Vilnius Gediminas Technical University

About: Vilnius Gediminas Technical University is a education organization based out in Vilnius, Lithuania. It is known for research contribution in the topics: Multiple-criteria decision analysis & European union. The organization has 4066 authors who have published 8619 publications receiving 81525 citations. The organization is also known as: Vilniaus Gedimino Technikos Universiteta.

Selection of rational dispute resolution method by applying new step‐wise weight assessment ratio analysis (Swara)

Abstract: The paper considers major principles of application of the multi‐attribute systems to solve legislative tasks. In order to assess dispute resolution methods from economic, social and other points of view, it is necessary to apply methods for assessing solutions according to multiple attributes. All known multi‐attribute methods cannot value the atribute weights as one weight of attribute is higher or lower significant than the other attribute. The new step‐wise weight assessment ratio analysis method (SWARA) allows including experts, lawyers or dispute parties opinion about significance ratio of the attributes in the process of rational decision determination. SWARA method could be applied in practical implementation of specialised decision support systems and alternative dispute resolution in virtual environment. Starting with principles and established approaches, a problem‐structuring methodology was developed which would condition the problem to allow a more thoughtful application of existing...

Fuzzy multiple criteria decision-making techniques and applications - Two decades review from 1994 to 2014

Abstract: Two decades was systematically reviewed on fuzzy MCDM techniques from 1994 to 2014.The database for review was 403 papers from more than 150 high-ranking journals.403 scholarly papers were grouped in four different main fields.Papers were classified based on utilizing, developing and proposing research papers. MCDM is considered as a complex decision-making tool involving both quantitative and qualitative factors. In recent years, several fuzzy FMCDM tools have been suggested to choosing the optimal probably options. The purpose of this paper is to review systematically the applications and methodologies of the fuzzy multi decision-making (FMCDM) techniques. This study reviewed a total of 403 papers published from 1994 to 2014 in more than 150 peer reviewed journals (extracted from online databases such as ScienceDirect, Springer, Emerald, Wiley, ProQuest, and Taylor & Francis). According to experts' opinions, these papers were grouped into four main fields: engineering, management and business, science, and technology. Furthermore, these papers were categorized based on authors, publication date, country of origin, methods, tools, and type of research (FMCDM utilizing research, FMCDM developing research, and FMCDM proposing research). The results of this study indicated that, in 2013, scholars have published papers more than other years. In addition, hybrid fuzzy MCDM in the integrated method and fuzzy AHP in the individual section were ranked as the first and second methods in use. Additionally, Taiwan was ranked as the first country that contributed to this survey, and engineering was ranked as the first field that has applied fuzzy DM tools and techniques.

Multi-Criteria Inventory Classification Using a New Method of Evaluation Based on Distance from Average Solution (EDAS)

Abstract: An effective way for managing and controlling a large number o f inventory items or stock keeping units (SKUs) is the inventory classification. Tradi tional ABC analysis which based on only a single criterion is commonly used for classification of SKU s. However, we should consider inven- tory classification as a multi-criteria problem in practice . In this study, a new method of Evaluation based on Distance from Average Solution (EDAS) is introduced for multi-criteria inventory clas- sification (MCIC) problems. In the proposed method, we use po sitive and negative distances from the average solution for appraising alternatives (SKUs). To represent performance of the proposed method in MCIC problems, we use a common example with 47 SKUs. Comparing the results of the proposed method with some existing methods shows the good performance of it in ABC classifica- tion. The proposed method can also be used for multi-criteria decision-making (MCDM) problems. A comparative analysis is also made for showing the validity and stability of the proposed method in MCDM problems. We compare the proposed method with VIKOR, TOPSIS, SAW and COPRAS methods using an example. Seven sets of criteria weights and Spearman's correlation coefficient are used for this analysis. The results show that the proposed method is stable in different weights and well consistent with the other methods.

Optimization of Weighted Aggregated Sum Product Assessment

Abstract: One of important parts of every computer-aided multiple criteria decision support system is selection of a proper MCDM (Multiple Criteria Decision Making) method. WSM (Weighted Sum Model) and WPM (Weighted Product Model) are analyzed in the current research. The aim of the research is to measure the accuracy of the latter methods and to propose a method to increase the ranking accuracy of alternatives. It is proposed to apply joint WASPAS (Weighted Aggregates Sum Product Assessment) method. Methodology for evaluation of accuracy, based on initial criteria values, is developed. Optimization of weighted aggregated function is suggested, that enables to reach the highest accuracy of measurement. An example of application of the proposed methodology is presented. Ill. 3, bibl. 15, tabl. 4 (in English; abstracts in English and Lithuanian). DOI: http://dx.doi.org/10.5755/j01.eee.122.6.1810

Multiple criteria decision making (MCDM) methods in economics: an overview

Abstract: The main research activities in economics during the last five years have significantly increased. The main research fields are operation research and sustainable development. The philosophy of decision making in economics is to assess and select the most preferable solution, implement it and to gain the biggest profit. Preferences are used in a lot of problem situations both in individual and organizational decision making processes. A number of effective decision making methods that support decisions under conditions of multiple criteria have appeared in the last decade. This paper presents a panorama of decision making methods in economics and summarizes the most important results and applications over the last five years. This paper considers decision making in light of the recent developments of multiple criteria decision making methods (because classical methods are overviewed in a lot of earlier publications). Authors of different approaches, pioneering studies and works are presented in s...