IDMSEBE
Intelligent Decision Making Systems in European Business and Economics
| Coordinatore | THE UNIVERSITY OF MANCHESTER
Organization address
address: OXFORD ROAD contact info |
| Nazionalità Coordinatore | United Kingdom [UK] |
| Totale costo | 200˙371 € |
| EC contributo | 200˙371 € |
| Programma | FP7-PEOPLE
Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) |
| Code Call | FP7-PEOPLE-2011-IEF |
| Funding Scheme | MC-IEF |
| Anno di inizio | 2012 |
| Periodo (anno-mese-giorno) | 2012-05-01 - 2014-04-30 |
Partecipanti
| # | ||||
|---|---|---|---|---|
| 1 |
THE UNIVERSITY OF MANCHESTER
Organization address
address: OXFORD ROAD contact info |
UK (MANCHESTER) | coordinator | 200˙371.80 |
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Obiettivo del progetto (Objective)
'In this proposal we want to develop new decision making models and analyze its usefulness in European business and economic problems. For doing so, we use a wide range of techniques commonly used in the area of soft computing. Especially, we focus on the use of the ordered weighted average (OWA). The OWA operator is an aggregation operator that provides a parameterized family of aggregation operators between the minimum and the maximum. Thus, in decision making it can be used as a tool for measuring the degree of optimism (pessimism) that the decision maker is using in the decision process. We will develop a wide range of new OWA operators by using other tools such as probabilities, weighted averages and distance measures. We will give particular attention to decision making problems in the area of business administration and economics. For example, we will consider problems in the area of financial management, strategic management, human resource selection and public sector management. Some of these models will bring a strong connection with other related areas including politics and law. Political decision making will be a part of our analysis when economic decisions are involved such as the fiscal and monetary policies of a country. Juridical decision making will be also considered especially from the context of the European Union because the establishment of laws needs a previous decision making analysis in order to obtain the most appropriate ones. For doing so, the researcher of this proposal wants to move to the Manchester Business School (MBS) at the University of Manchester to work with Jian-Bo Yang, a leading expert in this area and the Chair of Decision and System Sciences at MBS.'
Introduzione (Teaser)
Although decisions can be made using either intuition or reasoning, a combination of both approaches is often used. This EU-funded research applies theoretical techniques of decision making to the European economy.
Descrizione progetto (Article)
The project 'Intelligent decision making systems in European business and economics' (IDMSEBE) developed new intelligent decision-making systems based on the use of new aggregation systems. It developed several applications for managerial economics, including demand analysis, supply forecasting, pricing research, consumption analysis and economic growth. These innovative approaches are providing better business information by considering complex scenarios in a more complete way.
These new aggregation systems are based on the ordered weighted average (OWA). Introduced in 1988, this modern aggregation operator provides a set of parameters for aggregating operators between the minimum and the maximum. These systems are useful for dealing with uncertain environments by using the attitudinal character of the decision maker that permits them to under- or overestimate the information according to their interests in the specific problem considered.
By using the OWA operator and its generalisations, the project has developed a wide range of intelligent decision-making systems. Because decision makers can generate many simulations and select the scenario that seems to be in closest accordance with attitudinal character, multiple scenarios are needed. Many examples have been developed in investment selection, strategic management, economics and politics. Consideration was given to the decision process involved in the creation of new regulations.
The project focused on the European context as many new regulations were recently created emphasising importance on an optimal decision process. Creating the most efficient regulation can maximise the benefits or minimise the costs as much as possible in the European region.
Project research resulted in 10 papers that have been presented at international conferences. In general, the project has been very successful with the development of several new intelligent decision-making systems being applied to European business and economics problems.