A Novel Multi-attribute Model to Select Appropriate Weighting Method in Decision Making, an Empirical Application in Petroleum Industry

Mohammad Ali Hatefi (), Seyyed Abdollah Razavi () and Vahid Abiri ()
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Mohammad Ali Hatefi: Petroleum University of Technology (PUT)
Seyyed Abdollah Razavi: Petroleum University of Technology (PUT)
Vahid Abiri: National Iranian Oil Refining and Distribution Company

Group Decision and Negotiation, 2023, vol. 32, issue 6, No 4, 1390 pages

Abstract: Abstract A Surrogate Weighting Method (SWM) is a type of the techniques to determine quantitative weights of the criteria in decision making. Briefly speaking, a SWM starts with ranking the criteria in the order of Decision Maker (DM)’s preference, and then estimates the weights of the criteria using a function based on rank positions of the criteria. Despite the existence of several SWMs in the literature, there is no manifest and reliable model to theoretically analyze them and to select the best-fit SWM. Hence, this paper establishes a set of reasonable and well-founded attributes to gauge different features of the SWMs. The paper also compares the existent SWMs from the view of the attributes. Finally, a guideline procedure to choose best-fit SWM is offered. The paper uses this procedure for weight estimation in a real-life project portfolio selection in petroleum industry.

Keywords: MCDM; Criteria weighting; SWM; Approximate weighting; Project portfolio selection (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10726-023-09846-w

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