ISSN: 1648 - 4460

International Journal of Scholarly Papers


Transformations  in
Business & Economics

Transformations in
Business & Economics

  • © Vilnius University, 2002-2020
  • © Brno University of Technology, 2002-2020
  • © University of Latvia, 2002-2020
Mohammad Hasan Aghdaie, Sarfaraz Hashemkhani Zolfani, Fausto Cavallaro, Mohammad Hossein Morshed Varzandeh, Arman Derakhti, Dragan Pamucar

ABSTRACT. Purpose: The concept of research and development (R&D) becomes a very important issue for abundant corporations and their survival depends on the accuracy of R&D decisions. There are a host of possible R&D projects for every company and selecting the most appropriate one is a complicated task. Many criteria should be considered in the decision-making process; therefore, project selection process can be viewed as a multiple attribute decision-making (MADM) problem.
Design/methodology/approach: In this paper, a novel integrated MADM model is proposed to evaluate and select the best R&D project. More precisely, two MADM tools are used in the decision-making process. Step-wise Weight Assessment Ratio Analysis (SWARA) is used for determining the importance of each criterion and calculating the weight of each criterion. Then, Complex Proportional Assessment (COPRAS) is used for assessing alternatives as well as ranking R&D project alternatives from the best to the worst ones. Finally, a real case study is presented to demonstrate the applicability of the proposed methodology.
Research limitations/implications: Further research should include uncertainty environment to exploit the uncertain factors in the evaluation of R&D projects.
Findings: According to the results of this study, DMs faced with critical factors that were found to influence an organisation's decision about choosing a new R&D project. Based on this research, it was shown that DMs have a great impact on decisions in an organisation so their decisions could influence the outcomes. Specifically, this study provides a valuable view that DMs should be taken as a decision-making team. Furthermore, the authors propose the algorithm of this research as a new model of mutual funds evaluation which considers a wide range of variables with respect to amateur and professional points of view.
Originality/value: The originality of this paper is threefold: First, different criteria were considered to make the evaluation more comprehensive; Second, hybrid SWARA-COPRAS model is used to make the results more authentic; Third, a new/original MCDM model for evaluation R&D projects is proposed. Practical implications: As a result, the model can help managers to evaluate and select the best R&D project regarding their company's strategies, resources, and policies in their organisation.

KEYWORDS:  R&D, Project evaluation and selection, Multiple attribute decision making (MADM), step-wise weight assessment ratio analysis (SWARA), Complex Proportional ASsessment (COPRAS).

JEL classification:  O21, C02, M100.

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Scholarly papers Transformations in Business & Economics
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