A Hybrid MCDM Approach for Strategic Project Portfolio Selection of Agro By-Products

Abstract

Due to the increasing size of the population, society faces several challenges for sustainable and adequate agricultural production, quality, distribution, and food safety in the strategic project portfolio selection (SPPS). The initial adaptation of strategic portfolio management of genetically modified (GM) Agro by-products (Ab-Ps) is a huge challenge in terms of processing the agro food product supply-chain practices in an environmentally nonthreatening way. As a solution to the challenges, the socio-economic characteristics for SPPS of GM food purchasing scenarios are studied. Evaluation and selection of the GM agro portfolio management are the dynamic issues due to physical and immaterial criteria involving a hybrid multiple criteria decision making (MCDM) approach, combining modified grey Decision-Making Trial and Evaluation Laboratory (DEMATEL), Multi-Attributive Border Approximation area Comparison (MABAC) and sensitivity analysis. Evaluation criteria are grouped into social, differential and beneficial clusters, and the modified DEMATEL procedure is used to derive the criteria weights. The MABAC method is applied to rank the strategic project portfolios according to the aggregated preferences of decision makers (DMs). The usefulness of the proposed research framework is validated with a case study. The GM by-products are found to be the best portfolio. Moreover, this framework can unify the policies of agro technological improvement, corporate social responsibility (CSR) and agro export promotion.

Advances in Multiple Criteria Decision Making for Sustainability: Modeling and Applications

“…To meet this goal, it adopts a hybrid approach: the combination of decision-making trial and evaluation laboratory (DEMATEL) and consistent fuzzy preference relations based analytic network process (CFPR-ANP) methods. Similar to the previous paper [21], a soft computing technique (fuzzy preference measure) is adopted to serve as a communication platform between the users and the model. Besides, during the evaluation phase, the combined complex proportional assessment (COPRAS-G) method is applied to work with fuzzy grey relations to resolve conflicts among stakeholders.…”

“…The sixth paper [21] applied a hybrid MCDM approach that combines grey DEMATEL, multi-attribute border approximation area comparison (MABAC), and sensitivity analysis to support the ranking decisions of genetically modified (GM) Argo by-products R&D projects. This study highlights the importance of the GM Argo portfolio management considering not only the R&D aspect but also social responsibility.…”

An Extension of the CODAS Approach Using Interval-Valued Intuitionistic Fuzzy Set for Sustainable Material Selection in Construction Projects with Incomplete Weight Information

“…Small variations in the rank of alternatives are noticed due to the small variations in the weight coefficients. Hence, the results of MCDM methods are analyzed by their sensitivity to these changes [55,56]. Below we present a sensitivity analysis using 10 different scenarios (Table 19).…”

“…Symmetry 2019, 11,393 19 of 23 changes [55,56]. Below we present a sensitivity analysis using 10 different scenarios (Table 19).…”

Solar Panel Supplier Selection for the Photovoltaic System Design by Using Fuzzy Multi-Criteria Decision Making (MCDM) Approaches

“…A new model based on the IFS and ANP technique to evaluate the critical factors of the application of nanotechnology in the construction industry by Shahram Shariati et al [40]. A hybrid Multi-Criteria Decision Making (MCDM) approaches for strategic project portfolio selection of agro by products by Animesh Debnath et al [41]. An integrated approach QFD-MCDM for green supplier selection by Morteza Yazdani [42].…”