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Conceiving Design Solutions
Published in Bahram Nassersharif, Engineering Capstone Design, 2022
This evaluation matrix is also known as a decision matrix. The decision matrix method can be used to evaluate and prioritize any list of options and, as such, is a decision-making tool. The criteria can also be weighted to achieve a more precise decision method. The weighted criteria method is a step in the QFD method described in the next section.
Engineering Design with Aluminum
Published in Raghu Echempati, Primer on Automotive Lightweighting Technologies, 2021
Now that a number of different concepts have been generated using the morphological matrix, it's on to the concept selection process. Concept selection is the process of evaluating concepts with respect to customer needs. Concept selection can be done in a few different ways. Concepts that are turned over to the customer, client, or some external entity for selection are called external decision. Product champion is where an influential member of the development team chooses a concept based on personal preference. Intuition is where a concept is chosen by “feel”. For this method, explicit criteria or tradeoffs are not used because the selected concept just “feels” better than the others. Pros and cons is where the team lists the strengths and weaknesses of each concept and makes a choice based on group opinion. Another concept selection method is called prototype and test. Prototype and test is when the team/organization builds and tests prototypes for each concept and makes the concept selection based on the test data. This concept selection method can be very expensive. One of the most common ways of selecting a concept is by using a decision matrix. When using the decision matrix method, the team rates each concept against prespecified selection criteria. This criterion can be weighted depending on importance. The first three methods mentioned (i.e., external decision, product champion, and intuition) are not rigorous methods of concept selection and often do not produce the “best” products. Using a more structured approach like the last three methods mentioned (pros and cons, prototype and test, and decision matrix) is a more precise way of concept selection. A structured approach also encourages decision making based on objective criteria and minimizes the likelihood that arbitrary or personal factor influences the concept. Lastly, a structured approach more readily allows for documentation. This documentation results in the record of the rationale behind concept decisions and allows for new team members to quickly understand the project thus far.
Ranking performance indicators related to banking by using hybrid multicriteria methods in an uncertain environment: a case study for Iran under COVID-19 conditions
Published in Systems Science & Control Engineering, 2022
Amir Karbassi Yazdi, Cristi Spulbar, Thomas Hanne, Ramona Birau
Banking performance represents a popular subject among researchers. There are various relevant research papers on banking performance using different research methods. Karbassi Yazdi and Abdi (2017) used Data Envelopment Analysis (DEA) and the REMBRANDT (Ratio Estimations in Magnitudes and/or deci-Bells to Rate Alternatives which are Non-DominaTed) method for evaluating Iranian banks. They considered 13 banks with profit, deposit, loan, staff, cost and investment factors. They claimed that each factor has a specific weight which is obtained by the REMBRANDT method. Then based on DEA and these factors, all 13 banks are ranked. It is shown which banks are efficient and how inefficient banks can be benchmarked using efficient banks to improve performance. Karbassi Yazdi et al. (2020) provide a ranking of Colombian banks by hybrid MADM methods. First, performance indicators (PIs) related to Balanced Scorecard (BSC) are extracted. These PIs are net profit, ROI, debt, total costs, income, total assets, customer satisfaction, market share, the number of customers, new customers rate, response to time to customer requests, cost of R&D, number of improvement processes, the introduction of new products, staff satisfaction, motivation index, productivity of staff and staff training index. Then for ranking the Colombian banks based on these PIs the WASPAS method is used. Since the WASPAS method is a decision matrix method, it needs weights. For obtaining these weights, the SWARA method is applied. As a result, Colombian banks are prioritized.
Development of a strategic policy for unmanned autonomous ships: a study on Taiwan
Published in Maritime Policy & Management, 2021
Maritime safety is a structural problematique with interacting factors, including tangible, intangible, qualitative, and quantitative problems. Therefore, developing a method of strategy management for effective assessment is vital. This problem was addressed by developing a decision matrix and conducting a SWOT analysis. The decision matrix was used to determine crucial policies, and the internal and external objective factors of the SWOT analysis were used to summarize how to develop reasonable policy for unmanned autonomous ships internationally or for specific countries (such as Taiwan). The independent variables of these two methods were the following factors: (1) finance, time, benefits, and administration in the decision matrix method; (2) strengths, weaknesses, opportunities, and threats in the SWOT method. The dependent variables were strength/opportunity (SO), weakness/opportunity (WO), strength/threat (ST), and weakness/threat (WT).
Design concept evaluation technique via functional link matrix and fuzzy VIKOR based on left and right scores
Published in Production & Manufacturing Research, 2021
Olayinka Olabanji, Khumbulani Mpofu
The first step in applying the fuzzy VIKOR is to develop a fuzzified decision matrix (Kim & Chung, 2013; Opricovic, 2011). In this article, the fuzzified weighted decision matrix method is applied to create sub decision matrices to consider the contributions of the sub features in the decision process. This will be achieved by employing experts view on rating the availability of the sub features in the design concepts using linguistics scales and TFN in Table 1. The scores are then aggregated using the weights of the sub features. The aggregates of the sub decision matrix for each design feature forms the elements of the required decision matrix alongside the weights of the design features. Hence, it can be implied that the alternative design concepts can be evaluated using identified design features ‘m’ () having set of sub features N (). In essence, an evaluation matrix for the sub-features of any of the design feature can be deduced as;