Search results for "Decision Analysis"
showing 10 items of 94 documents
ELECTRE III to dynamically support the decision maker about the periodic replacements configurations for a multi-component system
2013
The problem tackled by the present paper concerns the selection of the elements of a repairable and stochastically deteriorating multi-component system to replace (replacements configuration) during each scheduled and periodical system stop within a finite optimization cycle, by ensuring the simultaneous minimization of both the expected total maintenance cost and the system unavailability. To solve the considered problem, a combined approach between multi-objective optimization problem (MOOP) and multi-criteria decision making (MCDM) resolution techniques is proposed. In particular, the @e constraint method is used to single out the optimal Pareto frontier whereas the ELECTRE III multi-cri…
Interactive MCDM Support System in the Internet
1998
NIMBUS is an interactive multiobjective optimization system. Among other things, it is capable of solving complicated real-world applications involving nondifferentiable and nonconvex functions. We describe an implementation of NIMBUS operating in the Internet, where the World- Wide Web (WWW) provides a graphical user interface. Different kind of visualizations of alternatives produced are available for aiding in the solution process.
A decision support system to compare different strategies for achieving the Italian Kyoto Protocol commitment
2008
Abstract: In order to meet the Italian Kyoto Protocol commitment, in 2002 the Interministerial Committee for Economic Planning (CIPE) approved the national allocation plan for the reduction of Greenhouse Gases (GHGs), envisioning various alternative scenarios. In this paper an extended impact assessment of the plan is accomplished and some further options are conceived and analysed in order to find an optimal trade-off among the different economic, environmental and social items at stake. After the selection of a set of independent indicators, nine different scenarios for the GHG reductions were evaluated and they were sorted according to the principles of the multicriteria analysis. The re…
A multicriteria extension of the efficient market hypothesis
2021
Challenging the Efficient Market Hypothesis (EMH) has been a recurrent topic for researchers and practitioners since its formulation. Hundreds of empirical studies claim to either prove or disprove the EMH by means of a number of heterogeneous methods. Even though the EMH is usually adjusted to a measure of risk, there is a lack of a formal analysis within a multiple-criteria context. In this paper, we propose a extension of the EMH that accommodates the foundations of multiple-criteria decision analysis. To this end, we rely on a family of parametric signed dissimilarity measures to assess multidimensional performance differences. Since normalization is a critical step in our approach to a…
Assessment of Ecological Risks at Former Landfill Site Using TRIAD Procedure and Multicriteria Analysis
2012
Old industrial landfills are important sources of environmental contamination in Europe, including Finland. In this study, we demonstrated the combination of TRIAD procedure, multicriteria decision analysis (MCDA), and statistical Monte Carlo analysis for assessing the risks to terrestrial biota in a former landfill site contaminated by petroleum hydrocarbons (PHCs) and metals. First, we generated hazard quotients by dividing the concentrations of metals and PHCs in soil by the corresponding risk-based ecological benchmarks. Then we conducted ecotoxicity tests using five plant species, earthworms, and potworms, and determined the abundance and diversity of soil invertebrates from additional…
Assessing the sustainability of water companies: A synthetic indicator approach
2016
Performance indicators (PIs) are essential in the benchmarking process used to rate and rank water companies. However, a set of individual PIs does not provide a holistic assessment of company performance from multiple perspectives. A multidimensional evaluation of the performance of water companies can be achieved by aggregating the PIs into a synthetic indicator. Although the concept of sustainability involves economic, environmental and social criteria, most of the previous studies have not considered these three dimensions simultaneously. This paper discusses a process of indicator aggregation using two approaches based on multi-criteria decision analysis to evaluate and compare the sus…
Emotions in Economic Decision Making: A Multidisciplinary Approach
2013
AbstractAccording to classical and neoclassical economics, decisions are made based on information and cost-benefit analysis. In reality, the decision making process is much more complex than previously thought, because it also involves psychological factors. Decision making is interdisciplinary, researched by psychologists, sociologists, economists, philosophers, neuroscientists and others. These fields have distinctive and common concepts about decision making. The aim of this paper is to identify what role emotions play in the economic decision making process. The paper focuses on describing and explaining the interconnection of sciences, such as economics, psychology and neuroscience, b…
A multiple criteria decision model for analyzing and choosing among different development patterns for the Helsinki cargo harbor
1999
Abstract This paper describes a real application of a multicriteria approach to choosing among different options for developing the Helsinki harbor. In addition to the environmental impact assessment procedure, an analysis of the alternatives using the SMAA-method (Stochastic Multiobjective Acceptability Analysis) is carried out. The method applied here has been developed for situations in which the use of decision-makers’ preference information is not possible. Instead, the problem is described by typical weight vectors leading to each solution, taking into account the evident uncertainty embedded in the criteria values.
Ranking farms with a composite indicator of sustainability
2011
The assessment of sustainability at farm level has been growing in popularity over the last few years. This article contributes to this line of research by building up composite indicators for different facets—social, economic, environmental, and global—of farm sustainability using a methodological approach that combines data envelopment analysis (DEA) and multicriteria decision making (MCDM) methods, and assigns common weights to each individual sustainability indicator. This approach is applied to a database of 163 farms located in the Campos County, a region belonging to the dry lands of the Spanish Northern Plateau, using 12 individual indicators of sustainability. Our findings show tha…
ELECTRE TRI-based approach to the failure modes classification on the basis of risk parameters: An alternative to the risk priority number
2017
Proposing an ELECTRE TRI-based approach for the failure modes classification into predefined and ordered risk classes.Direct identification of failure modes on which performing the corrective actions with priority.Easy definition of risk classes on the basis of DMs expertise and perception of the industrial context considered.Application to dairy manufacturing processes. Failure Mode and Effects Analysis (FMEA) is an engineering technique aimed at the detection of potential failures, their causes and consequences on the system/process under investigation. When used for the failure modes prioritization, FMEA is also referred to as Failure Mode, Effects and Criticality Analysis (FMECA). In tr…