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Fuzzy multiple objective decision making in the construction industry

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journal contribution
posted on 05.06.2017, 05:55 by Petrovìc-Lazarevìc, Sonja, Prascevic, Zivojin
Business decisions relate to future events. They influence the future business success of an organisation. Business decisions must be continuously revised. The model of multiple objective decision making, based on fuzzy logic, seems to apply when continuous business decision making revisions are used. The linear mathematical formulation of multiple objective decision making of Lai might be implemented in a decision making process in the construction industry. That is the fuzzy parameters of linear programming are modeled by preference-based membership functions. These functions represent subjective degrees of satisfaction or, degree of optimalities or feasibilities within given tolerance. The membership functions are similar to utility functions. They are determined by subjective judgment. This paper deals with Lai's model of multiple objective decision making. The first part of the paper explains the modified version of the model itself to construction industry circumstances. The second part gives an example that illustrates the improvement of business decision making when it is supported by computer technology.

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Working paper series (Monash University. Department of Management).

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