Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment

Jianmiao Hu, Chong Chen and Zaoli Yang

Mathematical Problems in Engineering, 2021, vol. 2021, 1-10

Abstract: The purpose is to help enterprise managers make more accurate, scientific, and objective decisions on the optimal supplier in project investment, improve investment return and overall efficiency, and reduce investment risk. Following an introduction of normal stochastic multicriteria decision-making, a normal stochastic multicriteria decision-making method is proposed based on Bayesian Network- (BN-) Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) to help investors select suppliers. First, product cost, product quality, and product service are selected as evaluation indexes, and then, a supplier evaluation model is built based on the BN concept for expert evaluation. Second, the evaluation information is integrated. Based on the TOPSIS normal stochastic multicriteria decision-making method, the optimal supplier is selected under the comparison of the fit degree between each supplier and the best and worst solution. Finally, the optimal solution is determined and verified by a simulation example. The results show that in the problem of supplier selection in the retail industry, the BN model can truly provide feedback the product quality, cost, and service situation of each supplier and fully consider their behavior diversity. The normal stochastic multicriteria decision-making method based on TOPSIS can select the suppliers that are most in line with the investors’ development goals, especially in the face of good and bad suppliers. BN-based TOPSIS normal stochastic multicriteria decision-making method has strong logic and efficiency, is easy to operate, and has high practical value. Furthermore, the relevant laws of project investment decision-making are discussed through consultation on the relevant literature, thus providing help for the construction of relevant laws in the future.

Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://downloads.hindawi.com/journals/mpe/1082186.pdf (application/pdf)
http://downloads.hindawi.com/journals/mpe/1082186.xml (application/xml)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:1082186

DOI: 10.1155/2021/1082186

Access Statistics for this article

More articles in Mathematical Problems in Engineering from Hindawi
Bibliographic data for series maintained by Mohamed Abdelhakeem ().