Multi Criteria Decision Making

MCDA. (multi criteria decision analysis) is considered to be one of the fastest growing research operations in the last several years.

The researcher focus towards MCDA led to development of many different approaches and ways in the field. There are two types of

procedures: theoretical assumptions and decision addressed type. This difference throws challenges to the prcedure of choosing the

most ideal method for the decision making problem. Most of the time, the initial approach towards applying MCDA in the real world

problems relates to the set up of simple understanding Of the context and recognizing the problem of decision. This step includes the

ones who make decisions and other important participants who make important contributions for the MCDA procedure by sharing

their knowledge. The common insight of the decision framework is received by knowing the goals of the decision making body and

recognizing not only those people who make decisions but also those who face the decision. Dooley (2009) says that the first three

steps take up more time in the process of MCDA, particularly because of their qualitative features. Assigning of comparative

significant weights to the selected criteria is the next step: These weights can be ascertained directly, for example ranking, swing,

trade off; or indirectly, for example- centrality, regression and interactive. Later, the DM has to give individual scores, considering

his or her views, to each of the recognized options according to the criteria which seem vital. These scores show the decision of DM

. related to spreading of each substitute to every performance standard. The information which is attained is maintained distinctively

into performance template, which is also as consequence matrix, options matrix, or just decision table. The next process includes

abstract of the information consisting of the performance matrix in the form of multi criteria scores, for every possible plan. Mostly,

this is attained by combining the individual scores of matrix so that total valuation of .each substitute which allows more

comparison. The groups of substitute ranked on the basis of all these scores. Finally, the procedure can include a warm evaluation of

the outcome to amendments in the scores or criteria, to conclude the sturdiness of the result of MCDA. At the end, the analysis and

trade offs included in the respective choices are given to and conferred with the DM. In many cases, the ultimate decision that DM

takes, does not match with the highest level of alternative, as they are more focused towards the process of knowing the effect of

each and every factor in ranking of choices than in the exactness of the ranking. Also, it should be observed that the generalizations

are not used to of the outcome given by the process of MCDA, and they only appropriate for the group of choices which were

assessed.

Answer the following question.

Q1.

What role does MCDA play in decision making? (Hint: MCDA is considered to be one of the fastest growing

research operations, these scores show the decision of DM related to spreading of each substitute to every

performance standard)

Q2. What does MCDA stand for? (Hint: multi criteria decision analysis)

Linear Programming

Lexicographic Goal Programming is used to solve a series of Linear Programming Model. This programming is used wen . a goal

has to be attained onpriority basis. Revenue budgeting is being used to decide budget instead of a specific system in budget.

Nevertheless, revenue budget lays emphasis on the rising limitation of revenue while estimating budget. The decision makers are

limited due to the rising power of capital and also the awareness of imminent restraints and fear of capital resources. The goal is to

raise the salary and allowance of the workers,to cut down the operating cost, to raise the revenue expenses, to raise the capital

generated internally, and the cut down the overall budget. Some of the problems are: insufficient allocation of funds and income,

and absence of importance of order. The insufficient allotment occurred as the quantitative allotment models were not used with

power. . It is seen that the allotment of capital were not being used in the right" way as a result the capital allotted to the labs is

drawn in the maintenance of hostel. Various other changes also happen. In fact, the funds allotted to the tertiary organizations are

more often not managed properly. The University of Owerri suffered and the progress of the institution came down. There is absence

of active teams for monitoring budget, and so the budget can function in any manner. If the active teams to monitor budget were

present, the problem of mismanagement and the wrong use of it would come down. Sundaram (1978) and Lee (1972) agreed that the

various features of target programming are, that it allows ordinal solution. According to Igniio (1978), this tactic called Goal

Programming, frequently symbolizes considerable progress in the modeling and evaluation of the multi objective problems. This

shows that this area lets the systematic evaluation of a number of multi objective problems which could include linear or non linear

operations in the incessant or separate variables. This is most successful in the research area. The goal programming developed due

to Charnes and Cooper, who suggested that the model and method for dealing with some linear programming problems where the

contradictory 'goals of management' involed as limitations. Goal programming method has been used for a number of programs.

Goal programming technique has solved the following problems: planning production in a ship repairing company, smoothing

production in 'just in time' production atmosphere. The problem occurs when the model does not show the real inclination of the

decision maker. Non-inferior solution in some cases many not be essentially better than the lesser solution mainly in the case of

natural resource problem.

Answer the following question.

Q1.

What are the problems while estimating the budget? (Hint: insufficient allocation of funds and income, and

absence of importance of order, The insufficient allotment occurred as the quantitative allotment models were not

used with power)

Finoplastika Industries Ltd, Nigeria

Time series analysis has two important aims: 1) recognizing the quality of the phenomenon shown by the series of studies, and 2)

Both the aims need the plan of the viewed time series data is recognized and somewhat officially explained: A time series is said to

be a 'collection of observations made in sequence with time'. For example: recording level of daily rainfall, periodical total domestic

product of US, and monthly strength of the. workers in Marine Corps for a specific rank and MOS. The evaluation of time series

gives instruments for picking a symbolic model and delivering forecasts. There are two sorts of times series data: Continuous: in

this the data consists of study at every moment, for example, seismic movement recorded on a seismogram. Discrete: the data

contains recordings taken at different periods ,like, statistics of each month crime. Until the data is absolutely haphazard, studies in

time series are usually related to each and the following studies could be partly ascertain by the last values. For instance, the reasons

pertaining to the meteorology which have an effect on the temperature for any given day tend to have some affect on the next day's

climate. Hence, the observations of the past temperature are helpful for predicting temperatures for the following days. A time

series can be deterministic if there are no haphazard or feasible features but goes in a set and foreseeable manner. The data gathered

during the classical physics experiment like showing Newton's Law of Motion, is one example of a deterministic time series. The

stochastic type of series is more appropriate to the econometric function. Stochastic variables contain undefined or arbitrary

viewpoint. Though the worth of each study cannot be precisely foreseen, calculating the various observations could follow the

expected method. These methods can be explained through the statistical models. According to these models, studies differ

erratically on the underlying mean value whtch is the role of time. Time series data can be put in the following categories: one or

more performance factors; trend, seasonality, cyclical function and random sound. Various kinds of time series predicting models

give forecasts through extrapolating the previous performance of the values of a specified \'l!riable of interest. Consecutive study in

econometric times series are generally not free and forecast can be made on the basis of last observations. Although precise

predictions can be made with deterministic time series, predictions of stochastic time series are restricted to 'conditional statements

regarding the future on the basis of particular hypothesis.' Armstrong (2001) says, "The basic Assumption is that the variable ui!!

continue in the future as it has behaved in the past. " Particularly, the time series predictions are suitable for stochastic type of data in

which the fundamental root cause of variation like, trend, cyclical performance, seasonality, and uneven variations, do not change

radically m time. Therefore, modeling is considered to be more suitable temporarily instead of permanent predictions.

Answer the following question.

Q1.

Write briefly on time-series analysis. (Hint: recognizing the quality of the phenomenon shown by the series of

studies, and, both the aims need the plan of the viewed time series data is recognized and somewhat officially

explained)

A Network Rail

The railways play an important role in the economy and infrastructure of Britain. Not very many people travelled back jn the 1920 as

compared to present time, in spite of 50% reduction in raif routes as compared to the 1960s. Rail is also used for transporting goods

around Britain. Rail proves to be more eco-friendly and safest means of transportation as compa;ed to other vehicles so, not

surprisingly, the number of people commuting have gone 40% more since the past ten years. By 2034, this figure can go up. The

work of network rail has to look after the tracks, bridges and tunnels which comprises of the British rail network. The railway

infrastructure is made up of signals and level crossings. It has to look after the 20,000 mile long track and 40,000 bridges and

tunnels. Britain's 18 main rail stations, from Edinburg Waverley to London King's Cross, are looked after by the Britain rail system.

Ten years ago, when the network rail took up these responsibilities, it had to face some challenges. The rail neork was facing some

problems. Trains were running late, the costs were too high and there was shortage of assets in both the people and machinery. Due

to these issues, people had less confidence in the rail network. Ever since then, rail network has aimed at sustaining operations to

reduce the expenses. There has been 28% reduction in expenses mainly because of conomy of scale. New tracks and machinery have

been bought, and there has been 90% rise in the rail punctuality. Huge projects have been given on time an towards th budget, as a

result the confidence of the people has improved. Rail network has moved from 'find and fix' to 'predict and prevent' policy. This has

proved to be more cost effective and competent and enabled in avoiding delay or obstruction for the people in their travel. The rail

network invested approx. 12 billion pounds between 2009 and 2014, towards the rail network. Britain has the fastest developing

network in whole of Europe. By investing in people, the rail network is investing in the future to. .B ritain has the largest working

personnel of 35,000 workers. It has people working in various positions, like, engineers for maintenance and signaling to project

managers. Each area offers an opportunity to work. They also consist oi HR (human resources), IT (information technology), and

finance and customer service. Network Rail needs to employ and keep capable engineers in order to get the work done. Presently, its

engineers are doing some oi the most stimulating projects in Europe. The projects include HS2, which is the new super spted rail link

between the north and south Britain, and the project of London Crossrail. Some oi the biggest and busiest rail stations are being

upgraded, like, London King's Cross and Birmingham New Street. The main focus of the HR of Network Rail is to recruit various

personnel. This not only deepens the culture of business but it also makes sure that it can reach every talent. It offers training for

every applicant, whether he is a school drop-out or a graduate, whether male or female, a continued flow of appropriate talent is

ensured to keep its long term project going. The company abo gives many opportunities to its workers to receive recognized

qualifications, such as an exclusive programme in post graduation, sponsoring the Master's Degree in project management and

trainee.

Answer the following question.

Q1.

What were the initial problems that Network Rail of Britain face? (Hint: It has to look after the 20,000 mile long

track and 40,000 bridges and tunnels. Trains were running late, the costs were too high and there was shortage of

assets in both the people and machinery)

Q2. What is the new super speed rail link between the north and south Britain called? (Hint: HS2)