Attributes Weights Determining Peculiarities in Multiple Attribute Decision Making Methods

Edmundas Kazimieras Zavadskas, Zenonas Turskis, Leonas Ustinovichius, Galina Shevchenko

Abstract


Investment’s risk management, the best feasible alternative’s selection, alternatives ranking are usual practices of any project in construction. There is a set of attributes (parameters, factors, criteria) necessary for considering. Influence is noticed in environmental changes, cost reduction attributes in project’s realization process, the effect of project’s value on its realisation. Risk management is an essential part of project’s life cycle. Management of investments risk means presence of all procedures control in any phase of the project. The estimation of risk must be carried out at various project stages. The investor work conditions changes continuously due to economic situation changes. Investment projects’ quality estimation can be based only on the management’s ingenuity of the investor and depend on its intuition and experience. The risk management attributes can have both qualitative and quantitative values. The biggest problem when making decisions is the estimation influence of different attributes. Given attributes significance values are based on experts’ knowledge or new ways of its application. The article summarises the results of theoretical and empirical studies in the sphere of the multiattribute decision making by focusing on the peculiarities of attributes weight determined by applying an expert method. The proposed method includes five stages: attributes significance measuring, values analysis, weights estimation, measures improving and improved weights estimation. According to the article, the authors’ opinion is considered appropriate to limit experts given values to the attributes importance. The offered method of the attributes weights estimation is applied when there is a limited number of experts and it cannot be increased. The offered method was tested in the solution of the actual problem.


Keywords


investment; project; risk; expert; attribute; weight; multiple attribute analysis; inquiry; limited interval.

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Print ISSN: 1392-2785
Online ISSN: 2029-5839