Search results for " decision analysis"
showing 10 items of 62 documents
Ranking corporate sustainability: a flexible multidimensional approach based on linguistic variables
2017
Corporate sustainability implies a compromise between the present environmental, social, and economic needs of a firm's stakeholders and their future needs. Corporate sustainability is therefore a multidimensional concept. Nowadays, several independent rating agencies rate firms in terms of environmental, social, and governance (ESG) criteria. These ratings are usually used by main sustainability indices such as the Dow Jones Sustainability Index, FTSE4 Good, Stoxx Sustainability Index, or Euronext Vigeo Family to select companies to invest in. Only those firms performing better than the average of their sector are selected. However, although providing linguistic ratings about the performan…
The ELECTRE I method to support the FMECA
2018
Abstract In traditional Failure Modes, Effects and Criticality Analysis (FMECA), risk priorities of failure modes are determined through the Risk Priority Number (RPN), which is a function of the three risk parameters Occurrence (O), Severity (S), and Detection (D). In the present paper, an alternative approach to RPN is proposed for the criticality assessment of system failure modes. Particularly, the Multi-Criteria Decision Making (MCDM) method ELECTRE I is proposed to select the most critical failure mode in the set of the failure modes charactering a complex system. The method has been applied to a case study previously proposed by Zammori and Gabrielli (2012).
Prioritizing covariates in the planning of future studies in the meta-analytic framework
2016
Science can be seen as a sequential process where each new study augments evidence to the existing knowledge. To have the best prospects to make an impact in this process, a new study should be designed optimally taking into account the previous studies and other prior information. We propose a formal approach for the covariate prioritization, i.e., the decision about the covariates to be measured in a new study. The decision criteria can be based on conditional power, change of the p-value, change in lower confidence limit, Kullback-Leibler divergence, Bayes factors, Bayesian false discovery rate or difference between prior and posterior expectation. The criteria can be also used for decis…
Using AHP methodology for prioritizing the actions in the transport sector in the frame of SECAPs
2020
The drafting of the Sustainable Energy and Climate Action Plan, required for the local authorities joining the Covenant of Mayors initiative, is an opportunity to plan actions reducing greenhouse gas emissions in the transport sector. Choosing the measures to implement requires the application of a methodology that compares them, considering costs and impacts in terms of energy consumption, emissions reduction, and social benefits. The paper aims to develop a method based on the typical approach of the Analytical Hierarchy Process, supporting decisions in the transport sector in the frame of the drafting of SECAP. The method allows determining the priority actions and the optimal allocation…
Development of artificial neural network for condition assessment of bridges based on hybrid decision making method – Feasibility study
2021
Abstract Managing a bridge at an appropriate level of reliability requires knowledge of its technical condition, which is decisive in terms of maintenance and repair activities. This is a multi-criteria decision-making problem which results from the need to allocate limited financial resources to this work. Although many calculation models have been suggested in published sources, none of them has ever met these requirements. The algorithm presented by the authors allows for the assessment of any number of bridges, taking into account the diversity of solutions in terms of materials and structures, and can provide a solution to this problem. This hybrid calculation model, combining the modi…
Managing Human Factors to Reduce Organisational Risk in Industry
2018
[EN] Human factors are intrinsically involved at virtually any level of most industrial/business activities, and may be responsible for several accidents and incidents, if not correctly identified and managed. Focusing on the significance of human behaviour in industry, this article proposes a multi-criteria decision-making (MCDM)-based approach to support organizational risk assessment in industrial environments. The decision-making trial and evaluation laboratory (DEMATEL) method is proposed as a mathematical framework to evaluate mutual relationships within a set of human factors involved in industrial processes, with the aim of highlighting priorities of intervention. A case study relat…
Development of an MCDA framework for evaluation and positioning of oncological treatments in clinical practice.
2019
95 Background: Ensuring that effective innovations are accessible in a timely and affordable manner to all cancer patients is a challenge that stakeholders face today. Several oncology frameworks (ASCO, ESMO, ICER, NCCN) have been developed to define and quantify the value of oncological therapies to support clinicians and patients at the time of selection and as a basis for decision-making. However, current frameworks only define treatment value in terms of clinical benefit, creating a need for one that allows holistic evaluation of treatments and supports decision-making in clinical practice. The ECO Foundation led this study to develop a reflective multi-criteria decision analysis (MCDA…
An integrated methodological approach for optimising complex systems subjected to predictive maintenance
2021
Abstract The present paper addresses the relevant topic of maintenance management, widely recognised as a fundamental issue involving complex engineering systems and leading companies towards the optimisation of their assets while pursuing cost efficiency. With this regard, our research aims to provide companies with a hybrid methodological approach based on Multi-Criteria Decision-Making (MCDM) capable to deal with the main failures potentially involving complex systems subjected to predictive maintenance. Such an approach is going to be integrated within the framework of traditional Failure Mode Effects and Criticality Analysis (FMECA), whose strengths and weaknesses are considered. In pa…
Overview of the three multicriteria approaches applied to a global assessment of analytical methods
2020
Abstract Critical and global evaluation of analytical methods should be one of the primary goals in analytical chemistry. A holistic approach, however, requires a look at the varied features: commonly discussed validation criteria, often underrated practical and economic aspects, and typically overlooked compliance with the principles of green analytical chemistry. Carrying out such an assessment in a critical and transparent way is extremely difficult without special tools. The purpose of this work is to discuss and compare the three different approaches that seem to be potential candidates: multi-criteria decision analysis methods (MCDA), HEXAGON, and RGB model. The basic principles of ea…
Unweighted TOPSIS: a new multi-criteria tool for sustainability analysis
2020
In this work, we show the usefulness of a new Multi-Criteria Decision Analysis (MCDA) method, called Unweighted TOPSIS (uwTOPSIS), in helping decision making, aiming at achieving the objectives of ...