Multi-criteria decision making in project environment using decision trees and real options – a comparison of methods

• Authors: Nowak Maciej , Targiel Krzysztof S.

Title variants

PL

Wielokryterialne decyzje w projektowaniu środowiskowym wykorzystujące drzewa decyzyjne i opcje realne – porównanie metod

• Languages of publication: EN

Abstracts

EN

The complexity of modern projects makes the proper management crucial. The volatile environment of the XXI century means that it is important to choose the right decision at the right moment. During the life of project there is the need to make many decisions, which are embedded in time. Moreover, in many cases evaluation of these decisions depends on multiple criteria. Two approaches are poposed to deal with such situation: Multicriteria Decision Tree and Multi-State Real Options (MSRO). The paper compares areas of applicability, limitations and advantages of these methods. As result, it is concluded, that MSRO method is more specific and can be used only in situations where exist real options.

PL

Złożoność nowoczesnych projektów sprawia, że zarządzanie ma kluczowe znaczenie. Niestabilne środowisko XXI w. oznacza, że ważne jest, aby podjąć właściwą decyzję w odpowiednim momencie. W trakcie realizacji projektu konieczne jest podjęcie wielu decyzji osadzonych w czasie. Ponadto często ocena tych decyzji zależy od wielu kryteriów. W celu rozwiązania takich sytuacji pojawiają się dwa podejścia: wielokryterialne drzewo decyzyjne i wielostanowe opcje realne (MSRO). W pracy porównano obszary zastosowań, ograniczenia i zalety tych metod. W rezultacie stwierdzono, że metoda MSRO jest bardziej specyficzna i może być stosowana tylko w sytuacjach, w których istnieją opcje realne.

Keywords

EN

Decision tree; Multiple criteria decision making; Real option

PL

Drzewo decyzyjne; Opcja realna; Podejmowanie decyzji wielokryterialnych

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2017
• Volume: 323
• Pages: 98-106

Contributors

author

Nowak Maciej

• University of Economics in Katowice. Faculty of Informatics and Communication. Department of Operations Research

author

Targiel Krzysztof S.

• University of Economics in Katowice. Faculty of Informatics and Communication. Department of Operations Research

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Identifiers

ISSN

2083-8611