The novel augmented Fermatean MCDM perspectives for identifying the optimal renewable energy power plant location

Narayanamoorthy, Samayan; Parthasarathy, Thirumalai Nallasivan; Pragathi, Subramaniam; Shanmugam, P. S.; Băleanu, Dumitru; Ahmadian, Ali

doi:10.1016/j.seta.2022.102488

Cited by 18 publications

(8 citation statements)

References 34 publications

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“…In most of the studies, the MEREC method was used with different weight determination methods, and the results were compared. Rani et al. (2022), Simić et al .…”

Section: Literature Review For the Merec Methodsmentioning

confidence: 99%

Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H

KELEŞ

2023

IJIEOM

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PurposeThis study aims to apply new modifications by changing the nonlinear logarithmic calculation steps in the method based on the removal effects of criteria (MEREC) method. Geometric and harmonic mean from multiplicative functions is used for the modifications made while extracting the effects of the criteria on the overall performance one by one. Instead of the nonlinear logarithmic measure used in the MEREC method, it is desired to obtain results that are closer to the mean and have a lower standard deviation.Design/methodology/approachThe MEREC method is based on the removal effects of the criteria on the overall performance. The method uses a logarithmic measure with a nonlinear function. MEREC-G using geometric mean and MEREC-H using harmonic mean are introduced in this study. The authors compared the MEREC method, its modifications and some other objective weight determination methods.FindingsMEREC-G and MEREC-H variants, which are modifications of the MEREC method, are shown to be effective in determining the objective weights of the criteria. Findings of the MEREC-G and MEREC-H variants are more convenient, simpler, more reasonable, closer to the mean and have fewer deviations. It was determined that the MEREC-G variant gave more compatible findings with the entropy method.Practical implicationsDecision-making can occur at any time in any area of life. There are various criteria and alternatives for decision-making. In multi-criteria decision-making (MCDM) models, it is a very important distinction to determine the criteria weights for the selection/ranking of the alternatives. The MEREC method can be used to find more reasonable or average results than other weight determination methods such as entropy. It can be expected that the MEREC method will be more used in daily life problems and various areas.Originality/valueObjective weight determination methods evaluate the weights of the criteria according to the scores of the determined alternatives. In this study, the MEREC method, which is an objective weight determination method, has been expanded. Although a nonlinear measurement model is used in the literature, the contribution was made in this study by using multiplicative functions. As an important originality, the authors demonstrated the effect of removing criteria in the MEREC method in a sensitivity analysis by actually removing the alternatives one by one from the model.

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“…In most of the studies, the MEREC method was used with different weight determination methods, and the results were compared. Rani et al. (2022), Simić et al .…”

Section: Literature Review For the Merec Methodsmentioning

confidence: 99%

Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H

KELEŞ

2023

IJIEOM

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“…Wind turbines [10], solar panels [11], and energy storage devices are examples of decentralized power sources that can be integrated [12] into smart networks. Reducing greenhouse gas emissions, they make it possible to integrate renewable energy sources into the system.…”

Section: Smart Gridmentioning

confidence: 99%

Technical and Economic Challenges and Future Prospects of a Smart Grid - A Case Study

Haque,

Hussain,

Ali

et al. 2024

Control Syst. Optim. Lett.

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In order to improve grid efficiency, dependability, and sustainability, smart grid technology is being developed and implemented at the vanguard of updating the world's electrical infrastructure. In addition to looking at the potential implications of smart grid technology, this case study analyzes the technical and financial difficulties encountered during the implementation of a smart grid. Technical issues with energy management and system stability arise when intermittent renewable energy sources are integrated into the smart grid. To make smooth transmission, sophisticated algorithms and grid management strategies are needed. Maintaining data security and privacy is crucial since smart grids mostly depend on digital technology and data exchange. It is a constant worry to defend the grid from hackers and illegal access. The installation of sensors, smart meters, and communication equipment might come with a significant initial cost when implementing a smart grid. One of the main economic challenges is financing these developments while maintaining reasonable power bills. It may be difficult to strike a balance between the interests of technology suppliers, customers, and utilities. Real-time monitoring and control are made possible by smart grids, which improve energy distribution and minimize energy waste. In addition to lowering greenhouse gas emissions, this improves overall energy efficiency. Smart grids can enable EV charging infrastructure as electric vehicle (EV) use increases, providing potential for grid optimization and new income streams for utilities. Reliability could be increased and downtime is decreased in a smart grid when defects can be promptly identified and isolated. The implementation of a smart grid is not without its technical and financial difficulties, but the future seems bright. Overcoming these obstacles may result in an electrical grid that is more sustainable, robust, and profitable for customers as well as utilities. Stakeholder cooperation, flexible regulations, and continuous technical development are needed to address these problems. By providing practical applications and real-world insights into the implementation of a smart grid, the case study acts as a link between theoretical concepts. Stakeholders obtain a comprehensive comprehension of the intricacies involved by analyzing technical and economic obstacles. To maximize the potential of smart grid technology, this knowledge is essential for fine-tuning strategies and creating focused solutions.

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“…Applications in the field of business economics are as follows: the financial performance of the hospitality and tourism industries [121], efficiency and productivity of commercial banks [122], evaluation of economic freedom levels of OPEC countries [123], assessment of distribution center locations [124] sustainable smart manufacturing systems for industry 4.0 in small, medium, and micro enterprises [125], portfolio optimization [34], and supplier selection [126]. The following are the applications in the area of environmental studies: mitigating climate change effects of urban transportation [127], identifying the optimal renewable energy power plant location [128], selecting a green renewable energy source [129], selecting offshore wind turbine [130], offshore wind farm site selection [131], circular economy paradigm in European Union countries (environmental economics) [132], and efficiency evaluation of the mineral deposit [133].…”

Section: Application Areasmentioning

confidence: 99%

A Comprehensive Review of the Novel Weighting Methods for Multi-Criteria Decision-Making

2023

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In the realm of multi-criteria decision-making (MCDM) problems, the selection of a weighting method holds a critical role. Researchers from diverse fields have consistently employed MCDM techniques, utilizing both traditional and novel methods to enhance the discipline. Acknowledging the significance of staying abreast of such methodological developments, this study endeavors to contribute to the field through a comprehensive review of several novel weighting-based methods: CILOS, IDOCRIW, FUCOM, LBWA, SAPEVO-M, and MEREC. Each method is scrutinized in terms of its characteristics and steps while also drawing upon publications extracted from the Web of Science (WoS) and Scopus databases. Through bibliometric and content analyses, this study delves into the trend, research components (sources, authors, countries, and affiliations), application areas, fuzzy implementations, hybrid studies (use of other weighting and/or ranking methods), and application tools for these methods. The findings of this review offer an insightful portrayal of the applications of each novel weighting method, thereby contributing valuable knowledge for researchers and practitioners within the field of MCDM.

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The novel augmented Fermatean MCDM perspectives for identifying the optimal renewable energy power plant location

Cited by 18 publications

References 34 publications

Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H

Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H

Technical and Economic Challenges and Future Prospects of a Smart Grid - A Case Study

A Comprehensive Review of the Novel Weighting Methods for Multi-Criteria Decision-Making

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