Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment

The purpose is to help enterprise managers make more accurate, scientific, and objective decisions on the optimal supplier in project investment, improve investment return and overall efficiency, and reduce investment risk. Following an introduction of normal stochastic multicriteria decision-making...

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Autores principales:	Jianmiao Hu, Chong Chen
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/e3ad5feb9532412c9fa753bafc8087de
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spelling	oai:doaj.org-article:e3ad5feb9532412c9fa753bafc8087de2021-11-29T00:56:02ZExploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment1563-514710.1155/2021/1082186https://doaj.org/article/e3ad5feb9532412c9fa753bafc8087de2021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/1082186https://doaj.org/toc/1563-5147The purpose is to help enterprise managers make more accurate, scientific, and objective decisions on the optimal supplier in project investment, improve investment return and overall efficiency, and reduce investment risk. Following an introduction of normal stochastic multicriteria decision-making, a normal stochastic multicriteria decision-making method is proposed based on Bayesian Network- (BN-) Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) to help investors select suppliers. First, product cost, product quality, and product service are selected as evaluation indexes, and then, a supplier evaluation model is built based on the BN concept for expert evaluation. Second, the evaluation information is integrated. Based on the TOPSIS normal stochastic multicriteria decision-making method, the optimal supplier is selected under the comparison of the fit degree between each supplier and the best and worst solution. Finally, the optimal solution is determined and verified by a simulation example. The results show that in the problem of supplier selection in the retail industry, the BN model can truly provide feedback the product quality, cost, and service situation of each supplier and fully consider their behavior diversity. The normal stochastic multicriteria decision-making method based on TOPSIS can select the suppliers that are most in line with the investors’ development goals, especially in the face of good and bad suppliers. BN-based TOPSIS normal stochastic multicriteria decision-making method has strong logic and efficiency, is easy to operate, and has high practical value. Furthermore, the relevant laws of project investment decision-making are discussed through consultation on the relevant literature, thus providing help for the construction of relevant laws in the future.Jianmiao HuChong ChenHindawi LimitedarticleEngineering (General). Civil engineering (General)TA1-2040MathematicsQA1-939ENMathematical Problems in Engineering, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
spellingShingle	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939 Jianmiao Hu Chong Chen Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
description	The purpose is to help enterprise managers make more accurate, scientific, and objective decisions on the optimal supplier in project investment, improve investment return and overall efficiency, and reduce investment risk. Following an introduction of normal stochastic multicriteria decision-making, a normal stochastic multicriteria decision-making method is proposed based on Bayesian Network- (BN-) Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) to help investors select suppliers. First, product cost, product quality, and product service are selected as evaluation indexes, and then, a supplier evaluation model is built based on the BN concept for expert evaluation. Second, the evaluation information is integrated. Based on the TOPSIS normal stochastic multicriteria decision-making method, the optimal supplier is selected under the comparison of the fit degree between each supplier and the best and worst solution. Finally, the optimal solution is determined and verified by a simulation example. The results show that in the problem of supplier selection in the retail industry, the BN model can truly provide feedback the product quality, cost, and service situation of each supplier and fully consider their behavior diversity. The normal stochastic multicriteria decision-making method based on TOPSIS can select the suppliers that are most in line with the investors’ development goals, especially in the face of good and bad suppliers. BN-based TOPSIS normal stochastic multicriteria decision-making method has strong logic and efficiency, is easy to operate, and has high practical value. Furthermore, the relevant laws of project investment decision-making are discussed through consultation on the relevant literature, thus providing help for the construction of relevant laws in the future.
format	article
author	Jianmiao Hu Chong Chen
author_facet	Jianmiao Hu Chong Chen
author_sort	Jianmiao Hu
title	Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
title_short	Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
title_full	Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
title_fullStr	Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
title_full_unstemmed	Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment
title_sort	exploration of normal stochastic multicriteria decision-making and legal dilemma in project investment
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/e3ad5feb9532412c9fa753bafc8087de
work_keys_str_mv	AT jianmiaohu explorationofnormalstochasticmulticriteriadecisionmakingandlegaldilemmainprojectinvestment AT chongchen explorationofnormalstochasticmulticriteriadecisionmakingandlegaldilemmainprojectinvestment
_version_	1718407740995403776

Exploration of Normal Stochastic Multicriteria Decision-Making and Legal Dilemma in Project Investment

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