International Journal of Management and Decision Making (10 papers in press)
A hybrid multi-criteria decision making model for technological innovation capabilities measurement in automotive parts industry
by Detcharat Sumrit
Abstract: Technological innovation capabilities (TICs) are currently one of the essential factors to enhance the competitiveness of enterprises. The measurement of TICs is a complicated decision making process and quite difficult to perform because its assessment involves multi-attribute criteria and the subjective judgements of experts. To solve these problems, this study provides a TICs evaluating model by employing a hybrid multi-criteria decision making (MCDM) technique. This method is an integration of four approaches, consisting of: 1) fuzzy Delphi; 2) fuzzy DEMATEL; 3) analytical network process; 4) technique for order preference by similarity to an ideal solution (TOPSIS). The final results showed the measurement criteria, the interrelationship and the relative important weights among criteria and the ranking of TICs of firms. An empirical study is also illustrated in Thai automotive parts firms as a case study. Furthermore, this study could assist industrial managers to efficiently evaluate TICs and its direction of improvement.
Keywords: ANP; Fuzzy Delphi; Fuzzy DEMATEL; MCDM; TOPSIS.
An Empirical Net Asset Value Forecasting Model based on Optimized ANN using Elephant Herding Strategy
by Srikanta Patnaik, Sarbeswara Hota, Kuhoo ., Debahuti Mishra
Abstract: Net asset value (NAV) prediction of mutual funds is one of the promising tasks of financial time series data forecasting. It enables the investors to choose the desired mutual fund for investing. Artificial neural network (ANN) is well suited for NAV prediction as the NAV data are nonlinear in nature. This paper proposes the ANN model hybridised with elephant herding optimisation (EHO) algorithm to predict the NAV of different interval days ahead for two of the Indian mutual funds. The prediction performance of ANN-EHO model is compared with ANN, ANN-GA, ANN-PSO and ANN-DE. The results implicate that ANN-EHO model is superior to other four models.
Keywords: Net Asset Value; Elephant Herding Optimization; Differential Evolution; Matriarch.
An integrated MILP-MCDM decision framework for uncertain multi-criteria facilities location problem of glass industries
by Sadegh Niroomand, Nahid Kohansal, Arash Bazyar, Fereshteh Daneshdoost
Abstract: In existence of interval-valued parameters and managerial limitations, MCDM problems become more complex than their classical versions. In such cases, the classical MCDM techniques are not quite useful solution tools. This study focuses on a MCDM problem to establish the branches of a glass production company in all districts of Iran in existence of interval-valued parameters and managerial limitations. To overcome the above-mentioned difficulties, a typical decision framework is proposed. In the proposed framework, first, an interval Shannon's entropy approach is proposed to find interval criteria weights. Then a full interval TOPSIS approach is proposed to score the potential locations. Finally, using the obtained scores, a mixed integer linear programming model is developed to respect the constraints and find an optimised set of potential locations for the new branches. The proposed decision framework is validated by the real data of the case study and its sensitivity is studied in detail.
Keywords: TOPSIS method; Shannons entropy; interval number; multi-criteria decision making; case study; managerial decisions.
Decision Making Models and Tools: A Critical Study
by Srikanta Patnaik, Suprava Devi, Mitali Madhusmita Nayak
Abstract: The important process for any business organisation is decision-making, which need resources. The process of making decision is fundamental and vital for any business organisation. This paper includes various decision-making models and its techniques in details along with its suitability. The significance of this study is to choose the appropriate and correct model for business. The paper proposes that a particular decision-making model becomes a suitable tool for decision makers under fluctuating conditions and time stress. When the parameter of the environment changes, the model has to be chosen accordingly. We also discuss the phases of the decision-making which includes distinct techniques to support each stage of the decision-making process to interpret the business thoughts into a noticeable, transmissible structure. This paper includes the performance measurement that provides benchmarks about optimum performance by the system and it can help to make better decisions, meet the challenges, and achieve the missions under the specific decision-making frameworks.
Keywords: Decision making models; decision making process; tools and methods of decision making; phases of decision making.
A new DEA ranking system based on interval Cross Efficiency and interval Analytic Hierarchy Process methods
by Dariush Akbarian
Abstract: The aim of this paper is to present a novel approach for ranking all decision maker units (DMUs) using interval cross-efficiency (ICE) and interval analytic hierarchy process (IAHP) methods. This approach includes two basic stages. In the first stage, the interval cross-efficiency values of each DMU are specified using DEA models. In the second stage, the interval pairwise comparison matrix generated in the first stage is utilised to rank the units (DMUs) via the one step process of interval AHP (i.e., the AHP model with interval decision maker judgements). Two numerical examples are presented in this paper and the present approach is compared with some other approaches.
Keywords: Data envelopment analysis; Interval Analytical Hierarchy Process; Interval Cross efficiency; Ranking.
A Network-Based Solution for the Fair Student-to-School Allocation
by Khodakaram Salimifard, Sara Bigharaz
Abstract: This paper presents a mathematical model for planning in public schools, considering the satisfaction of the total demand for education, fair students access to schools, and the total travel distance. Given a set of schools, the aim of the model is to find an optimal allocation of students such that school should is available to each group of students. The model includes information about geographical prioritised access zones which should be covered by each school. The objective function essentially seeks to minimise the total distance travelled by students. We propose a multi-commodity programming model for solving this problem. The model is used to analyse the effects of different allocation policies on the fairness of student allocation to schools. Results show that a fair distribution of students of each social class to each school is obtained, while the total distance being travelled is minimised.
Keywords: student-to-school allocation; multi-commodity network flow; MCNF; geographical prioritisation; integer programming.
A market selection approach for dairy companies
by Shervin Zakeri, Naoufel Cheikhrouhou, Mohammad Reza Rostamian Delavar
Abstract: This paper addresses the development of a multi-criteria decision making (MCDM) procedure including a pattern extraction from success and failure of current market introduction to generate a logical framework for target market selection. In addition of covering the gap of comprehensive research in Iran's domestic dairy market, using combined MCDM methods and grey systems, the main problem this paper tries to solve is the selection of a target market which covers not only the limitations of the company's current markets but also possesses their advantages. A real-world implementation of the approach is done within a dairy company located in Iran. Considering Tehran, the North, Khuzestan, and West Azerbaijan as the current market, and also Mashhad, Isfahan, Shiraz, and Tabriz as the potential market, Shiraz selected as the best target market through analysis of various criteria. Results show that considering current markets has a big influence on the market ranking procedure.
Keywords: Market selection; Dairy market; Multi-criteria decision-making; Iranian dairy markets.
Technology Readiness and Purchase Intention: Role of Perceived Value and Online Satisfaction in the Context of Luxury Hotels
by Long Pham, Stan Williamson, Peggy Lane, Yam B. Limbu, Nguyen Pham, Tatyana Coomer
Abstract: This study investigates the relationships among customer technology readiness, perceived value, satisfaction with hotel website integrated self-service technologies, and purchase intention. The data for this study were collected from 668 international tourists who stayed in major cities luxury hotels in Vietnam. Data were analysed using structural equation modelling technique. The results indicated that optimism and innovativeness positively influence customer perceived value, and insecurity negatively influences customer perceived value; optimism and innovativeness positively influence customer satisfaction; insecurity negatively influences customer purchase intention; customer perceived value positively influences customer satisfaction and customer purchase intention; and customer satisfaction positively influences customer purchase intention. Theoretical contributions and managerial implications are discussed.
Keywords: Technology readiness; perceived value; customer satisfaction; purchase intention; Vietnam.
Mobile Work, Mobile Technology: Consequences for decision-making
by Fabio Junges, Amarolinda Z. Klein, Claudio Goncalo, Carsten Sørensen
Abstract: This article explores how the decision-making processes that occur during mobile work differ from those that occur in fixed workplaces. We explored if the levels of intuition and rationality change in decision-making processes and how the use of mobile ICT influence the individual's perception of information quality. A qualitative research approach was applied combining a group and individual interviews, and a non-participant observation of a decision-making process simulation with 115 participants. The levels of intuition and reasoning in decision-making are not different between fixed and mobile groups. However, there is a perception of lower information quality and difficulties to process information in a mobility context. The time pressure caused by the constant connectivity via mobile devices has potentially adverse consequences for decision-making, increasing individuals' exposure to error. As positive consequences, there is greater agility of decision flows related to the use of mobile ICT, especially regarding low complexity decisions.
Keywords: Decision-Making; Mobility; Mobile ICT; Mobile Work; Intuition.
Best Criteria Selection Based PROMETHEE II to Aid Decision-Making under 2-Tuple Linguistic Framework: Case-study of the Most Energy Efficient Region Worldwide
by Anjana Gupta, Anjali Singh
Abstract: In this paper, a new methodology, inspired by the PROMETHEE II method, is proposed to analyse and elucidate the decision making problems under the 2-tuple linguistic framework. The approach primarily gives prominence to decision problems with a large number of alternatives and criteria. The featuring essence of the algorithm is extraneity of the criteria weights, an imperative prerequisite for linguistic PROMETHEE II method. A case study to examine the energy efficiency of 8 regions worldwide based on numerous energy efficiency indicators, as reported in World Energy Council (WEC) 8th triennial report on energy efficiency policies, is explored under the 2-tuple linguistic framework to manifest the applicability of the proposed methodology. The validity of the acquired rank of the regions is ascertained from the outlook of rank correlation coefficient. The algorithm evinces high correlation with prominent extant multi-criteria decision making (MCDM) methods to indicate the efficacy and competency of the proposed method.
Keywords: Multi Criteria Decision-making; Energy Efficiency; 2-tuple Linguistic Variable; Spearmen Rank Correlation Coefficient; PROMETHEE II.