Defining the Utility and Market Value of a Real Estate: A Multiple Criteria Approach

Kaklauskas, Artūras; Zavadskas, Edmundas K.; Banaitis, Audrius; Šatkauskas, Gintautas

doi:10.3846/1648715x.2007.9637564

Cited by 74 publications

(32 citation statements)

References 22 publications

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“…Procedures used to rank the alternatives in the MOORA method are also simpler than procedures used in some other MCDM methods, for example in the VIKOR method. 2 Labels used in formulas are adopted form Kaklauskas et al (2007) and Ginevicius (2008).…”

Section: Copras Methodmentioning

confidence: 99%

An Objective Multi-Criteria Approach to Optimization Using Moora Method and Interval Grey Numbers

Stanujkić

Magdalinović

Jovanovic

et al. 2012

Technological and Economic Development of Economy

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Many real-world problems are complex and/or related to the manifestation of some form of uncertainty and/or prediction. Therefore the use of extended MCDM methods is more appropriate than the use of the other classic decision making methods. These methods are improved by the use of a form of fuzzy or interval grey numbers. In the field of operational research, during the previous period, numerous MCDM methods were formed, but one newly proposed, the MOORA method, is very specific and yet has no extension. Therefore, in this paper we combine concept of interval grey numbers and MOORA method in order to propose extended MOORA method which will be more appropriate to solve many complex real-world problems.

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Section: Copras Methodmentioning

confidence: 99%

An Objective Multi-Criteria Approach to Optimization Using Moora Method and Interval Grey Numbers

Stanujkić

Magdalinović

Jovanovic

et al. 2012

Technological and Economic Development of Economy

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“…Multiple Criteria Decision Methods are frequently employed in the evaluation and selection of various constructed assets and their designs, as presented by e. g. Brauers et al 2008;Kaklauskas et al 2007 Zavadskas et al , 2008. The model proposed in this work also includes the budget constraint option which can be mathematically described by the knapsack problem.…”

Section: Mathematical Formulation Of the Multiple Criteria Decision Mmentioning

confidence: 99%

Multiple‐criteria Decision Support System in Highway Infrastructure Management

et al. 2008

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Highway infrastructure represents a significant part of the public assets, and through its lifetime, is exposed to various deterioration processes leading to the depreciation of its value. It is therefore of vital importance to manage these assets aiming to reduce the loss of their value with time to a minimum. A typical task of road managers is making decisions related to maintenance, repair and rehabilitation based on data regarding the existing condition, risk of its use, life cycle costs and age. Road infrastructure is complex, and therefore the optimal choice of planned interventions is a delicate task often left to the road managers' subjective judgment. The main goal of research work presented in the paper is the development of a multiple criteria decision support system to determine the priority ranking of asset rehabilitation projects. Results are presented for a selected case study that consists of 27 overpasses for a highway section. The data on the condition of crossovers obtained by regular inspection along their contribution to a structured database are essential. The selection of the set of asset rehabilitation projects is carried out by using the developed decision support system that includes the budget constraint option. The selected set of asset maintenance/rehabilitation projects meets best the pre-defined combination of several criteria and therefore yields the maximized overall benefit. The results showing the selection criteria employed in the decision process and relative importance are crucial in obtaining the targeted goals. The selected criteria should therefore reflect the needs of the users and the actual conditions related to the assets.

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“…Construction-related areas of MAS applications have been found in construction technology and management (Opricovic and Tzeng, 2002;Viteikiene and Zavadskas, 2007;Kaklauskas et al, 2007;Kalibatas et al, 2007;Zavadskas et al, 2007; and the design of the layout of structures (Park and Grierson, 1999;Ruy et al, 2001). MAS methods have also been applied to the improvement of infrastructure networks containing structural components (Su et al, 2006;Breysee et al, 2007;Le Gauffre et al, 2007;Zavadskas et al, 2007).…”

Section: Introductionmentioning

confidence: 96%

Multiattribute Selection from Alternative Designs of Infrastructure Components for Accidental Situations

Zavadskas

Vaidogas

2009

Computer aided Civil Eng

Self Cite

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The design of infrastructure systems for "accidental" situations, i.e., abnormal service conditions, may include a comparison of alternative design solutions of system components. These solutions are compared by means of applying a universal methodology known as a multiattribute selection (MAS). The alternative designs are described by a number of attributes that characterize each of them. Failure probability and quantitative measure of the risk are used as safety-related attributes of the alternative designs. This article shows how to carry out the MAS in the presence of epistemic uncertainties in safety-related attributes. Distributions of epistemic uncertainties are specified by means of methods used for quantitative risk assessment. The MAS is carried out as a propagation of these uncertainties. The Monte Carlo simulation is used to propagate uncertainties through the algorithm of MAS. The approach proposed in this article is illustrated by two examples, which consider alternative designs of a protective barrier and alternative sprinkler systems.

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Defining the Utility and Market Value of a Real Estate: A Multiple Criteria Approach

Cited by 74 publications

References 22 publications

An Objective Multi-Criteria Approach to Optimization Using Moora Method and Interval Grey Numbers

An Objective Multi-Criteria Approach to Optimization Using Moora Method and Interval Grey Numbers

Multiple‐criteria Decision Support System in Highway Infrastructure Management

Multiattribute Selection from Alternative Designs of Infrastructure Components for Accidental Situations

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