An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly

Milan Ranđelović (), Jelena Stanković (), Kristijan Kuk (), Gordana Savić () and Dragan Ranđelović ()
Additional contact information
Milan Ranđelović: City of Niš, Local Economic Development Office, 18000 Niš, Serbia
Jelena Stanković: Faculty of Economics, University of Niš, Şumatovaćka, 18105 Niš, Serbia
Kristijan Kuk: The Criminalistic and Police University, 11000 Belgrade, Serbia
Gordana Savić: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Dragan Ranđelović: The Criminalistic and Police University, 11000 Belgrade, Serbia

Interfaces, 2018, vol. 48, issue 2, 156-165

Abstract: One of the key problems in the application of multicriteria analysis methods is identifying the importance of the model criteria. The relevance and validity of the decisions are directly conditioned by the relevance of a given set of criteria used for evaluating alternatives, and the correct determination of the weights of these criteria. Several methodologies have been developed to calculate the importance of each criterion for a given problem. All methodologies are classified into two main groups: subjective and objective. In this paper, we present a new procedure to integrate two recognized methods for determining the weights of factors—the analytic hierarchy method as a subjective method and entropy as an objective method. We apply our methodology to a contemporary local economic problem in Serbia—the process of certifying cities and municipalities as favorable to business. We also discuss its implementation in a software tool on a local government website.

Keywords: investment criteria importance; multiple-criteria methods; city certification and evaluation (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1287/inte.2017.0923 (application/pdf)

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:inm:orinte:v:48:y:2018:i:2:p:156-165

Access Statistics for this article

More articles in Interfaces from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().