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Multi-criteria Decision Making Problem for Doing Business: Comparison Between Approaches of Individual and Group Decision Making

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Computer Information Systems and Industrial Management (CISIM 2019)

Part of the book series: Lecture Notes in Computer Science ((LNISA,volume 11703))

Abstract

The selection of location for doing business can be realized by using of several aspects of business regulations as reported by the World Bank. For the goal, a multi-criteria decision making problem is formulated to determine the most preferable city to invest. This decision making problem is solved by two optimization models – by individual decision making preferences expressed in weighted sum method and group decision making considering the proposed modified simple additive weighting. In group decision making, the experts usually are with different background and field of competency. The proposed modification takes into account the difference in experts’ experience by considering all experts’ opinions with different importance in the aggregated final group decision. It is shown that new utility function based on simple additive weighting method more accurately reflect the existing differences in background and field of competency of each expert. Due the multidimensional nature of the problem for doing business, the group decision making approach seems to be more precisely in determination of the best selection to invest.

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Authors and Affiliations

  1. Institute of Information and Communication Technology at Bulgarian Academy of Sciences, 1113, Sofia, Bulgaria

    Daniela Borissova, Dilian Korsemov & Ivan Mustakerov

  2. University of Library Studies and Information Technologies, 1784, Sofia, Bulgaria

    Daniela Borissova

Authors
  1. Daniela Borissova
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  2. Dilian Korsemov
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  3. Ivan Mustakerov
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Corresponding author

Correspondence to Daniela Borissova .

Editor information

Editors and Affiliations

  1. Bialystok University of Technology, Bialystok, Poland

    Khalid Saeed

  2. University of Calcutta, Calcutta, India

    Rituparna Chaki

  3. Mihajlo Pupin Institute, Belgrade, Serbia

    Valentina Janev

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Borissova, D., Korsemov, D., Mustakerov, I. (2019). Multi-criteria Decision Making Problem for Doing Business: Comparison Between Approaches of Individual and Group Decision Making. In: Saeed, K., Chaki, R., Janev, V. (eds) Computer Information Systems and Industrial Management. CISIM 2019. Lecture Notes in Computer Science(), vol 11703. Springer, Cham. https://doi.org/10.1007/978-3-030-28957-7_32

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  • DOI: https://doi.org/10.1007/978-3-030-28957-7_32

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-28956-0

  • Online ISBN: 978-3-030-28957-7

  • eBook Packages: Computer ScienceComputer Science (R0)

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