The countries of Central and Eastern Europe moved from a previously centrally planned economy to a modern transition economy with strong market aspects. This paper proposes project management as an answer to this transition. Traditional Cost‐Benefit analysis does not respond to this purpose. Indeed Cost‐Benefit analysis is only interested in one specific project and not in a competition between projects. In addition all goals (objectives) have to be translated into money terms, leading sometimes to immoral consequences. On the contrary Multi‐Objective Optimization takes care of different objectives, whereas the objectives keep their own units. However different methods exist for the application of Multi‐Objective Optimization. The authors tested them after their robustness resulting in seven necessary conditions. MOORA (Multi‐Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form), assisted by Ameliorated Nominal Group and Delphi Techniques, satisfy the seven conditions, although in a theoretical way. A simulation exercise illustrates the use of these methods, ideals to be strived for as much as possible. Santrauka Centrinės ir rytų Europos šalys perėjo iš anksčiau centralizuotai planuojamos ūkinės sistemos į šiuolaikinę pereinamąją ūkinę sistemą, kuriai būdingi ryškūs rinkos požymiai. Šiame straipsnyje siūloma projektų vadyba kaip atsakas į perėjimą. Įprastinė kainos ir naudos analizė tam tikslui yra netinkama. Be viso to, kainos ir naudos analizėje neatsižvelgiama į kiekvieną atskirai paimtą projektą bei į konkurenciją tarp tų projektų. Visi tikslai turi būti pakeisti piniginėmis vertėmis. Del to kartais kyla nepageidaujamų pasėkmių. Priešingai tam daugiatikslė optimizacija atsižvelgia į skirtingus tikslus, išsaugant tikslams būdingus mato vienetus. Yra daug įvairių daugiatikslės optimizacijos metodų. Autoriai patikrino jų stipriasias savybęs pagal septynias būtinasias sąlygas. MOORA (daugiatikslė optimizacija santykių dydžių analizės pagrindu) ir MULTIMOORA (MOORA plius pilnoji sandaugos forma), apimanti patobulintą normaliųjų grupių ir Delphi būdus, geriausiai atitinka septynias būtinąsiąs sąlygas taip pat ir teoriniu lygmeniu. Pavyzdžio modelis iliustruoja šiu metodu taikymą, idealai buvo pasiekti tiek, kiek galima.

Different multiple objectives are expressed in different units, which makes optimization difficult. Therefore the internal mechanical solution of a Ratio System, producing dimensionless numbers, is preferred to Weights which are most of the time used to compare the different units. In addition, the ratio system creates the opportunity to use a second approach: a non-subjective Reference Point Theory. The two approaches form a control on each other. The choice of the objectives is even more non-subjective if the opinion of all stakeholders interested in the issue is involved by the use of the Ameliorated Nominal Group and Delphi Techniques. The overall theory is called MOORA (Multi-Objective Optimization by Ratio Analysis). The results are still more convincing if a Full Multiplicative Form is added to MOORA under the name of MULTIMOORA. At that moment the control by three different approaches forms a guaranty for a solution being as non-subjective as possible. MULTIMOORA is used to decide upon a bank loan to buy property.

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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.