Multicriteria Methods for Group Decision Processes: An Overview

Salo, Ahti; Hämäläinen, Raimo P.; Lahtinen, Tuomas J.

doi:10.1007/978-3-030-12051-1_16-1

Cited by 6 publications

(4 citation statements)

References 137 publications

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“…AHP is the analysis technique developed by Saaty (2008) and uses the concept of multi-criteria decision-making (MCDM) methods, which has been successful in various practical decision-making problems. This method is widely used in many fields including engineering, real estate, economics, administration, and management at different levels (Ferreira et al 2019;Rao 2021;Salo et al 2021;Siejka 2015;Wu et al 2012;Yoxas et al 2011;Zelenović Vasiljević et al 2012). This method is one of the important parts of modern decision analysis theory that evaluates a series of alternatives which aim to find the optimal plan in decision-making (Sun et al 2021).…”

Section: Methodsmentioning

confidence: 99%

Identification of Risk Factors in Business Valuation

Razali

Jalil

Achu

et al. 2022

JRFM

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It is widely accepted that risk and uncertainty are integral parts of the property valuation process. Uncertainty in property valuation is derived from the characteristics of property itself. The issue pertaining to risk and uncertainty in property valuations is currently one of the key concerns in global valuation practice to date in addressing the decision of risk and uncertainty in valuation, especially for business purposes or in the current term known as business valuation. The judgment and experience still depend on the expertise of the individual valuers alone. The valuation methods used can cause problems if certain elements in business such as risk are highlighted, especially to determine market value. There is a need for valuers to express assumptions which take into account risk and uncertainties, and then pass on the results of the estimation process to the end user of the valuation report. This research employed Analytical Hierarchical Process (AHP) to identify the level of risk in business valuation for valuers to identify which risk areas will expose them to professional liabilities, which then leads to mitigation of risk to determine value in business valuations. AHP will also be able to identify the level of risk in each of the approaches in business valuation which could help valuers to determine the value and market value in the valuation process. This paper will propose some practical approaches of how to address the risk and uncertainty of the valuation process, especially for the purpose of business valuation.

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Section: Methodsmentioning

confidence: 99%

Identification of Risk Factors in Business Valuation

Razali

Jalil

Achu

et al. 2022

JRFM

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“…While the field of multi-criteria decision analysis (MCDA) [24] also uses models to structure problems [25] for the evaluation of alternatives with a number of applications, including policy problems such as parliamentary decision making on nuclear power (Raimo P [26]. to engineering and environmental management [27], we do not explicitly consider this field in this paper as we needed to narrow our transdisciplinary search of the literature, which would otherwise expand indefinitely.…”

Section: Introductionmentioning

confidence: 99%

Participatory modelling and systems intelligence: A systems-based and transdisciplinary partnership

Kenny

Bakhanova²,

Hämäläinen³

et al. 2022

Socio-Economic Planning Sciences

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“…MCDA has also been used successfully for solving decision-making problems that are related to uncertainties or require a group decision-making approach for solving them [19][20][21][22][23][24][25]. As some examples of such approaches, the following can be mentioned: a grey absolute decision analysis [26], a multiple criteria decision analysis framework for the dispersed group [27], a fuzzy multi-criteria analysis [28][29][30], and collaborative decision-making in the multi-actor multi-criteria analysis [31].…”

Section: Introductionmentioning

confidence: 99%

An Innovative Grey Approach for Group Multi-Criteria Decision Analysis Based on the Median of Ratings by Using Python

Stanujkić

Karabašević

Popović

et al. 2021

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Some decision-making problems, i.e., multi-criteria decision analysis (MCDA) problems, require taking into account the attitudes of a large number of decision-makers and/or respondents. Therefore, an approach to the transformation of crisp ratings, collected from respondents, in grey interval numbers form based on the median of collected scores, i.e., ratings, is considered in this article. In this way, the simplicity of collecting respondents’ attitudes using crisp values, i.e., by applying some form of Likert scale, is combined with the advantages that can be achieved by using grey interval numbers. In this way, a grey extension of MCDA methods is obtained. The application of the proposed approach was considered in the example of evaluating the websites of tourism organizations by using several MCDA methods. Additionally, an analysis of the application of the proposed approach in the case of a large number of respondents, done in Python, is presented. The advantages of the proposed method, as well as its possible limitations, are summarized.

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Multicriteria Methods for Group Decision Processes: An Overview

Cited by 6 publications

References 137 publications

Identification of Risk Factors in Business Valuation

Identification of Risk Factors in Business Valuation

Participatory modelling and systems intelligence: A systems-based and transdisciplinary partnership

An Innovative Grey Approach for Group Multi-Criteria Decision Analysis Based on the Median of Ratings by Using Python

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