2021
DOI: 10.35378/gujs.767525
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Selecting the Best Normalization Technique for ROV Method: Towards a Real Life Application

Abstract: Highlights• This study focuses on the effect of different normalization methods on results.• Based on financial ratios, a real case is analyzed to select the best data normalization technique.• This is the first study to test the suitability of normalization techniques for the ROV method.

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Cited by 21 publications
(22 citation statements)
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References 34 publications
(46 reference statements)
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“…In the literature, numerous comparative studies that analyse the impact of normalization methods on the decision outcome of a particular MCDM technique have been proposed [1,2,5,21,22,[24][25][26][27][28][29][30]. For instance, [3] presented a model to determine the most appropriate normalization technique for the Range of Value (ROV) method. A real case was analysed and eight different normalization techniques where compared with each other based on a multi-stage framework.…”
Section: Related Workmentioning
confidence: 99%
See 2 more Smart Citations
“…In the literature, numerous comparative studies that analyse the impact of normalization methods on the decision outcome of a particular MCDM technique have been proposed [1,2,5,21,22,[24][25][26][27][28][29][30]. For instance, [3] presented a model to determine the most appropriate normalization technique for the Range of Value (ROV) method. A real case was analysed and eight different normalization techniques where compared with each other based on a multi-stage framework.…”
Section: Related Workmentioning
confidence: 99%
“…Additionally, in MCDM, normalization methods map the different measurements unit of the performance rating into similar (nondimensional) unit [5]. In this study, the five well known normalization techniques used are presented in Table 2 and analysis on their effects on the contextual analysis of web service selection [1,3,4,22,24]. The benefit formula imply "Higher the better", while cost formula imply "lower the better" [27].…”
Section: Normalization Instrumentsmentioning
confidence: 99%
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“…The results are presented in Table 5. Calculate the rating (Hi) for each option according to the formula (22) and the results have also been included in Table 5. The results of the ranking of options have also been performed and are also presented in this Table 5.…”
Section: Examplementioning
confidence: 99%
“…However, different multi-criteria decision making methods using different data normalization methods. This will result in different ranking results [20][21][22]. In the next section, several of these cases will be discussed in more detail.…”
Section: Introductionmentioning
confidence: 99%