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Analysis of market environment for smart grid technology investments via facial action coding system-enhanced hybrid decision-making model

Serhat Yuksel (The School of Business, İstanbul Medipol University, Istanbul, Turkey, and Adnan Kassar School of Business, Lebanese American University, Beirut, Lebanon)
Hasan Dincer (The School of Business, İstanbul Medipol University, Istanbul, Türkiye and Clinic of Economics, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan)
Alexey Mikhaylov (Financial Faculty, Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

International Journal of Innovation Science

ISSN: 1757-2223

Article publication date: 19 April 2024

36

Abstract

Purpose

This paper aims to market analysis on the base many factors. Market analysis must be done correctly to increase the efficiency of smart grid technologies. On the other hand, it is not very possible for the company to make improvements for too many factors. The main reason for this is that businesses have constraints both financially and in terms of manpower. Therefore, a priority analysis is needed in which the most important factors affecting the effectiveness of the market analysis will be determined.

Design/methodology/approach

In this context, a new fuzzy decision-making model is generated. In this hybrid model, there are mainly two different parts. First, the indicators are weighted with quantum spherical fuzzy multi SWARA (M-SWARA) methodology. On the other side, smart grid technology investment projects are examined by quantum spherical fuzzy ELECTRE. Additionally, facial expressions of the experts are also considered in this process.

Findings

The main contribution of the study is that a new methodology with the name of M-SWARA is generated by making improvements to the classical SWARA. The findings indicate that data-driven decisions play the most critical role in the effectiveness of market environment analysis for smart technology investments. To achieve success in this process, large-scale data sets need to be collected and analyzed. In this context, if the technology is strong, this process can be sustained quickly and effectively.

Originality/value

It is also identified that personalized energy schedule with smart meters is the most essential smart grid technology investment alternative. Smart meters provide data on energy consumption in real time.

Keywords

Citation

Yuksel, S., Dincer, H. and Mikhaylov, A. (2024), "Analysis of market environment for smart grid technology investments via facial action coding system-enhanced hybrid decision-making model", International Journal of Innovation Science, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJIS-08-2023-0191

Publisher

:

Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

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