Open AccessOrdering of innovation projects by multi-criteria decision-making methods – a comparison
Author(s) -
Martin Mizla,
Denisa Šefčíková,
Jozef Gajdoš
Publication year - 2021
Publication title -
nierówności społeczne a wzrost gospodarczy
Language(s) - English
Resource type - Journals
eISSN - 2658-0780
pISSN - 1898-5084
DOI - 10.15584/nsawg.2021.3.7
Subject(s) - analytic hierarchy process , topsis , ideal solution , multiple criteria decision analysis , rank (graph theory) , computer science , set (abstract data type) , order (exchange) , rank correlation , process (computing) , operations research , similarity (geometry) , preference , management science , spearman's rank correlation coefficient , data mining , mathematics , artificial intelligence , machine learning , engineering , statistics , economics , physics , finance , combinatorics , image (mathematics) , thermodynamics , programming language , operating system
In the case of the integration process, economic and social differences between economic units represent a barrier. There are reasonable and active efforts of many administrative bodies to transfer the existing inequalities to equalities. In practical life, it is often necessary to order different objects and take a decision based on it. Decision-making can be intuitive or, conversely, based on various quantitative methods. The paper discusses some quantitative methods of multi-criteria decision-making (MCDM), namely Analytical Hierarchy Process (AHP), Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), and Weighted Linear Combination (WLC); and their use for innovation projects. Autonomous orders of objects (projects) are performed on the same basic data set by the above-mentioned methods, and they are compared with each other. The Spearman’s rank correlation coefficient was used for mutual comparison. The test results showed that the investigated methods do not provide results with a close dependence, which means that the order of objects (projects) created depends on the method used.