A NEW HYBRID MCDM MODEL COMBINING DANP WITH VIKOR FOR THE SELECTION OF LOCATION — REAL ESTATE BROKERAGE SERVICES

Wen-Shiung Lee ()
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Wen-Shiung Lee: Department of Business Administration, Tamkang University, 151, Yingzhuan Rd, Danshui Dist, New Taipei City, Taiwan

International Journal of Information Technology & Decision Making (IJITDM), 2014, vol. 13, issue 01, 197-224

Abstract: Real estate brokerage services have developed from individual stores into a chain-store system, and the location of those stores plays a key role in their operation. The purpose of this study is to define and quantify the factors that affect the selection of a site for real estate brokerage services. Mutual relationships between the factors and sub-factors for site selection and their relative weights are also discussed to provide a complete set of decision evaluation models, then how to reduce the gaps to achieve the aspiration level. This research uses a new hybrid Multiple Criteria Decision Making (MCDM) model, combining the Decision Making Trial and Evaluation Laboratory (DEMATEL), DEMATEL-based Analytic Network Process (DANP), and VIšekriterijumsko KOmpromisno Rangiranje (VIKOR) methods to solve these problems. The DEMATEL technique is used to build an influential network relations map, and DANP is expected to obtain the influential weights using the basic concept of Analytic Network Process (ANP), to solve the dependence and feedback problems in the real world. Then, the VIKOR method is used to integrate the performance gaps from criteria to dimensions and overall. As the result shows, there is an interactive and auto-feedback relationship among the four dimensions. Among the 11 evaluation criteria, the income and consumption level is the most important consideration for selection of the site. The number and density of population ranks second in this regard. This study uses VIKOR method for selection of the best site, among three potential sites. Site A is closest to the aspiration level. Site A is better in this regard than the other two sites. The study develops and provides a decision-making system for the site selection in the real estate brokerage services.

Keywords: Real estate brokerage services; MCDM; DEMATEL; DANP; VIKOR (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219622014500333

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