Abstract
This paper proposes a hybrid fuzzy multicriteria decision-making method for the solution of the problem of selecting the best site for a real estate investment. The proposed methodology consists of three steps: an aggregation algorithm, a fuzzy analytic hierarchy process, and a fuzzy information axiom. The aggregation algorithm is used to aggregate experts' preferences to satisfy group decisions. The proposed methodology is applied to a mixed use development being considered by a construction firm in Istanbul. The relative importance levels of the criteria were determined by the managing partners of the construction firm. The required data for the evaluation phase was collected by consulting with experts.
| Original language | English |
|---|---|
| Pages (from-to) | 457-470 |
| Number of pages | 14 |
| Journal | Proceedings of the Institution of Mechanical Engineers. Part I: Journal of Systems and Control Engineering |
| Volume | 224 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - 1 Jun 2010 |
Keywords
- analytic hierarchy process
- axiomatic design
- fuzzy logic
- information axiom
- multicriteria decision making
- real estate investment