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The marketing of industrial real estate: application of Taguchi loss functions
Author(s) -
Festervand Troy A.,
Kethley R. Bryan,
Waller Bennie D.
Publication year - 2001
Publication title -
journal of multi‐criteria decision analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.462
H-Index - 47
eISSN - 1099-1360
pISSN - 1057-9214
DOI - 10.1002/mcda.304
Subject(s) - taguchi methods , multiple criteria decision analysis , real estate , resource (disambiguation) , quality (philosophy) , operations research , computer science , business , marketing , management science , economics , engineering , finance , computer network , philosophy , epistemology , machine learning
The marketing of industrial real estate is a resource‐consuming endeavour for all parties involved consisting of many objectives that, in many cases, may be in conflict with one another. One method of minimizing resource requirements, especially time, while increasing the probability of a successful match is to select properties for presentation that maximizes buyer utility. Zionts (1992) indicated one area for future research in multiple criteria decision‐making (MCDM) is in the development of ‘Eclectic Approaches’ using old ideas in a new way to help develop MCDM approaches. In this paper Taguchi loss functions, a procedure commonly used in quality control, is proposed as a tool that can be used by industrial real estate professionals to more efficiently determine the property that most closely matches the buyer's needs. Copyright © 2001 John Wiley & Sons, Ltd.