International Conference Portugal SB13: contribution of sustainable building to meet EU 20-20-20 targetsThe international conference Portugal SB13 is organized by the University of Minho, the Technical University of Lisbon and the Portuguese Chapter of the International Initiative for a Sustainable Built Environment in Guimarães, Portugal, from the 30th of October till the 1st of November 2013. This conference is included in the Sustainable Building Conference Series 2013-2014 (SB13-14) that are being organized all over the world. The event is supported by high prestige partners, such as the International Council for Research and Innovation in Building and Construction (CIB), the United Nations Environment Programme (UNEP), the International Federation of Consulting Engineers (FIDIC) and the International Initiative for a Sustainable Built Environment (iiSBE). Portugal SB13 is focused on the theme â Sustainable Building Contribution to Achieve the European Union 20-20-20 Targetsâ . These targets, known as the â EU 20-20-20â targets, set three key objectives for 2020: - A 20% reduction in EU greenhouse gas emissions from 1990 levels; - Raising the share of EU energy consumption produced from renewable resources to 20%; - A 20% improvement in the EU's energy efficiency. Building sector uses about 40% of global energy, 25% of global water, 40% of global resources and emit approximately 1/3 of the global greenhouse gas emissions (the largest contributor). Residential and commercial buildings consume approximately 60% of the worldâ s electricity. Existing buildings represent significant energy saving opportunities because their performance level is frequently far below the current efficiency potentials. Energy consumption in buildings can be reduced by 30 to 80% using proven and commercially available technologies. Investment in building energy efficiency is accompanied by significant direct and indirect savings, which help offset incremental costs, providing a short return on investment period. Therefore, buildings offer the greatest potential for achieving significant greenhouse gas emission reductions, at least cost, in developed and developing countries. On the other hand, there are many more issues related to the sustainability of the built environment than energy. The building sector is responsible for creating, modifying and improving the living environment of the humanity. Construction and buildings have considerable environmental impacts, consuming a significant proportion of limited resources of the planet including raw material, water, land and, of course, energy. The building sector is estimated to be worth 10% of global GDP (5.5 trillion EUR) and employs 111 million people. In developing countries, new sustainable construction opens enormous opportunities because of the population growth and the increasing prosperity, which stimulate the urbanization and the construction activities representing up to 40% of GDP. Therefore, building sustainably will result in healthier and more productive environments. The sustainability of the built environment, the construction industry and the related activities are a pressing issue facing all stakeholders in order to promote the Sustainable Development. The Portugal SB13 conference topics cover a wide range of up-to-date issues and the contributions received from the delegates reflect critical research and the best available practices in the Sustainable Building field. The issues presented include: - Nearly Zero Energy Buildings - Policies for Sustainable Construction - High Performance Sustainable Building Solutions - Design and Technologies for Energy Efficiency - Innovative Construction Systems - Building Sustainability Assessment Tools - Renovation and Retrofitting - Eco-Efficient Materials and Technologies - Urban Regeneration - Design for Life Cycle and Reuse - LCA of sustainable materials and technologies All the articles selected for presentation at the conference and published in these Proceedings, went through a refereed review process and were evaluated by, at least, two reviewers. The Organizers want to thank all the authors who have contributed with papers for publication in the proceedings and to all reviewers, whose efforts and hard work secured the high quality of all contributions to this conference. A special gratitude is also addressed to Eng. José Amarílio Barbosa and to Eng. Catarina Araújo that coordinated the Secretariat of the Conference. Finally, Portugal SB13 wants to address a special thank to CIB, UNEP, FIDIC and iiSBE for their support and wish great success for all the other SB13 events that are taking place all over the world

Sustainable Industrial Engineering along Product-Service Life Cycle/Supply Chain

Sustainable industrial engineering addresses the sustainability issue from economic, environmental, and social points of view. Its application fields are the whole value chain and lifecycle of products/services, from the development to the end-of-life stages. This book aims to address many of the challenges faced by industrial organizations and supply chains to become more sustainable through reinventing their processes and practices, by continuously incorporating sustainability guidelines and practices in their decisions, such as circular economy, collaboration with suppliers and customers, using information technologies and systems, tracking their products’ life-cycle, using optimization methods to reduce resource use, and to apply new management paradigms to help mitigate many of the wastes that exist across organizations and supply chains. This book will be of interest to the fast-growing body of academics studying and researching sustainability, as well as to industry managers involved in sustainability management