A robust expert decision support system for making real estate location decisions, a case of investor-developer-user organization in industry 4.0 era

Abstract

Purpose This paper aims to introduce a practical expert decision support system (EDSS) for performing location analysis and making real estate location decisions in the organization’s facility and real estate management (FREM) department in presence of several decision criteria, under risk and uncertainty. This tool is particularly useful for making strategic decisions in facility planning, portfolio management, investment appraisal, development project evaluations and deciding on usage possibilities in an unbiased, objective manner. Design/methodology/approach The proposed EDSS uses fuzzy logic and uncertainty theory as two of the most useful tools to deal with uncertainties involved in the problem environment. The system performs an unbiased mathematical analysis on the input data provided by the decision-maker, using a combination of Analytical Hierarchy Process (AHP) and Global Criterion Method; determines a suitable compromise level between the objectives; and delivers a set of locations that complies best with the outlined desires of the management as the final solution. The application of the system is tested on a real case and has delivered satisfactory results. Findings The proposed EDSS took the defined objectives, the list of alternative locations, and their attributes as the required input for problem-solving, and used a combination of AHP, Possibilistic approach, and global criterion method to solve the problem. The delivered outcome was a set of proper locations with the right attributes to meet all objectives of the organization at a satisfactory level, confirmed by the problem owners. Originality/value The application of such a system with such a degree of preciseness and complexity has been very limited in the literature. The system designed in this study is an Industry 4.0 decision making tool. For designing this system several body of knowledge are used. The present study is particularly useful for making strategic decisions in the domains of portfolio management, investment appraisal, project development evaluations and deciding on property usage possibilities. The proposed EDSS takes the information provided by the experts in the field (through qualitative and quantitative data collecting) as the inputs and operates as an objective decision-making tool using several bodies of knowledge considering the trends and developments in the world of FREM. The strong scientific method used in the core of the proposed EDSS guarantees a highly accurate result.

Registration of Illegal Transactions with Real Estate: Features of the Object and Subject of the Crime

“…Shavarani, C. Steens and A. Eros proposed the implementation of a practical expert decision support system (EDSS) to analyze the location and make decisions about the location of real estate in the real estate organization and management department (FREM) in the presence of several decision criteria, in accordance with risk and uncertainty. The study conducted by these authors is especially useful for making strategic decisions in the field of determining the possibilities of using real estate (16). The object and subject of the crime, established under Article 170 of the Criminal Code determines the nature of public danger.…”

Applications, Opportunities and Challenges of AI in the Real Estate Sector

“…It was also experimented with ML algorithms like regression trees, KNN, SVM, and NN in an application focused on the RE of Salamanca in Spain [40], having identified the regression trees as the best performing models. Moreover, in [41] it was presented the creation of a decision support system designed to facilitate facility planning, portfolio management, project evaluation, and usage possibilities. This system took advantage of fuzzy logic and uncertainty theory to solve the problems and was tested on real cases.…”

The role of industry 4.0 in sustainable supply chain: Evidence from the textile industry

“…The large multinational companies are now adopting the technology of Industry 4.0 with great speed due to the several benefits. Therefore, Industry 4.0 has vital importance among the organizations (Mosallaeipour et al, 2019;Pacaiova et al, 2020). However, the execution of Industry 4.0 is not easy for the companies.…”