Multiple criteria analysis for assessing the investment projects in rural property revitalization

Abstract

Multiple Objectives Discrete and Combinatorial Optimization methods may be applied to solving a great number of real word problems. One of such problems is multiple criteria appraisal of the investment projects in rural property revitalization aimed at choosing the best opinion. In evaluating the investment project associated with rural property it is difficult to determine the relative importance of various criteria and, consequently, to establish their preference structure. Therefore, ELECTRE IV as one of the most appropriate decision - aid methods is used in this work. I is based on pair wise comparison of the alternatives aimed at defining preference thresholds rather than determining the criterion weights. The authors suggest a set of criteria for assessing the efficiency of the investment projects within the ELECTRE IV approach which may be applied in evaluating general and specific, i.e. rural property revitalization investment projects. In the present investigation the investment projects most preferable under the conditions of Lithuania were defined and their performance was evaluated.