Zenonas Turskis

MULTIPLE CRITERIA DECISION MAKING (MCDM) METHODS IN ECONOMICS: AN OVERVIEW

Abstract The main research activities in economics during the last five years have significantly increased. The main research fields are operation research and sustainable development. The philosophy of decision making in economics is to assess and select the most preferable solution, implement it and to gain the biggest profit. Preferences are used in a lot of problem situations both in individual and organizational decision making processes. A number of effective decision making methods that support decisions under conditions of multiple criteria have appeared in the last decade. This paper presents a panorama of decision making methods in economics and summarizes the most important results and applications over the last five years. This paper considers decision making in light of the recent developments of multiple criteria decision making methods (because classical methods are overviewed in a lot of earlier publications). Authors of different approaches, pioneering studies and works are presented in s...

Selection of the effective dwelling house walls by applying attributes values determined at intervals

Abstract The higher life quality standards, the changes of habits and new well‐being requirements have led to an increase in the demand for housing. Decision‐making problems in construction management often involve a complex decision‐making process in which multiple requirements and conditions have to be taken into consideration simultaneously. However, not every attribute used in multidimensional scaling is equally and precisely weighted in the real world. Thus quantitative and qualitative assessments are often required to deal with uncertainty, subjective and imprecise data. The accuracy of performance measures in common multi‐attribute methods is usually assumed to be accurate. Grey theory is a new technique for performing prediction, relational analysis and decision‐making in many areas. This paper considers the application of grey relations methodology for defining the utility of an alternative and is proposed as a method of multiple criteria COmplex PRoportional Assessment of alternatives with Grey ...

State of art surveys of overviews on MCDM/MADM methods

AbstractDecision-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 me...

Multi-Objective Decision-Making for Road Design

Abstract Multi‐objective analysis is a popular tool to solve many economic, managerial and construction problems. The objective of this research is to develop and implement a methodology for multi‐objective optimization of multi‐alternative decisions in road construction. After a rough overview of the articles dealing with the multi‐objective decision and assessment of road design alternatives described by discrete values, Multi‐Objective Optimization on the basis of the Ratio Analysis (MOORA) method was selected. This method focuses on a matrix of alternative responses on the objectives. A case study demonstrates the concept of multi‐objective optimization of road design alternatives and the best road design alternative is determined.

Multicriteria selection of project managers by applying grey criteria

Abstract There is a number of criteria and associated sub‐criteria influencing the match of managers to construction projects. Criteria and sub‐criteria were identified based on a thorough review of the related literature and interviews of management personnel involved in the project managers selection. Project managers characteristics are considered to be less important for an effective project management. The model is based on multicriteria evaluation of project managers. The evaluation embraces the identified criteria influencing the process of construction project manager selection. This paper considers the application of grey relations methodology to defining the utility of alternatives, and offers a multiple criteria method of Complex Proportional Assessment of alternatives with grey relations (COPRAS‐G) for analysis. In this model, the parameters of the alternatives are determined by the grey relational grade and expressed in terms of intervals. A case study presents the selection of construction p...

Multi‐attribute contractors ranking method by applying ordering of feasible alternatives of solutions in terms of preferability technique

Abstract Contractor evaluation is a vital part of the project management cycle and deals with risk and risk management. One of the most important phases in the construction industry is the bidding process. In order to select the most appropriate contractor for the project and prepare the most realistic and accurate bid proposal, stakeholders have to know all financial, technical and general information about these contractors. The information can be determined as qualitative, quantitative or verbal data. This paper presents the multi‐attribute contractors ranking method bay applying Ordering of feasible alternatives of solutions in terms of preferability technique. This method allows dealing with qualitative and quantitative data as well as with data expressed in words (verbal data). Finally, an illustrative example of contractor selection is used to demonstrate the feasibility and practicability of the proposed model.

Multi‐objective contractor's ranking by applying the Moora method

Construction, taking off, maintenance and facilities management of a building is a typical example of consumer sovereignty: the new owner likes to have a reasonable price to pay, to have confidence in the contractor, to know about the duration of the works, the service after completion and the quality of the work. On the other side the contractor has his objectives too, like the satisfaction of the client, diminishing of external costs and annoyances and the management cost per employee as low as possible. In other words it concerns a problem of multi‐objectives. Therefore a final ranking will show the best performing contractor from the point of view of the clients but also from the point of view of the contractors themselves. The MOORA method based on ratio analysis and dimensionless measurement will accomplish the job of ranking the contractors in a non‐subjective way. As an application the largest maintenance contractors of dwellings in Vilnius, capital of Lithuania, were approached.

Integrated fuzzy multiple criteria decision making model for architect selection

Abstract The philosophy of decision making in economics is to assess and select the most preferable solution, implement it and to gain the biggest profit. Important issues such as competitive market, changing technical, political and social environment have a key role in personnel selection. It is the crucial task which determines the companys present and future. Many decisions made cannot be accurately forecast or assessed. Understanding of the multiple criteria method and knowledge to calculate the algorithm of the method allows a decision maker to trust solutions offered by solution support systems to a greater extent. Many individual attributes considered for personnel selection such as organizing ability, creativity, personality, and leadership exhibit vagueness and imprecision. The fuzzy set theory appears as an essential tool to provide a decision framework that incorporates imprecise judgments inherent in the personnel selection process. In this paper, a fuzzy multi-criteria decision making (MCDM...

Contractor selection of construction in a competitive environment

Contractor selection is a vital part of the project management cycle and deals with risk and risk management. This paper presents contractors’ assessment and selection based on the multi‐attribute methods in a competitive and risky environment. The model is based on a multi‐attribute evaluation of contractors, the determination of their optimality criterion values according to Hodges‐Lehmann rule. The proposed model could be applied to assessment of construction operations. The attributes of contractor evaluation are selected taking into consideration the interests and goals of the stakeholders as well as factors that influence the process of construction efficiency. The model is based on metric scores. A background and a description of the proposed model are provided and a few key findings from the data analyses are presented.

Multiple criteria analysis of foundation instalment alternatives by applying Additive Ratio Assessment (ARAS) method

The paper presents the process of selection the foundation instalment alternative, which have to be the most appropriate and safe for building which stands on the aquiferous soil. The selection is based on a set of criteria: costs of instalment, instalment duration, the complexity of decisions, advantages and disadvantages of decisions, transferability and maintainability of installed foundation system, past experience implementing the approved decisions, etc. The criteria for evaluation and their importance are selected by taking into consideration the interests and goals of the client as well as factors that influence the efficiency of construction process and safety of future building. The solution of problem was made by applying Additive Ratio ASsessment (ARAS) method. The proposed technique could further be applied to substantiate the selection of effective alternative of structures, technologies, investments and etc.