Applying Multi-Criteria Decision Aiding techniques in the process of project management within the wedding planning business

Dorota Górecka ()

Operations Research and Decisions, 2012, vol. 22, issue 4, 41-67

Abstract: Numerous problems that emerge in the process of project management can be presented as multi-criteria issues and solved with the help of appropriate methods. The contracting authority, selecting one tender out of many available tenders, assesses them, taking into account various criteria, e.g. price, expected execution time and the contractor’s experience. The owner of a company intend- ing to purchase the fixed assets requisite for the realization of the project behaves similarly, i.e. the most advantageous model of the device is chosen, taking into account not only its price but also pro- duction capacity, energy intensity, noise emission, service availability, etc. From among many concepts, the investor has to choose a solution which frequently constitutes a compromise between price, functional properties, durability and aesthetics of performance, as well as safety of the utilization and impact on the environment. The choice of an investment location depends not only on the market, financial and supply factors, but also on so called soft factors such as the perceived quality of institutions and the attitude of local communities. All such situations can be described in the same way: tak- ing into account preferences of the decision maker, the best possible choice must be made out of a finite set of alternatives evaluated according to a finite set of criteria. There are many different methods that can be used to aid a decision maker in this choice, including, but not limited to, techniques based on the outranking relation, verbal decision analysis and the MACBETH method. In this article, they will be compared and their applicability to different types of decision making problems will be considered. Furthermore, the PROMETHEE II method with a veto threshold will be presented within the text. Because the application of project management in the wedding planning business has gained wide popularity, as an illustrative example an empirical study of selecting the best venue for a wedding reception will be elaborated.

Keywords: MCDA; outranking relation; PROMETHEE II with veto threshold; VDA; MACBETH (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:wut:journl:v:4:y:2012:p:41-67:id:1045

DOI: 10.5277/ord120403

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