A framework for the evaluation of hotel property development projects
Abstract
The main goal of the manuscript is to propose the framework that would facilitate the selection of hotel construction projects for an investment based on the application of the WS PLP method. The key reason why the WS PLP method is used is reflected in its ability to more accurately express decision-makers’ stand regarding the desired preference ratings of criteria by incorporating ppr values into the decision-making process. Also, the WS PLP method implies the introduction of the compensation coefficient, which provides a possibility of the decision-maker’s selection between an alternative that has the best matching with the preferred performance ratings expressed through ppr values and the one that has the best overall performance ratings. The applicability and effectiveness of the proposed framework are demonstrated through a real case study on the five types of the hotels that should be constructed on Kopaonik Mountain in Serbia.
Keyword : MCDM, WS PLP method, hotel, construction projects, investment
How to Cite
Popovic, G., Stanujkic, D., & Karabasevic, D. (2019). A framework for the evaluation of hotel property development projects. International Journal of Strategic Property Management, 23(2), 96-107. https://doi.org/10.3846/ijspm.2019.7435
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chen, T. Y. (2012). Comparative analysis of SAW and TOPSIS based on interval-valued fuzzy sets: discussions on score functions and weight constraints. Expert Systems with Applications, 39(2), 1848-1861. https://doi.org/10.1016/j.eswa.2011.08.065
Child, D. (2006). The essentials of factor analysis (3rd ed.). New York, NY: Continuum International Publishing Group.
Chou, S. Y., Chang, Y. H., & Shen, C. Y. (2008). A fuzzy simple additive weighting system under group decision-making for facility location selection with objective/subjective attributes. European Journal of Operational Research, 189(1), 132-145. https://doi.org/10.1016/j.ejor.2007.05.006
Churchman, C. W., & Ackoff, R. L. (1954). An approximate measure of value. Journal of the Operations Research Society of America, 2(2), 172-187. https://doi.org/10.1287/opre.2.2.172
Cloete, C. E., & Venter, I. (2013). A framework for successful hotel developments. South African Journal of Economic and Management Sciences, 10(2), 223-237. https://doi.org/10.4102/sajems.v10i2.584
Costello, A. B., & Osborne, J. W. (2005). Best practices in exploratory factor analysis: four recommendations for getting the most from your analysis. Practical Assessment, Research & Evaluation, 10(7), 1-9.
Ebrahimnejad, S., Mousavi, S. M., Tavakkoli-Moghaddam, R., Hashemi, H., & Vahdani, B. (2012). A novel two-phase group decision making approach for construction project selection in a fuzzy environment. Applied Mathematical Modelling, 36(9), 4197-4217. https://doi.org/10.1016/j.apm.2011.11.050
Emir, O., & Saraçli, S. (2014). Determination of the thermal hotel location: application of analytic hierarchy process. Tourism and Hospitality Management, 20(1), 71-83.
Fishburn, P. C. (1967). Additive utilities with incomplete product set: applications to priorities and assignments. Operations Research, 15(3), 537-542. https://doi.org/10.1287/opre.15.3.537
Ginevičius, R., & Zubrecovas, V. (2009). Selection of the optimal real estate investment project basing on multiple criteria evaluation using stochastic dimensions. Journal of Business Economics and Management, 10(3), 261-270. https://doi.org/10.3846/1611-1699.2009.10.261-270
Ha, J. H., Jeong, M., & Lee, S. (2015). An analysis on the investment determinants for urban business hotel development.Korean Journal of Construction Engineering and Management, 16(4), 107-117. https://doi.org/10.6106/KJCEM.2015.16.4.107
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Hotelling, H. (1933). Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology, 24(6), 417-441. https://doi.org/10.1037/h0071325
Hsieh, L.-F., Lin, L.-H., & Lin, Y.-Y. (2008). A service quality measurement architecture for hot spring hotels in Taiwan. Tourism Management, 29(3), 429-438. https://doi.org/10.1016/j.tourman.2007.05.009
Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making - methods and application. New York: Springer. https://doi.org/10.1007/978-3-642-48318-9
Jakimavičius, M., & Burinskiene, M. (2009). A GIS and multi-criteria based analysis and ranking of transportation zones of Vilnius city. Technological and Economic Development of Economy, 15(1), 39-48. https://doi.org/10.3846/1392-8619.2009.15.39-48
Jato-Espino, D., Castillo-Lopez, E., Rodriguez-Hernandez, J., & Canteras-Jordana, J. C. (2014). A review of application of multi-criteria decision making methods in construction. Automation in Construction, 45, 151-162. https://doi.org/10.1016/j.autcon.2014.05.013
Jeong, J. S., García-Moruno, L., & Hernández-Blanco, J. (2013). A site planning approach for rural buildings into a landscape using a spatial multi-criteria decision analysis methodology. Land Use Policy, 32, 108-118. https://doi.org/10.1016/j.landusepol.2012.09.018
Jolliffe, I. T. (1986). Principal component analysis and factor analysis. In Principal component analysis, Springer series in statistics. New York, NY: Springer. https://doi.org/10.1007/978-1-4757-1904-8_7
Kabak, Ö., & Ruan, D. (2011). A comparison study of fuzzy MADM methods in nuclear safeguards evaluation. Journal of Global Optimization, 51(2), 209-226. https://doi.org/10.1007/s10898-010-9601-1
Keršuliene, V., Zavadskas, E. K., & Turskis, Z. (2010). Selection of rational dispute resolution method by applying new Step-wise Weight Assessment Ratio Analysis (SWARA). Journal of Business Economics and Management, 11(2), 243-258. https://doi.org/10.3846/jbem.2010.12
Krylovas, A., Zavadskas, E. K., & Kosareva, N. (2016). Multiple criteria decision-making KEMIRA-M method for solution of location alternatives. Economic Research-Ekonomska Istraživanja, 29(1), 50-65. https://doi.org/10.1080/1331677X.2016.1152560
Li, G., Law, R., Vu, H. Q., & Rong, J. (2013). Discovering the hotel selection preferences of Hong Kong inbound travelers using the Choquet Integral. Tourism Management, 36, 321-330. https://doi.org/10.1016/j.tourman.2012.10.017
Lin, C.-T., Lee, C., & Wu, C.-S. (2009). Optimizing a marketing expert decision process for the private hotel. Expert Systems with Applications, 36(3), 5613-5619. https://doi.org/10.1016/j.eswa.2008.06.113
Manning, C., O’Neill, J. W., Singh, A. J., Hood, S., Liu, C., & Bloom, B. A. (2015). The emergence of hotel/lodging real estate research. Journal of Real Estate Literature, 23(1), 1-26. https://doi.org/10.5555/0927-7544.23.1.1
Newell, G., & Seabrook, R. (2006). Factors influencing hotel investment decision making. Journal of Property Investment & Finance, 24(4), 279-294. https://doi.org/10.1108/14635780610674499
Oltean-Dumbrava, C., Watts, G., & Miah, A. (2016). Towards a more sustainable surface transport infrastructure: a case study of applying multi criteria analysis techniques to assess the sustainability of transport noise reducing devices. Journal of Cleaner Production, 112, 2922-2934. https://doi.org/10.1016/j.jclepro.2015.09.096
Opricovic, S. (1998). Multicriteria optimization of civil engineering systems. Belgrade: Faculty of Civil Engineering (in Serbian).
Park, D. B., Kim, K. H., & Choo, H. (2014). The development of quality standards for rural farm accommodations: a case study in South Korea. Journal of Hospitality & Tourism Research, 41(6), 673-695. https://doi.org/10.1177/1096348014550871
Rikhtegar, N., Mansouri, N., Ahadi Oroumieh, A., Yazdani-Chamzini, A., Zavadskas, E. K., & Kildienė, S. (2014). Environmental impact assessment based on group decision-making methods in mining projects. Economic Research-Ekonomska Istraživanja, 27(1), 378-392. https://doi.org/10.1080/1331677X.2014.966971
Roy, B. (1991). The outranking approach and the foundation of ELECTRE methods. Theory and Decision, 31(1), 49-73. https://doi.org/10.1007/BF00134132
Saaty, T. L. (1980). The Analytic Hierarchy Process: planning, priority setting, resource allocation. New York: McGraw-Hill.
Shakouri, H., Nabaee, M., & Aliakbarisani, S. (2014). A quantitative discussion on the assessment of power supply technologies: DEA (data envelopment analysis) and SAW (simple additive weighting) as complementary methods for the “Grammar”. Energy, 64, 640-647. https://doi.org/10.1016/j.energy.2013.10.022
Shirouyehzad, H., Lotfi, F. H., Arabzad, S. M., & Dabestani, R. (2013). An AHP/DEA ranking method based on service quality approach: a case study in hotel industry. International Journal of Productivity and Quality Management, 11(4), 434-445. https://doi.org/10.1504/IJPQM.2013.054269
Smarandache, F. (2005). Neutrosophic set-a generalization of the intuitionistic fuzzy set. International Journal of Pure and Applied Mathematics, 24(3), 287-297.
Spearman, C. (1904). General intelligence, objectively determined and measured. The American Journal of Psychology, 15(2), 201-292. https://doi.org/10.2307/1412107
Stanujkic, D., Magdalinovic, N., & Jovanovic, R. (2013). A multi-attribute decision making model based on distance from decision maker’s preferences. Informatica, 24(1), 103-118.
Stanujkic, D., & Zavadskas, E. K. (2015). A modified weighted sum method based on the decision-maker’s preferred levels of performances. Studies in Informatics and Control, 24(4), 461-470. https://doi.org/10.24846/v24i4y201510
Taylan, O., Bafail, A. O., Abdulaal, R. M., & Kabli, M. R. (2014). Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies. Applied Soft Computing, 17, 105-116. https://doi.org/10.1016/j.asoc.2014.01.003
Tamošaitienė, J., Zavadskas, E. K., & Turskis, Z. (2013). Multi-criteria risk assessment of a construction project. Procedia Computer Science, 17, 129-133. https://doi.org/10.1016/j.procs.2013.05.018
Thurstone, L. L. (1935). The vectors of mind: multiple-factor analysis for the isolation of primary traits. Chicago: University Chicago Press. https://doi.org/10.1037/10018-000
Thurstone, L. L. (1947). Multiple-factor analysis. Chicago: University Chicago Press.
Tseng, M.-L. (2009). Using the extension of DEMATEL to integrate hotel service quality perceptions into a cause–effect model in uncertainty. Expert Systems with Applications, 36(5), 9015-9023. https://doi.org/10.1016/j.eswa.2008.12.052
Ustinovichius, L., Zavadkas, E. K., & Podvezko, V. (2007). Application of a quantitative multiple criteria decision making (MCDM-1) approach to the analysis of investments in construction. Control and Cybernetics, 36(1), 251-268.
Varini, K., Scaglione, M., & Schegg, R. (2011). Distribution channel and efficiency: an Analytic Hierarchy Process approach. Information and Communication Technologies in Tourism, 2011, 547-558. https://doi.org/10.1007/978-3-7091-0503-0_44
Wang, Y. J. (2015). A fuzzy multi-criteria decision-making model based on simple additive weighting method and relative preference relation. Applied Soft Computing, 30, 412-420. https://doi.org/10.1016/j.asoc.2015.02.002
Wang, P., Zhu, Z., & Wang, Y. (2016). A novel hybrid MCDM model combining the SAW, TOPSIS and GRA methods based on experimental design. Information Sciences, 345, 27-45. https://doi.org/10.1016/j.ins.2016.01.076
Wu, C.-S., Lin, C.-T., & Lee, C. (2010). Optimal marketing strategy: a decision-making with ANP and TOPSIS. International Journal of Production Economics, 127(1), 190-196. https://doi.org/10.1016/j.ijpe.2010.05.013
Xu, P., & Chan, E. H. W. (2013). ANP model for sustainable Building Energy Efficiency Retrofit (BEER) using Energy Performance Contracting (EPC) for hotel buildings in China. Habitat International, 37, 104-112. https://doi.org/10.1016/j.habitatint.2011.12.004
Zavadskas, E. K., Kaklauskas, A., & Sarka, V. (1994). The new method of multi-criteria complex proportional assessment of projects. Technological and Economic Development of Economy, 1(3), 131-139.
Zavadskas E. K., Ustinovichius, L., & Stasiulionis, A. (2004). Multicriteria valuation of commercial construction projects for investment purposes. Journal of Civil Engineering and Management, 10(2), 151-166. https://doi.org/10.1080/13923730.2004.9636299
Zavadskas, E. K., & Turskis, Z. (2010). A new Additive Ratio Assessment (ARAS) method in multicriteria decision-making. Technological and Economic Development of Economy, 16(2), 159-172. https://doi.org/10.3846/tede.2010.10
Zavadskas, E. K., Turskis, Z., & Tamošaitiene, J. (2010). Risk assessment of construction projects. Journal of Civil Engineering and Management, 16(1), 33-46. https://doi.org/10.3846/jcem.2010.03
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Afshari, A., Mojahed, M., & Yusuff, R. M. (2010). Simple additive weighting approach to personnel selection problem. International Journal of Innovation, Management and Technology, 1(5), 511-515.
Aksoy, S., & Ozbuk, M. Y. (2017). Multiple criteria decision making in hotel location: does it relate to postpurchase consumer evaluations? Tourism Management Perspectives, 22, 73-81. https://doi.org/10.1016/j.tmp.2017.02.001
Atanassov, K. T. (1986). Intuitionistic fuzzy sets. Fuzzy Sets and Systems, 20(1), 87-96. https://doi.org/10.1016/S0165-0114(86)80034-3
Brans, J. P., & Vincke, P. (1985). A preference ranking organization method: the PROMETHEE method for MCDM. Management Science, 31(6), 647-656. https://doi.org/10.1287/mnsc.31.6.647
Brauers, W. K. M., & Zavadskas, E. K. (2010). Project management by MULTIMOORA as an instrument for transition economies. Technological and Economic Development of Economy, 16(1), 5-24. https://doi.org/10.3846/tede.2010.01
Chen, T. Y. (2012). Comparative analysis of SAW and TOPSIS based on interval-valued fuzzy sets: discussions on score functions and weight constraints. Expert Systems with Applications, 39(2), 1848-1861. https://doi.org/10.1016/j.eswa.2011.08.065
Child, D. (2006). The essentials of factor analysis (3rd ed.). New York, NY: Continuum International Publishing Group.
Chou, S. Y., Chang, Y. H., & Shen, C. Y. (2008). A fuzzy simple additive weighting system under group decision-making for facility location selection with objective/subjective attributes. European Journal of Operational Research, 189(1), 132-145. https://doi.org/10.1016/j.ejor.2007.05.006
Churchman, C. W., & Ackoff, R. L. (1954). An approximate measure of value. Journal of the Operations Research Society of America, 2(2), 172-187. https://doi.org/10.1287/opre.2.2.172
Cloete, C. E., & Venter, I. (2013). A framework for successful hotel developments. South African Journal of Economic and Management Sciences, 10(2), 223-237. https://doi.org/10.4102/sajems.v10i2.584
Costello, A. B., & Osborne, J. W. (2005). Best practices in exploratory factor analysis: four recommendations for getting the most from your analysis. Practical Assessment, Research & Evaluation, 10(7), 1-9.
Ebrahimnejad, S., Mousavi, S. M., Tavakkoli-Moghaddam, R., Hashemi, H., & Vahdani, B. (2012). A novel two-phase group decision making approach for construction project selection in a fuzzy environment. Applied Mathematical Modelling, 36(9), 4197-4217. https://doi.org/10.1016/j.apm.2011.11.050
Emir, O., & Saraçli, S. (2014). Determination of the thermal hotel location: application of analytic hierarchy process. Tourism and Hospitality Management, 20(1), 71-83.
Fishburn, P. C. (1967). Additive utilities with incomplete product set: applications to priorities and assignments. Operations Research, 15(3), 537-542. https://doi.org/10.1287/opre.15.3.537
Ginevičius, R., & Zubrecovas, V. (2009). Selection of the optimal real estate investment project basing on multiple criteria evaluation using stochastic dimensions. Journal of Business Economics and Management, 10(3), 261-270. https://doi.org/10.3846/1611-1699.2009.10.261-270
Ha, J. H., Jeong, M., & Lee, S. (2015). An analysis on the investment determinants for urban business hotel development.Korean Journal of Construction Engineering and Management, 16(4), 107-117. https://doi.org/10.6106/KJCEM.2015.16.4.107
Horwath HTL. (2009). Master Plan for the tourism destination Kopaonik – the final report for business master plan. Croatia: Horwath Consulting Zagreb (in Serbian).
Hotelling, H. (1933). Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology, 24(6), 417-441. https://doi.org/10.1037/h0071325
Hsieh, L.-F., Lin, L.-H., & Lin, Y.-Y. (2008). A service quality measurement architecture for hot spring hotels in Taiwan. Tourism Management, 29(3), 429-438. https://doi.org/10.1016/j.tourman.2007.05.009
Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making - methods and application. New York: Springer. https://doi.org/10.1007/978-3-642-48318-9
Jakimavičius, M., & Burinskiene, M. (2009). A GIS and multi-criteria based analysis and ranking of transportation zones of Vilnius city. Technological and Economic Development of Economy, 15(1), 39-48. https://doi.org/10.3846/1392-8619.2009.15.39-48
Jato-Espino, D., Castillo-Lopez, E., Rodriguez-Hernandez, J., & Canteras-Jordana, J. C. (2014). A review of application of multi-criteria decision making methods in construction. Automation in Construction, 45, 151-162. https://doi.org/10.1016/j.autcon.2014.05.013
Jeong, J. S., García-Moruno, L., & Hernández-Blanco, J. (2013). A site planning approach for rural buildings into a landscape using a spatial multi-criteria decision analysis methodology. Land Use Policy, 32, 108-118. https://doi.org/10.1016/j.landusepol.2012.09.018
Jolliffe, I. T. (1986). Principal component analysis and factor analysis. In Principal component analysis, Springer series in statistics. New York, NY: Springer. https://doi.org/10.1007/978-1-4757-1904-8_7
Kabak, Ö., & Ruan, D. (2011). A comparison study of fuzzy MADM methods in nuclear safeguards evaluation. Journal of Global Optimization, 51(2), 209-226. https://doi.org/10.1007/s10898-010-9601-1
Keršuliene, V., Zavadskas, E. K., & Turskis, Z. (2010). Selection of rational dispute resolution method by applying new Step-wise Weight Assessment Ratio Analysis (SWARA). Journal of Business Economics and Management, 11(2), 243-258. https://doi.org/10.3846/jbem.2010.12
Krylovas, A., Zavadskas, E. K., & Kosareva, N. (2016). Multiple criteria decision-making KEMIRA-M method for solution of location alternatives. Economic Research-Ekonomska Istraživanja, 29(1), 50-65. https://doi.org/10.1080/1331677X.2016.1152560
Li, G., Law, R., Vu, H. Q., & Rong, J. (2013). Discovering the hotel selection preferences of Hong Kong inbound travelers using the Choquet Integral. Tourism Management, 36, 321-330. https://doi.org/10.1016/j.tourman.2012.10.017
Lin, C.-T., Lee, C., & Wu, C.-S. (2009). Optimizing a marketing expert decision process for the private hotel. Expert Systems with Applications, 36(3), 5613-5619. https://doi.org/10.1016/j.eswa.2008.06.113
Manning, C., O’Neill, J. W., Singh, A. J., Hood, S., Liu, C., & Bloom, B. A. (2015). The emergence of hotel/lodging real estate research. Journal of Real Estate Literature, 23(1), 1-26. https://doi.org/10.5555/0927-7544.23.1.1
Newell, G., & Seabrook, R. (2006). Factors influencing hotel investment decision making. Journal of Property Investment & Finance, 24(4), 279-294. https://doi.org/10.1108/14635780610674499
Oltean-Dumbrava, C., Watts, G., & Miah, A. (2016). Towards a more sustainable surface transport infrastructure: a case study of applying multi criteria analysis techniques to assess the sustainability of transport noise reducing devices. Journal of Cleaner Production, 112, 2922-2934. https://doi.org/10.1016/j.jclepro.2015.09.096
Opricovic, S. (1998). Multicriteria optimization of civil engineering systems. Belgrade: Faculty of Civil Engineering (in Serbian).
Park, D. B., Kim, K. H., & Choo, H. (2014). The development of quality standards for rural farm accommodations: a case study in South Korea. Journal of Hospitality & Tourism Research, 41(6), 673-695. https://doi.org/10.1177/1096348014550871
Rikhtegar, N., Mansouri, N., Ahadi Oroumieh, A., Yazdani-Chamzini, A., Zavadskas, E. K., & Kildienė, S. (2014). Environmental impact assessment based on group decision-making methods in mining projects. Economic Research-Ekonomska Istraživanja, 27(1), 378-392. https://doi.org/10.1080/1331677X.2014.966971
Roy, B. (1991). The outranking approach and the foundation of ELECTRE methods. Theory and Decision, 31(1), 49-73. https://doi.org/10.1007/BF00134132
Saaty, T. L. (1980). The Analytic Hierarchy Process: planning, priority setting, resource allocation. New York: McGraw-Hill.
Shakouri, H., Nabaee, M., & Aliakbarisani, S. (2014). A quantitative discussion on the assessment of power supply technologies: DEA (data envelopment analysis) and SAW (simple additive weighting) as complementary methods for the “Grammar”. Energy, 64, 640-647. https://doi.org/10.1016/j.energy.2013.10.022
Shirouyehzad, H., Lotfi, F. H., Arabzad, S. M., & Dabestani, R. (2013). An AHP/DEA ranking method based on service quality approach: a case study in hotel industry. International Journal of Productivity and Quality Management, 11(4), 434-445. https://doi.org/10.1504/IJPQM.2013.054269
Smarandache, F. (2005). Neutrosophic set-a generalization of the intuitionistic fuzzy set. International Journal of Pure and Applied Mathematics, 24(3), 287-297.
Spearman, C. (1904). General intelligence, objectively determined and measured. The American Journal of Psychology, 15(2), 201-292. https://doi.org/10.2307/1412107
Stanujkic, D., Magdalinovic, N., & Jovanovic, R. (2013). A multi-attribute decision making model based on distance from decision maker’s preferences. Informatica, 24(1), 103-118.
Stanujkic, D., & Zavadskas, E. K. (2015). A modified weighted sum method based on the decision-maker’s preferred levels of performances. Studies in Informatics and Control, 24(4), 461-470. https://doi.org/10.24846/v24i4y201510
Taylan, O., Bafail, A. O., Abdulaal, R. M., & Kabli, M. R. (2014). Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies. Applied Soft Computing, 17, 105-116. https://doi.org/10.1016/j.asoc.2014.01.003
Tamošaitienė, J., Zavadskas, E. K., & Turskis, Z. (2013). Multi-criteria risk assessment of a construction project. Procedia Computer Science, 17, 129-133. https://doi.org/10.1016/j.procs.2013.05.018
Thurstone, L. L. (1935). The vectors of mind: multiple-factor analysis for the isolation of primary traits. Chicago: University Chicago Press. https://doi.org/10.1037/10018-000
Thurstone, L. L. (1947). Multiple-factor analysis. Chicago: University Chicago Press.
Tseng, M.-L. (2009). Using the extension of DEMATEL to integrate hotel service quality perceptions into a cause–effect model in uncertainty. Expert Systems with Applications, 36(5), 9015-9023. https://doi.org/10.1016/j.eswa.2008.12.052
Ustinovichius, L., Zavadkas, E. K., & Podvezko, V. (2007). Application of a quantitative multiple criteria decision making (MCDM-1) approach to the analysis of investments in construction. Control and Cybernetics, 36(1), 251-268.
Varini, K., Scaglione, M., & Schegg, R. (2011). Distribution channel and efficiency: an Analytic Hierarchy Process approach. Information and Communication Technologies in Tourism, 2011, 547-558. https://doi.org/10.1007/978-3-7091-0503-0_44
Wang, Y. J. (2015). A fuzzy multi-criteria decision-making model based on simple additive weighting method and relative preference relation. Applied Soft Computing, 30, 412-420. https://doi.org/10.1016/j.asoc.2015.02.002
Wang, P., Zhu, Z., & Wang, Y. (2016). A novel hybrid MCDM model combining the SAW, TOPSIS and GRA methods based on experimental design. Information Sciences, 345, 27-45. https://doi.org/10.1016/j.ins.2016.01.076
Wu, C.-S., Lin, C.-T., & Lee, C. (2010). Optimal marketing strategy: a decision-making with ANP and TOPSIS. International Journal of Production Economics, 127(1), 190-196. https://doi.org/10.1016/j.ijpe.2010.05.013
Xu, P., & Chan, E. H. W. (2013). ANP model for sustainable Building Energy Efficiency Retrofit (BEER) using Energy Performance Contracting (EPC) for hotel buildings in China. Habitat International, 37, 104-112. https://doi.org/10.1016/j.habitatint.2011.12.004
Zavadskas, E. K., Kaklauskas, A., & Sarka, V. (1994). The new method of multi-criteria complex proportional assessment of projects. Technological and Economic Development of Economy, 1(3), 131-139.
Zavadskas E. K., Ustinovichius, L., & Stasiulionis, A. (2004). Multicriteria valuation of commercial construction projects for investment purposes. Journal of Civil Engineering and Management, 10(2), 151-166. https://doi.org/10.1080/13923730.2004.9636299
Zavadskas, E. K., & Turskis, Z. (2010). A new Additive Ratio Assessment (ARAS) method in multicriteria decision-making. Technological and Economic Development of Economy, 16(2), 159-172. https://doi.org/10.3846/tede.2010.10
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