Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H

Abstract

PurposeThis study aims to apply new modifications by changing the nonlinear logarithmic calculation steps in the method based on the removal effects of criteria (MEREC) method. Geometric and harmonic mean from multiplicative functions is used for the modifications made while extracting the effects of the criteria on the overall performance one by one. Instead of the nonlinear logarithmic measure used in the MEREC method, it is desired to obtain results that are closer to the mean and have a lower standard deviation.Design/methodology/approachThe MEREC method is based on the removal effects of the criteria on the overall performance. The method uses a logarithmic measure with a nonlinear function. MEREC-G using geometric mean and MEREC-H using harmonic mean are introduced in this study. The authors compared the MEREC method, its modifications and some other objective weight determination methods.FindingsMEREC-G and MEREC-H variants, which are modifications of the MEREC method, are shown to be effective in determining the objective weights of the criteria. Findings of the MEREC-G and MEREC-H variants are more convenient, simpler, more reasonable, closer to the mean and have fewer deviations. It was determined that the MEREC-G variant gave more compatible findings with the entropy method.Practical implicationsDecision-making can occur at any time in any area of life. There are various criteria and alternatives for decision-making. In multi-criteria decision-making (MCDM) models, it is a very important distinction to determine the criteria weights for the selection/ranking of the alternatives. The MEREC method can be used to find more reasonable or average results than other weight determination methods such as entropy. It can be expected that the MEREC method will be more used in daily life problems and various areas.Originality/valueObjective weight determination methods evaluate the weights of the criteria according to the scores of the determined alternatives. In this study, the MEREC method, which is an objective weight determination method, has been expanded. Although a nonlinear measurement model is used in the literature, the contribution was made in this study by using multiplicative functions. As an important originality, the authors demonstrated the effect of removing criteria in the MEREC method in a sensitivity analysis by actually removing the alternatives one by one from the model.

A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI

“…These methods involve pairwise comparisons of criteria or alternatives based on a scale of preferences. Some examples of objective methods are the entropy, CRITIC, and MEREC methods [47][48][49][50]. These methods use mathematical formulas to calculate the weights based on the information entropy, the correlation coefficients, or the compromise ranking of the alternatives.…”

“…Therefore, based on the importance of the financial sustainability plan in HEIs, especially for answering this research question, two recent MCDM tools will be integrated for the case study at KAU. The updated method for removal effects of criteria with a geometric mean (MEREC-G) tool [49] will be used for weighting the criteria since some data are objective and others are subjective. Moreover, ranking the alternatives based on the trace-to-median index (RATMI) tool [60] will be used to rank the alternatives since it demonstrated its effectiveness in several real-world fields.…”

“…The third phase organizes the alternatives and criteria in a decision matrix. The fourth phase assigns weights to each criterion using MEREC-G [49]. The fifth phase ranks the alternatives of the financial sustainability plan using the ranking of the RATMI technique [60], a recent MCDM tool based on the weighted criteria.…”

“…This method measures the impact of each criterion on the ranking of alternatives by removing it. Keleş [49] proposed two modified versions of MEREC using the geometric mean (MEREC-G) and the harmonic mean (MEREC-H) from the multiplicative function of the criteria. He found that MEREC-G was more effective in determining the objective weights of the criteria with a lower standard deviation than the MEREC and MEREC-H methods.…”

Intuitionistic fuzzy fairly operators and additive ratio assessment-based integrated model for selecting the optimal sustainable industrial building options

“…The MEREC method has combined with simple weighted sum product model for evaluate and rank the pallet trucks 52 . Recently, Keleş 53 measured the performances through MEREC model using geometric mean and harmonic mean as multiplicative functions.…”