Inderscience Publishers

The possibilities of verbal decision analysis methods for construction solutions

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Due to high cost of mistakes in investment choice problems, such a choice should be well founded. This paper presents an overview of existing methods for choosing the best object and a new multi-criteria method called Scale of Normalised and Ordered Differences (SNOD) basing on Verbal Decision Analysis (VDA) approach. The possibility of criteria interdependence is taken into account. The method was evaluated by statistical modelling. The method has been applied for practical cases in Vilnius. Risk is an integral element of any economical work. It must be estimated and minimised. The method SNOD can be applied to determining investments risk in construction.

Keywords: multi-criteria decision making, MCDM, best object choice, urban environmental management, VDA, verbal decision analysis, investment choice, statistical modelling, Lithuania, risk assessment, risk management, investments risks, construction projects

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