Authors: Leonas Ustinovichius, Dmitry Kochin
Addresses: Department of Construction Technology and Management, Vilnius Gediminas Technical University, Sauletekio al. 11, LT–10223 Vilnius-40, Lithuania. ' Department of the Theory and Methods of Decision Making, Institute for Systems Analysis, Prospect 60 let Octiabria 9, Moscow, Russia
Abstract: Due to high cost of mistakes in investment choice problems, such a choice should be well founded. This paper presents an overview of existing methods for choosing the best object and a new multi-criteria method called Scale of Normalised and Ordered Differences (SNOD) basing on Verbal Decision Analysis (VDA) approach. The possibility of criteria interdependence is taken into account. The method was evaluated by statistical modelling. The method has been applied for practical cases in Vilnius. Risk is an integral element of any economical work. It must be estimated and minimised. The method SNOD can be applied to determining investments risk in construction.
Keywords: multi-criteria decision making; MCDM; best object choice; urban environmental management; VDA; verbal decision analysis; investment choice; statistical modelling; Lithuania; risk assessment; risk management; investments risks; construction projects.
International Journal of Environment and Pollution, 2008 Vol.35 No.2/3/4, pp.366 - 384
Published online: 20 Nov 2008 *Full-text access for editors Access for subscribers Purchase this article Comment on this article