METHODOLOGICAL APPROACHES FOR STUDYING ROBUSTNESS IN MULTIPLE CRITERIA DECISION MAKING PROJECTS

Abstract: 

Multiple criteria decision aiding (MCDA) is a rapidly developing field in operations research/management science. MCDA focuses on the development of decision support models that facilitate the decision process in complex problems involving conflicting criteria. Within the increasing complexity of the global environment, every decision model is based on assumptions, hypotheses, and estimates, which incorporate ambiguity in the modeling process. Thus, it is important to address carefully the robustness of the modeling methodology and the obtained results, with respect to different scenarios on the decision environment, the characteristics of the problem, and the data.

This project focuses on the role of robustness within the context of MCDA and it will be the first integrated research attempt on this topic.

The objective of the project is to cover all aspects of robustness analysis, including:

  • the development of measures to assess the robustness of decision models and their recommendations,
  • the analysis of the relationship between the quality of the data and the robustness of multicriteria decisions,
  • the development of new robust multicriteria methodologies.

The main workpackages include:

  • development of theoretical framework and literature review,
  • implementation of the theoretical framework in different MCDA methods,
  • use of artificial intelligence techniques,
  • experimental validation of the methodology,
  • real world applications in business and engineering problems.

The project will advance the research in decision making and support, by developing the necessary theoretical framework and the methodologies for robust decision making in complex problems. The methodologies that will be developed within the project are applicable in a broad range of crucial areas, including environmental management, energy planning, risk management, finance, logistics, public services, construction, etc.

Project info

Acronym:
ROBUST-MCDM
Coordinating Institution:
University of Piraeus
Scientific Coordinator:
Siskos Yannis
Research Team 2 Leader:
Zopounidis Konstantinos
Research Team 3 Leader:
Psarras John

Stats

I.D.:
1138
Mis:
377350
Duration (months):
36
Budget:
600 000.00
Diavgeia:
ΑΔΑ: Β4ΛΜ9-ΡΝΗ

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