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Partial Order Concepts in Applied Sciences pp 105–118Cite as

A Combined Lexicographic Average Rank Approach for Evaluating Uncertain Multi-indicator Matrices with Risk Metrics

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Abstract

This chapter presents a combined approach for evaluating resource planning projects considering a multicriteria decision-making process. The approach is based on a multi-indicator matrix with three synthetic attributes that take into account several criteria such as (1) economic and financial elements (attribute: base ranking); (2) uncertainty propagation (attribute: probability); and (3) risk evaluation (attribute: compliance). The final evaluation is derived by using a combined approach based on a nonparametric aggregation rule using the concept of average rank for attributes 1 and 2; a simple procedure for score assignment for attribute3; and a lexicographic decision-making rule. In addition, a preliminary analysis of the alternatives is performed by using Hasse diagrams. An application to resource planning projects illustrates the proposed approach.

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Author information

Authors and Affiliations

  1. University of Hull, Hull, UK

    Elvis Hernández-Perdomo

  2. U.S. Naval Postgraduate School, Monterey, CA, USA

    Johnathan Mun

  3. Facultad de Ingeniería, Universidad Central de Venezuela, Caracas, 1050, Venezuela

    Claudio M. Rocco

Authors
  1. Elvis Hernández-Perdomo
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  2. Johnathan Mun
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  3. Claudio M. Rocco
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Corresponding author

Correspondence to Claudio M. Rocco .

Editor information

Editors and Affiliations

  1. Department of Statistics and Quantitative Methods, University of Milan “Milano-Biccoca”, Milan, Italy

    Marco Fattore

  2. Leibniz—Institute of Freshwater Ecology and Inland Fisheries, Berlin, Germany

    Rainer Bruggemann

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Hernández-Perdomo, E., Mun, J., Rocco, C.M. (2017). A Combined Lexicographic Average Rank Approach for Evaluating Uncertain Multi-indicator Matrices with Risk Metrics. In: Fattore, M., Bruggemann, R. (eds) Partial Order Concepts in Applied Sciences. Springer, Cham. https://doi.org/10.1007/978-3-319-45421-4_7

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