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An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly

Authorized Users Only
2018
Authors
Ranđelović, Milan
Stanković, Jelena
Kuk, Kristijan
Savić, Gordana
Ranđelović, Dragan
Article (Published version)
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Abstract
One of the key problems in the application of multicriteria analysis methods is identifying the importance of the model criteria. The relevance and validity of the decisions are directly conditioned by the relevance of a given set of criteria used for evaluating alternatives, and the correct determination of the weights of these criteria. Several methodologies have been developed to calculate the importance of each criterion for a given problem. All methodologies are classified into two main groups: subjective and objective. In this paper, we present a new procedure to integrate two recognized methods for determining the weights of factors-the analytic hierarchy method as a subjective method and entropy as an objective method. We apply our methodology to a contemporary local economic problem in Serbia-the process of certifying cities and municipalities as favorable to business. We also discuss its implementation in a software tool on a local government website.
Keywords:
investment criteria importance / multiple-criteria methods / city certification and evaluation
Source:
Interfaces, 2018, 48, 2, 156-165
Publisher:
  • Informs, Catonsville
Funding / projects:
  • New Information Technologies for Analytical Decision Making Based on Experiment Observation and their Application in Biological, Economic and Sociological Systems (RS-44007)

DOI: 10.1287/inte.2017.0923

ISSN: 0092-2102

WoS: 000428521100007

Scopus: 2-s2.0-85045192221
[ Google Scholar ]
5
4
URI
http://jakov.kpu.edu.rs/handle/123456789/845
Collections
  • Radovi istraživača / Researchers' publications
Institution/Community
Jakov
TY  - JOUR
AU  - Ranđelović, Milan
AU  - Stanković, Jelena
AU  - Kuk, Kristijan
AU  - Savić, Gordana
AU  - Ranđelović, Dragan
PY  - 2018
UR  - http://jakov.kpu.edu.rs/handle/123456789/845
AB  - One of the key problems in the application of multicriteria analysis methods is identifying the importance of the model criteria. The relevance and validity of the decisions are directly conditioned by the relevance of a given set of criteria used for evaluating alternatives, and the correct determination of the weights of these criteria. Several methodologies have been developed to calculate the importance of each criterion for a given problem. All methodologies are classified into two main groups: subjective and objective. In this paper, we present a new procedure to integrate two recognized methods for determining the weights of factors-the analytic hierarchy method as a subjective method and entropy as an objective method. We apply our methodology to a contemporary local economic problem in Serbia-the process of certifying cities and municipalities as favorable to business. We also discuss its implementation in a software tool on a local government website.
PB  - Informs, Catonsville
T2  - Interfaces
T1  - An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly
VL  - 48
IS  - 2
SP  - 156
EP  - 165
DO  - 10.1287/inte.2017.0923
UR  - conv_1219
ER  - 
@article{
author = "Ranđelović, Milan and Stanković, Jelena and Kuk, Kristijan and Savić, Gordana and Ranđelović, Dragan",
year = "2018",
abstract = "One of the key problems in the application of multicriteria analysis methods is identifying the importance of the model criteria. The relevance and validity of the decisions are directly conditioned by the relevance of a given set of criteria used for evaluating alternatives, and the correct determination of the weights of these criteria. Several methodologies have been developed to calculate the importance of each criterion for a given problem. All methodologies are classified into two main groups: subjective and objective. In this paper, we present a new procedure to integrate two recognized methods for determining the weights of factors-the analytic hierarchy method as a subjective method and entropy as an objective method. We apply our methodology to a contemporary local economic problem in Serbia-the process of certifying cities and municipalities as favorable to business. We also discuss its implementation in a software tool on a local government website.",
publisher = "Informs, Catonsville",
journal = "Interfaces",
title = "An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly",
volume = "48",
number = "2",
pages = "156-165",
doi = "10.1287/inte.2017.0923",
url = "conv_1219"
}
Ranđelović, M., Stanković, J., Kuk, K., Savić, G.,& Ranđelović, D.. (2018). An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly. in Interfaces
Informs, Catonsville., 48(2), 156-165.
https://doi.org/10.1287/inte.2017.0923
conv_1219
Ranđelović M, Stanković J, Kuk K, Savić G, Ranđelović D. An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly. in Interfaces. 2018;48(2):156-165.
doi:10.1287/inte.2017.0923
conv_1219 .
Ranđelović, Milan, Stanković, Jelena, Kuk, Kristijan, Savić, Gordana, Ranđelović, Dragan, "An Approach to Determining the Importance of Model Criteria in Certifying a City as Business-Friendly" in Interfaces, 48, no. 2 (2018):156-165,
https://doi.org/10.1287/inte.2017.0923 .,
conv_1219 .

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