New Aggregation Multiple Attribute Methods Based on Indifference Threshold and Yearning Threshold Concepts

Hatefi, Mohammad Ali

doi:10.15388/24-INFOR580

Informatica

New Aggregation Multiple Attribute Methods Based on Indifference Threshold and Yearning Threshold Concepts

Mohammad Ali Hatefi

https://doi.org/10.15388/24-INFOR580

Pub. online: 16 December 2024 Type: Research Article

Open Access

Received
1 June 2024

Accepted
1 November 2024

Published
16 December 2024

Abstract

This paper focuses on the aggregation or scoring methods to evaluate the alternatives in Multiple Attribute Decision Making problems (MADM), e.g. Weighted Sum Model (WSM) and Weighted Product Model (WPM). The paper deals with the incorporation of the two concepts into the scoring methods, which has not been studied yet. These concepts are decision maker’s Indifference Thresholds (IT) and Yearning Thresholds (YT) on the decision making criteria. Reviewing the related literature reveals that the existent scoring methods do not have a suitable structure to involve the IT, and there is no scoring method which addresses a way to take the YT into account. The paper shows that there is an important drawback to the famous Aspiration Level (AL) concept. Hence, the YT idea is given to resolve the AL limitation. Based on the IT and YT concepts, two new scoring methods are developed: Extended WPM (EWPM) and Extended WSM (EWSM). The EWPM and EWSM are compared with the other scoring methods using a set of simulation analysis. A real-world case extracted from Exploration and Production (E&P) companies in oil industry is examined.

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Biographies

Hatefi Mohammad Ali

Hatefi@put.ac.ir

M.A. Hatefi is an associate professor of energy & economics management department at Petroleum University of Technology (PUT). He received his BS, MSc, and PhD degrees in industrial engineering from Iran University of Science and Technology (IUST), with honour. His topics of interest include decision analysis, multiple criteria decision making, and risk analysis. He has published several journal papers and books in the mentioned areas. He was the head of Tehran Faculty of Petroleum between 2017 and 2021. He is currently an editorial member of journals Petroleum Business Review (PBR), and Scientific Journal of Mechanical and Industrial Engineering (SJMIE).

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Keywords

multiple attribute decision making EWPM EWSM IT YT oil exploration and production

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