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The purpose of this paper is to identify how multicriteria decision aid (MCDA) can assist the investment portfolios formation, increasing the reliability of decision-making.

To develop this paper, a simulation-based approach is used. Information about the assets traded on the spot market of the São Paulo Stock Exchange - BM&FBOVESPA was selected. They had 100 per cent participation in the 246 trading sessions carried out in 2015 and had an average number of business/day greater or equal to 1,000. The stratification resulted in the selection of 111 assets. Aiming assets evaluation, data are collected from 21 financial indicators. Subsequently, the principal component analysis (PCA) is used to reduce the mass of collected data without the loss of essential information. PROMETHEE II method is used for assets ranking; it belongs to the group of methods for MCDA. At the end of these stages, four groups of investment portfolios are created for simulation.

After the construction of portfolios, a simulation was performed with real data of the assets from January 03, 2011 to November 14, 2016. It resulted in a comparison in which it was observed that 100 per cent of portfolios showed positive returns on the investment. The result of portfolios’ group composed of assets based on the 21 financial indicators was higher than the other one formed from PCA criteria. Both of them were higher than Ibovespa result in the same period.

As a contribution to new research, the model presents an opportunity for improvement through linear programming methodologies with the objective of optimizing the results, as the results obtained with the model were not optimized.

This research presents an alternative logic to the traditional one, as it seeks the reduction of investment risk based on the results of the management of the companies, reflected through their indicators. The model implies a change in how companies, financial institutions and small and medium investors choose their assets to form investment portfolios. The authors believe that the model has the potential to attract investors looking for long-term gains, such as public servants, retirees, professionals and others who seek to build heritage to overcome the adversities of the uncertain future. The model offers these investors the opportunity to choose which companies to invest in, based on established indicators in the literature, whose information is available in the market. The model systematizes the information and builds a ranking of the best companies so that the investor can make a conscious decision, thus avoiding what experts call a “herd effect”, which makes the majority of investors decide according to the oscillation of the market, thus ignoring the financial fundamentals of companies.

This study presents a proprietary methodology by merging the PCA tool with MCDA to build efficient investment portfolios.

The purpose of this paper is to observe how to invest in upper-middle income countries via an innovation perspective following global innovation index (GII) by multicriteria decision aid (MCDA) approach, once MCDA was designed to support subjective decisions.

Pearson’s correlation was the milestone for understanding innovation indicators at upper-middle income countries profiles. In a MCDA first step, the analytical hierarchy process (AHP) was applied to obtain the criteria weight. In this step, the judgments or evaluations inputted in AHP were collected from a sample composed by five experts in GII. After getting the criteria weights compose to GII, Borda and Preference Ranking Organization Method for Enrichment Evaluations (PROMÉTHÉE) methods were applied to obtain an MCDA-based GII. The inputs for this second step were: the weights come from AHP output; and the countries performance came from GII data.

As a result, it was found out the upper-middle countries’ rank to invest and groups with countries acting like “hubs” or “bridges” for economic sectors in near countries; when they are grouped according to their maximum and minimum scores profiles, observing not only a particular region but also similar profiles at diverse world areas.

Pearson-AHP-PROMÉTHÉE works as a supportive decision tool for several and complex investment perspectives from criteria and alternatives analysis regarding innovation indicators for upper-middle income countries. This combination also demonstrates grouping possibilities, aligning profiles and not only ranking countries for investment and eliminating others but also grouping countries with similar profiles via innovation indicators MCDA combined application.

The purpose of this paper is to develop a performance evaluation model for the operations of the supply chain of an organization of the refrigeration equipment sector. The tool must aid the decision maker in the performance improvement and creation of competitive advantages.

The study adopts a mixture of qualitative and quantitative approaches and applies them through a case study. The data collection was conducted through unstructured interviews and supplemented by documentary research. The applied intervention instrument is the Multicriteria Decision Aid – Constructivist (MCDA-C).

Identification, organization, ordinal and cardinal measurement and integration of the aspects of the context judged as relevant by the decision maker. In addition, it can be highlighted the current situation diagnosis and elaboration of improvement actions related to lean philosophy and advanced planning systems.

The developed model is being used to aid the decision maker in their decisions concerning the improvement of the supply chain operations.

The main contributions made by the paper resides in the proposal of solutions for fulfiling gaps identified within the supply chain performance evaluation area and in the application of the MCDA-C to a practical case.

Performance, Supply chain, Multicriteria, Decision, MCDA-C

Case study

Objetivo

El objetivo de este artículo es desarrollar un Modelo de Desempeño para las operaciones de cadena de suministro de una organización en el sector de equipos de refrigeración. La herramienta debe ayudar a quién toma las decisiones en mejorar el desempeño y crear ventajas competitivas.

El estudio usa una combinación de enfoques cualitativos y cuantitativos aplicándolos a un caso estudio. La recolección de datos se hizo a través de entrevistas no estructuradas y se complementó con investigación documental. El instrumento de intervención usado es el Multicriterio De Apoyo a la Decisión-Constructivista (MCDA-C).

Identificación, organización, mediciones ordinales y cardinales e integración de los aspectos de los contextos considerados como relevantes por el tomador de decisiones. Se puede destacar además la situación actual de diagnóstico y la elaboración de acciones de mejoramiento relacionados con la filosofía Lean y los Sistemas avanzados de planificación.

El modelo desarrollado esta siendo usado para ayudar al toma decisiones en las decisiones concernientes con el mejoramiento de las operaciones de la cadena de suministro.

La mayor contribución hecha por este artículo reside en proponer soluciones para cubrir brechas identificadas dentro el área de Evaluación de Rendimiento en la Cadena de Suministro y en la aplicación del MCDA-C a un caso práctico.

Desempeño, Cadena de Suministro, Decisión, Multicriterio, MCDA-C

estudio de caso

Objetivo

O objetivo de este artigo é desenvolver um Modelo de Avaliação Desempenho para as operações da cadeia de suprimentos de uma organização do setor de equipamentos de refrigeração. O modelo proposto deve ajudar o tomador de decisões a melhorar o desempenho e criar vantagens competitivas.

O estudo faz uso de uma abordagem qualitativa e quantitativa aplicada em um Estudo de Caso. A coleta dos dados foi feita por meio de entrevistas abertas, sendo complementada por pesquisa documental. O instrumento de intervenção usado é o Multicriteria Decision Aid – Constructivist (MCDA-C).

Identificação, organização, medições ordinais e cardinais, e integração dos aspectos do contexto são considerados como relevantes para o tomador de decisões. Além disso, destacam-se o diagnóstico da situação atual e a elaboração de ações de aperfeiçoamento, nas quais se avaliam os efeitos da implementação da Filosofia Enxuta e de um Sistema de Planejamento Avançado na organização.

O modelo desenvolvido auxilia o tomador de decisões nas decisões concernentes ao melhoramento das operações da cadeia de suprimentos.

As principais contribuições do artigo residem na proposição de melhorias em lacunas ainda presentes na avaliação do desempenho da cadeia de suprimentos e também na aplicação da MCDA-C em um caso prático.

Desempenho, Cadeia de Suprimentos, MCDA-C, Decisão, Multicritério

estudo de caso

Industrial companies are continuously looking to improve their business turn-over and choose improvement actions to achieve this objective. Legitimating this choice by only a strategic financial point of view currently has some limits, because additional ones such as quality, delay, resources needs have also to be taken into account. The multicriteria decision aid (MCDA) approaches have been developed to deal with problems such as ranking, sorting or quantification. The purpose of this paper is to describe the operational aspects in MCDA deployment through a case study submitted by the SME Fournier Company.

This paper concerns analytical overall performance models to allow the decision-makers (DMs) to select potential actions to launch regarding given decision criteria. The principles of the main MCDA approaches, outranking and aggregation, are presented. Then representative MCDA methods, ELECTREIII and MACBETH, are successively deployed to a tactical decision problem of business turn-over increase. From the building of their respective preference modelling, decision aid is provided in the form of preference relation or performance function.

A formal framework supplying information to the industrial DMs in order to legitimate the action selection is described. In addition, the DMs feedback highlights the required expertise for the preference modelling.

The article gives a guideline for industrial practitioners to carry out ELECTREIII and MACBETH for their improvement action selection.

SMEs can find an adapted framework for their improvement actions choice dealing with financial and non-financial criteria. It is also enriched by practical considerations concerning the methods deployment for tactical decision problems.

Understanding the relational factors in information technology outsourcing (ITO) processes is essential for managers to exercise successful governance over their relationship. Based on this premise, this paper aims to present a study about relational factors using judgments of managers from small and medium-sized supplying and contracting companies involved in ITO relationships, helping to understand the differences between what they believe to be relevant for maintaining the relationships.

The analytical approach consisted of applying fuzzy sets theory elements, converting the managers' judgments into crisp values through a defuzzification process, and the multicriteria method ELECTRE IV that created the rankings of the relational factors according to the defuzzified judgments. The approach was applied with 16 managers from supplying companies and 34 from contracting companies, in both cases located in a large Brazilian pole of information technology.

The main findings indicate that suppliers are initially more concerned with contractual aspects, being in the highest positions in the ranking: detailed contract, service level agreement and costs. Only after these elements, suppliers prioritize aspects less linked to the contract. For contractors, customer relationship management is the most important, followed by costs and commitment by managers, which indicates more openness to issues-oriented to relational development.

The approach adopted in this article is differentiated by prioritizing relational factors that are not always directly perceived in ITO relationships. Another important consideration is that most studies focus only on the perspective of supplier selection by contracting companies. In this paper, both suppliers' and contractors' judgments on the importance of ITO relational factors were analyzed, creating rankings that supported understanding the difference between the two perspectives.

The objective of this paper is to develop a methodology and a framework to assess performance measurement and generate a better understanding of the project context. The paper aims to present an application to illustrate the proposed methodology, to identify and measure the success parameters for a project.

The research method is a mixture of qualitative and quantitative and it is applied to a case study. The primary data were gathered using unstructured interviews with decision makers. Bibliographic research is used in order to construct the theoretical framework and the intervention instrument adopted is the multicriteria decision aiding methodology – constructivist (MCDA‐C).

The methodology makes it possible to visualize the criteria that must be taken into account according to the decision makers' values in the project selection process. The framework supports the ordinal and cardinal measurement of the project performance, making it possible to compare and rank proposals, as well providing a process to improve project proposals.

This process has helped in negotiations between stakeholders in the project, and, consequently, has helped the chief project officer to select and prioritize strategic projects within the demand for new products.

This paper offers an empirical understanding of the application of performance evaluation to project management and identifies a complementary tool in this interdisciplinary area.

The purpose of this study is modelling of a problem of policing strategy order using a multicriteria method.

For the construction of the impact matrix strategies under the reduction of crime rates, considering a portfolio of crimes, a questionnaire applied to specialists was used. In a second moment, defined the criteria and strategies to be ordered, the multicriteria PROMETHEE II method was used, which with the help of the Visual PROMETHEE software, emulated the systematised data in the impact matrix and produced the final ordering of the most efficient strategies, in the fight against crime, in the perception of decision makers.

As a result, this research revealed that radio patrol, when used in a non-randomised manner, is the most effective policing strategy in reducing the 18 criminal demands studied in the perception of decision makers after data emulation with the PROMETHEE II method.

As research implications, it can be inferred that the use of multicriteria methods in the modelling of problems in public security area can contribute to the rationalisation of use of the available means in the fight against crime in large cities. This research showed that it is possible to use customised policing strategies to absolute reality.

The practical impact of this research lies in optimising the resources available to law enforcement agencies in the fight against crime in general.

It can be inferred that by choosing appropriate strategies to combat local crime, there is a direct implication in optimising the resources that the government makes available to police agencies. This optimisation allows pressure reduction under the public budget for more features. The model for choosing more effective strategies contributes to local crimes decrease, increasing the sense of the population security.

The originality lies in filling a gap in the literature with the elaboration of the impact matrix of policing strategies in reducing criminal indices and in their associated use in ordering strategies through a multicriteria method. This study contributed to applied police intelligence.

The financial crisis of 2007–2008 has brought critical attention to those financial institutions whose high destabilizing effects can have an impact on the financial system. Basel Committee (BIS) has introduced a set of regulations to identify such banks, defined global systemically important banks (G-SIBs). The purpose of this paper is to investigate the robustness of the BIS's methodology.

In this study, a multicriteria decision aid (MCDA) approach is considered, specifically HSMAA (hierarchy stochastic multiobjective acceptability analysis), which can take into account uncertainty on BIS's criteria weights as standard SMAA, but also uncertainty with respect to the subcriteria of the considered criteria. The results are analyzed to provide insights into the robustness of the BIS's methodology.

The obtained results indicate that overall the BIS's methodology does not appear robust. Within the two uncertainty scenarios considered, the results show a great variability in identifying the G-SIBs' systemic risk.

The paper proposes an analytical way to assess the robustness of the BIS's methodology. Moreover, the authors’ analysis reveals a great variability on the results, which highlight different issues for banks, regulators and enterprises.

The main aim of this paper is to present a framework to create a better understanding of the context and aid the portfolio management process. The paper seeks to present a case to illustrate the proposed methodology, identifying and measuring the success parameters for a project in a portfolio.

The research method is a qualitative and quantitative mixture and it is presented as a study case. The primary data were obtained using semi‐structured interviews with decision makers. Bibliographic research is used in order to construct the theoretical framework and the intervention instrument adopted is the multicriteria decision aiding methodology – constructivist (MCDA‐C).

The methodology allows the criteria that must be taken into account, according to the decision makers' values and preferences in the project selection and sorting processes, to be visualized. The framework supports the ordinal and cardinal measurement of the project performance, making it possible to compare and rank proposals, as well as providing a process to improve project proposals.

This process has helped in negotiations between stakeholders in a portfolio context and, consequently, has helped the chief project officer (CPO) to select and prioritize strategic projects within the demand for new products.

This paper offers an empirical understanding of the application of performance measurement to portfolio management context and identifies complementary tools in this interdisciplinary area.

Because that the crime in a wide way impacts the life of the people in the big metropolis, researchers have treated the question from several angles. The purpose of the paper, under the umbrella of operational research, is to develop a model of the ordering of police strategies, in the fight against crime in general, according to a certain criminal demand.

For the construction of the impact matrix of the strategies under the reduction of crime rates, considering a portfolio of crimes, a questionnaire applied to specialists was used. In a second moment, defined the criteria and strategies to be ordered, the multicriteria ELECTRE IV method was used, which with the help of the J-Electre software emulated the systematized data in the impact matrix and produced the final ordering of the most efficient strategies, in the fight against crime, in the perception of decision-makers.

As a result, the research revealed that policing strategies directed at solving specific crimes are the most effective in the perception of decision-makers after the emulation of data with the ELECTRE IV method.

As research implications, it can be inferred that the use of multicriteria methods in the modeling of problems in the area of public security can contribute to rationalization of the use of the means available in the fight against crime in large cities. The research showed that it is possible to use customized policing strategies to a certain reality.

The method presented in this research is directly related to the major strategies: problem-oriented policing and hot spot policing. This method allows public safety managers to consider the possibility of combining different law enforcement strategies in each context. In this sense, the use of the multiple-criteria decision analysis (MCDA) (ELECTRE IV) method allows the evaluation of a large set of alternatives according to a set of established criteria, speeding up the process and reducing subjectivity, allowing the manager to analyze several scenarios with greater clarity and impartiality and choosing an alternative that best solves the proposed problem. The expected result is the rationalization of the available means applied in the search for the reduction of crime rates.

The customization of policing strategies, according to criminal demands, implies the efficient way to reduce criminal charges. Reducing criminal rates enables the development of the local economy, tourism and the quality of life of people by exercising their freedom to the full.

The originality lies in filling a gap in the literature with the elaboration of the impact matrix of policing strategies in reducing criminal indices, and in their associated use in ordering strategies through a multicriteria method.