Sensitivity Analysis and Decision Making

A special issue of Mathematics (ISSN 2227-7390). This special issue belongs to the section "Engineering Mathematics".

Deadline for manuscript submissions: 31 October 2024 | Viewed by 2936

Special Issue Editors

Department of Structural Mechanics, Faculty of Civil Engineering, Brno University of Technology, Veveri Str. 95, 602 00 Brno, Czech Republic
Interests: sensitivity analysis; reliability analysis; structural mechanics; stability; buckling
Special Issues, Collections and Topics in MDPI journals
Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania
Interests: civil engineering; multiple-criteria decision making; multiple-criteria optimization in construction technology and management; sustainability
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue is devoted to advances in research on sensitivity analysis methods and their interdisciplinary applications. Via sensitivity analyses, various sources of uncertainty in a mathematical model are studied in terms of how they contribute to the model’s overall uncertainty. The model is analyzed using specific values for inputs, and the space of uncertain inputs may be explored using many mathematical approaches. The complexity of mathematical approaches and the interpretation of results provide great possibilities for the use of sensitivity analysis methods, including regression, scatter plots, sampling-based methods, correlations, variance-based techniques, distribution-based methods, entropy, fuzzy sets, and many other methods. There are numerous application areas in all disciplines of science where mathematical models are used, including computer science, chemistry, biology, medicine, physics, engineering, economics and finance, and environmental science. The underlying goals of sensitivity analysis are model calibration, model validation, and assisting with the decision-making process. One of the key applications of sensitivity analysis is in the utilization of models by managers and decision-makers. All content needed for the decision model can only be fully utilized through the repeated application of sensitivity analysis. This Special Issue welcomes articles that address the challenges and opportunities of sensitivity analysis in all its facets.

Prof. Dr. Zdeněk Kala
Prof. Dr. Jurgita Antucheviciene
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Mathematics is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sensitivity analysis in mathematical models
  • uncertainty analysis
  • decision making
  • mathematics for decision making
  • analytical and simulation methods
  • fuzzy sets and alternative approaches
  • model validation and calibration
  • optimization models

Published Papers (3 papers)

Order results
Result details
Select all
Export citation of selected articles as:

Research

24 pages, 766 KiB  
Article
An Alternative Sensitivity Analysis for the Evaluation of MCDA Applications: The Significance of Brand Value in the Comparative Financial Performance Analysis of BIST High-End Companies
by Orhan Emre Elma, Željko Stević and Mahmut Baydaş
Mathematics 2024, 12(4), 520; https://doi.org/10.3390/math12040520 - 07 Feb 2024
Viewed by 569
Abstract
Multi-criteria decision analysis (MCDA) applications consist of techniques that enable the decision maker to make clearer decisions in scenarios where there is more than one alternative and criterion. The general approach for sensitivity analysis in MCDA applications implies sensitivity to the weight coefficient. [...] Read more.
Multi-criteria decision analysis (MCDA) applications consist of techniques that enable the decision maker to make clearer decisions in scenarios where there is more than one alternative and criterion. The general approach for sensitivity analysis in MCDA applications implies sensitivity to the weight coefficient. In this study, as an alternative approach, we reinterpret sensitivity by using the statistical relationship between the final ranking produced by an MCDA method and a constant external factor. Thus, we both verify through an anchor and reveal to what extent the change in the weight coefficient changes the external relations of MCDA. The motivation for this study is to propose an alternative sensitivity methodology. On the other hand, brand value is a parameter that contains critical information about the future of the company, which has not integrated into financial performance studies made with MCDAs before. To that end, the financial performance of 31 companies with the highest brand value in Turkey and trading on Borsa Istanbul between 2013 and 2022 was analyzed with seven different MCDA applications via integrating brand value into the criteria for the first time. The study’s findings revealed that the proposed innovative sensitivity tests produced similarly robust results as traditional tests. In addition, brand value has been proved to be an advantageous criterion to be implemented into MCDAs for financial performance problems through the sensitivity analysis made. Full article
(This article belongs to the Special Issue Sensitivity Analysis and Decision Making)
Show Figures

Figure 1

21 pages, 979 KiB  
Article
BSC-Based Digital Transformation Strategy Selection and Sensitivity Analysis
by Mahir Oner, Ufuk Cebeci and Onur Dogan
Mathematics 2024, 12(2), 225; https://doi.org/10.3390/math12020225 - 10 Jan 2024
Viewed by 1035
Abstract
In today’s digital age, businesses are tasked with adapting to rapidly advancing technology. This transformation is far from simple, with many companies facing difficulties navigating new technological trends. This paper highlights a key segment of a comprehensive strategic model developed to address this [...] Read more.
In today’s digital age, businesses are tasked with adapting to rapidly advancing technology. This transformation is far from simple, with many companies facing difficulties navigating new technological trends. This paper highlights a key segment of a comprehensive strategic model developed to address this challenge. The model integrates various planning and decision-making tools, such as the Balanced Scorecard (BSC), Objectives and Key Results (OKR), SWOT analysis, TOWS, and the Spherical Fuzzy Analytic Hierarchy Process (SFAHP). Integrating these tools in the proposed model provides businesses with a well-rounded pathway to manage digital transformation. The model considers human elements, uncertainty management, needs prioritization, and flexibility, aiming to find the optimal balance between theory and practical applications in real-world business scenarios. This particular study delves into the use of SFAHP, specifically addressing the challenge of effectively selecting the most suitable strategy among various options. This approach not only brings a new perspective to digital transformation but also highlights the importance of choosing the right strategy. This choice is crucial for the overall adaptation of businesses. It shows how carefully applying the SFAHP method is key. Combining this with a successful digital transformation strategy is essential. Together, they provide practical and efficient solutions for businesses in a fast-changing technological environment. Full article
(This article belongs to the Special Issue Sensitivity Analysis and Decision Making)
Show Figures

Figure 1

16 pages, 1899 KiB  
Article
A Multi-Objective Mathematical Programming Model for Project-Scheduling Optimization Considering Customer Satisfaction in Construction Projects
by Mehrnoosh Zohrehvandi, Shakib Zohrehvandi, Mohammad Khalilzadeh, Maghsoud Amiri, Fariborz Jolai, Edmundas Kazimieras Zavadskas and Jurgita Antucheviciene
Mathematics 2024, 12(2), 211; https://doi.org/10.3390/math12020211 - 08 Jan 2024
Cited by 1 | Viewed by 761
Abstract
The aim of this study was to develop a multi-objective mathematical programming model for the trade-off of time, cost, and quality in the project-scheduling problem (PSP) by taking priorities and resource constraints as well as activity preemption into account. First, a small-sized problem [...] Read more.
The aim of this study was to develop a multi-objective mathematical programming model for the trade-off of time, cost, and quality in the project-scheduling problem (PSP) by taking priorities and resource constraints as well as activity preemption into account. First, a small-sized problem instance that was a sub-project of an oil and gas construction project was used for te validation of the proposed model and algorithm. Subsequently, considering the sensitivity, complexity, and importance of oil and gas projects, the proposed model was implemented in a large-sized oil and gas construction project. Considering the NP-hardness of this problem, the NSGA-II metaheuristic algorithm was used to deal with the time, cost, and quality trade-off problem. Finally, a sensitivity analysis was implemented on the three main parameters of time, cost, and quality to investigate the effects of changes on the results. The findings show that the proposed model is more sensitive to cost changes, so an increase in project costs leads to a drastic change in the values of other objective functions. Full article
(This article belongs to the Special Issue Sensitivity Analysis and Decision Making)
Show Figures

Figure 1

Back to TopTop