Aşırı Bilgi Yüklemesi ile Mücadelede Entegre SWARA-GRA Yaklaşımı: Yatırım Değerlendirme ve Kararlar
Year 2020,
Issue: 87, 263 - 280, 05.07.2020
Melissa Nihal Cagle
,
Aşkın Özdağoğlu
Kevser Yılmaz
Abstract
Yatırım değerlendirme ve kararlarında çok-kriterli karar verme yöntemleri son yıllarda yaygın olarak kullanılır hale gelmiştir. Karar sürecini olumsuz etkileyen aşırı bilgi yükü ve karmaşıklığını azaltmak için kullanılan bu yöntemler, özellikle bilgiye doymuş pazarlarda geleneksel rasyo analizlerine bir alternatif olarak sunulmuştur. SWARA-GRA entegre yaklaşımı, bir dizi kriter veya nitelik içinde mevcut en iyi yatırım alternatiflerini sunmaktadır. Bu çalışmada, BİST kotasyon şartları (43 değişken) göz önüne alınarak, Yiyecek ve İçecek sektöründe faaliyet gösteren 27 şirketin 2015-2017 finansal performansı analiz edilmiştir. Analiz sonuçları, SWARA-GRA yaklaşımının yatırım değerlendirmelerine sağladığı faydalar vurgulanmaktadır. Bu yöntem sayesinde dönemsel şirket performansındaki ani hareketlerin takibi, değerlendirme kriterlerinin kullanımından ödün vermeden, kolay hale getirilmektedir. SWARA-GRA entegre yaklaşımı şirketin bütünsel görünümünü sergilediğinden dolayı bu yöntemin uygulanması yatırım kararları almakta fayda sağlayacaktır.
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- Hashemkhani Zolfani, Sarfaraz - Salimi, Jalil - Maknoon, Reza – Simona, Kildiene (2015), “Technology Foresight About R&D Projects Selection; Application of SWARA Method at the Policy Making Level”, Engineering Economics, Volume 26, Issue 5, pp. 571-580.
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- Keršuliene, Violeta - Zavadskas, Edmundas Kazimieras - Turskis, Zenonas (2010), “Selection of Rational Dispute Resolution Method by Applying New Step‐Wise Weight Assessment Ratio Analysis (SWARA)” Journal of business economics and management, Volume 11, Issue 2, pp. 243-258.
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- Lee, Wen-Shing - Lin, Yeong-Chuan Lin (2011), “Evaluating and Ranking Energy Performance of Office Buildings Using Grey Relational Analysis”, Energy, Volume 36, Issue 5, pp. 2551-2556.
- Lin, C. L. (2004), “Use of the Taguchi Method and Grey Relational Analysis to Optimize Turning Operations with Multiple Performance Characteristics”, Materials and manufacturing processes, Volume 19, Issue 2, pp. 209-220.
- Lin, Shu-Ling - Wu, Shun-Jyh (2011), “Is Grey Relational Analysis Superior to the Conventional Techniques in Predicting Financial Crisis?”, Expert Systems with Applications, Volume 38, Issue 5, pp. 5119-5124.
- Özbek, Aşır. (2017), Çok Kriterli Karar Verme Yöntemleri ve Excel ile Problem Çözümü, Seçkin Yayıncılık, Ankara.
- Özçelik, Funda - Öztürk, Burcu Avcı (2014), “Evaluation of Banks' Sustainability Performance in Turkey with Grey Relational Analysis”, Muhasebe ve Finansman Dergisi, Volume 63, Issue 3, pp. 189-210.
- Popovic, Gabrijela – Stanujkic, Dragisa- Brzakovic, Miodrag - Karabasevic, Darjan (2019), “A Multiple-Criteria Decision-Making Model for the Selection of a Hotel Location”, Land Use Policy, Volume 84, Issue 5, pp. 49-58.
- Roy, Bernard (1996), Multicriteria Methodology for Decision Aiding, Kluwer Academic Publischers, Dortrecht.
- Saaty, Thomas. L. (1977), “A Scaling Method for Priorities in Hierarchical Structures”, Journal of Mathematical Psychology, Volume 15, Issue 3, pp. 234–281.
- Sakinc, İlker (2014), “Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs”, Journal of Economics Library, Volume 1, Issue 1, pp. 22-33.
- Singh, Ravendra - Chaturvedi, Vedansh - Vimal, Jyoti (2012), “Optimization of Control Parameters for Mechanical and Wear Properties of Carburized Mild Steel Using Grey Relational Analysis”, International Journal of Engineering Research and Applications (IJERA), Volume 2, Issue 3, pp. 2047-2052.
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- Stanujkic, Dragisa - Karabasevic, Darjan - Zavadskas, Edmundas Kazimieras (2015), “A Framework for the Selection of a Packaging Design Based on the SWARA Method”, Inzinerine Ekonomika-Engineering Economics, Volume 26, Issue 2, pp. 181-187.
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Taguchi Method and Grey Relational Analysis”, Journal of materials processing technology, Volume 209, Issue 6, pp. 2753-2759.
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Wu, Hsin-Hung (2002). “A Comparative Study of Using Grey Relational Analysis in Multiple Attribute Decision Making Problems”, Quality Engineering, Volume 15, Issue 2, pp. 209-217.
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- Yazdani, Morteza – Zavadskas, Edmundas Kazimieras – Ignatius, Joshua – Abad, Manuel Doval (2016), “Sensitivity Analysis in Madm Methods: Application of Material Selection”, Inzinerine Ekonomika-Engineering Economics, Volume 27, Issue 4, pp. 382–391.
- Zarbakhshnia, Navid - Soleimani, Hamed - Ghaderi, Hadi (2018), “Sustainable Third-Party Reverse Logistics Provider Evaluation and Selection Using Fuzzy Swara and Developed Fuzzy Copras in the Presence of Risk Criteria”, Applied Soft Computing, Volume 65, Issue 4, pp. 307-319.
- Zavadskas, Edmundas Kazimieras - Kaklauskas, Artūras - Vilutiene, Tatjana (2009), “Multicriteria Evaluation of Apartment Blocks Maintenance Contractors: Lithuanian Case Study”, International Journal of Strategic Property Management, Volume 13, Issue 4, pp. 319–338.
- Zeng, Guangming - Jiang, Ru - Huang, Guohe - Xu, Min - Li, Jianbing (2007). “Optimization of Wastewater Treatment Alternative Selection by Hierarchy Grey Relational Analysis”, Journal of environmental management, Volume 82, Issue 2, pp. 250-259.
Year 2020,
Issue: 87, 263 - 280, 05.07.2020
Melissa Nihal Cagle
,
Aşkın Özdağoğlu
Kevser Yılmaz
References
- Albadvi, Amir - Chaharsooghi, S. Kamal - Esfahanipour, Akbar (2007), “Decision Making in Stock Trading: An Application of Promethee”, European Journal of Operational Research, Volume 177, Issue 2, pp. 673-683.
- Alimardani, Maryam- Hashemkhani Zolfani, Sarfaraz - Aghdaie, Mohammed Hasan - Tamošaitienė, Jolanta (2013), “A Novel Hybrid SWARA and VIKOR Methodology for Supplier Selection in an Agile Environment”, Technological and Economic Development of Economy, Volume 19, Issue 3, pp. 533-548.
- Beccali, Marco - Cellura, Maurizio - Mistretta, Marina (2003), “Decision-Making in Energy Planning: Application of the Electre Method at Regional Level for the Diffusion of Renewable Energy Technology”, Renewable Energy, Volume 28, Issue 13, pp. 2063–2087.
- BIST (2018), Products and Markets. https://www.borsaistanbul.com/en/products-and-markets/regulations (02.09.2019)
- Brans, Jean-Pierre - Vincke, Philippe - Mareschal, Bertrand (1986), “How to Select and How to Rank Projects: The Promethee Method” , European journal of operational research, Volume 24, Issue 2, pp. 228-238.
- Çaydaş, Ulaş - Hasçalık, Ahmet (2008), “Use of the Grey Relational Analysis to Determine Optimum Laser Cutting Parameters with Multi-Performance Characteristics”, Optics and Laser Technology, Volume 40, Issue 7, pp. 987-994.
- Chan, Joseph W.K. - Tong, Thomas Kin-Lun (2007), “Multi-Criteria Material Selections and End-of-Life Product Strategy: Grey Relational Analysis Approach”, Materials & Design, Volume 28, Issue 5, pp. 1539-1546.
- Dehnavi, Alireza - Aghdam, Iman Nasiri - Pradhan, Biswajeet - Varzandeh, Mohammad Hossein Morshed (2015), “A New Hybrid Model Using Step-Wise Weight Assessment Ratio Analysis (SWARA) Technique and Adaptive Neuro-Fuzzy Inference System (ANFIS) for Regional Landslide Hazard Assessment in Iran.” Catena, Volume 135, Issue 1, pp. 122-148.
- Edmister, Robert (1972), "An Empirical Test of Financial Ratio Analysis for Small Business Failure Prediction". Journal of Financial and Quantitative analysis, Volume 7, Issue 2, pp. 1477-1493.
- Erdoğan, Sinan - Balki, Mustafa Kemal - Aydın, Selman - Sayin, Cenk (2019), “The Best Fuel Selection With Hybrid Multiple-Criteria Decision Making Approaches in a CI
Engine Fueled with Their Blends and Pure Biodiesels Produced from Different Sources”, Renewable Energy, Volume 134, Issue 5, pp. 653-668.
- Ghorabaee, Mehdi Keshavarz - Amiri, Maghsoud - Zavadskas, Edmundas Kazimieras - Antucheviciene, Jurgita (2018), “A New Hybrid Fuzzy MCDM Approach for Evaluation of Construction Equipment with Sustainability Considerations”, Archives of Civil and Mechanical Engineering, Volume 18, Issue 1, pp. 32-49.
- Hashemi, Seyed Hamid- Karimi, Amir - Tavana, Madjid (2015), “An Integrated Green Supplier Selection Approach with Analytic Network Process and Improved Grey Relational Analysis”, International Journal of Production Economics, Volume 159, Issue 1, pp. 178-191.
- Hashemkhani Zolfani, Sarfaraz - Chatterjee, Prasenjit (2019), “Comparative Evaluation of Sustainable Design Based on Step-Wise Weight Assessment Ratio Analysis (SWARA) and Best Worst Method (BWM) Methods: A Perspective on Household Furnishing Materials”, Symmetry, Volume 11, Issue 1, pp. 74- 107.
- Hashemkhani Zolfani, Sarfaraz - Aghdaie, Mohammad Hasan - Derakhti, Arman - Zavadskas, Edmundas Kazimieras - Varzandeh, Mohammad Hossein Morshed (2013b), “Decision Making on Business Issues with Foresight Perspective; An Application of New Hybrid MCDM Model in Shopping Mall Locating”, Expert systems with applications, Voulme 40, Issue 17, pp. 7111-7121.
- Hashemkhani Zolfani, Sarfaraz - Salimi, Jalil - Maknoon, Reza – Simona, Kildiene (2015), “Technology Foresight About R&D Projects Selection; Application of SWARA Method at the Policy Making Level”, Engineering Economics, Volume 26, Issue 5, pp. 571-580.
- Huang, Sun-Jen - Chiu, Nan-Hsing - Chen, Li-Wei (2008), “Integration of the Grey Relational Analysis with Genetic Algorithm for Software Effort Estimation”, European Journal of Operational Research, Volume 188, Issue 3, pp. 898-909.
- Hui, Gu - Bifeng, Song (2009), “Study on Effectiveness Evaluation of Weapon Systems Based on Grey Relational Analysis and Topsis”, Journal of Systems Engineering and Electronics, Volume 20, Issue 1, pp. 106-111.
- Hwang, Ching-Lai - Yoon, Kwangsun (1981), Multiple Attribute Decision Making, Methods and Applications, Springer, Berlin.
- Karabašević, Darjan - Paunkovic, Jane - Stanujkić, Dragiša (2016), “Ranking of Companies According to the Indicators of Corporate Social Responsibility Based on Swara and Aras Methods”, Serbian Journal of Management, Volume 11, Issue 1, pp. 43-53.
- Karabasevic, Darjan - Stanujkic, Dragisa - Urosevic, Snezana - Maksimovic, Mladjan (2015), “Selection of Candidates in the Mining Industry Based on the Application of the Swara and the Multimoora Methods” Acta Montanistica Slovaca, Volume 20, Issue 2, pp. 116-124.
- Kaya, Emine Öner (2016), “Financial Performance Assessment of Non-Life Insurance Companies Traded in Borsa Istanbul via Grey Relational Analysis”, International Journal of Economics and Finance, Volume 8, Issue 4, pp. 277-288.
- Keršulienė, Violeta - Turskis, Zenonas (2011), “Integrated Fuzzy Multiple Criteria Decision Making Model for Architect Selection”, Technological and Economic Development of Economy, Volume 17, Issue 4, pp. 645-666.
- Keršuliene, Violeta - Zavadskas, Edmundas Kazimieras - Turskis, Zenonas (2010), “Selection of Rational Dispute Resolution Method by Applying New Step‐Wise Weight Assessment Ratio Analysis (SWARA)” Journal of business economics and management, Volume 11, Issue 2, pp. 243-258.
- Kung, Chaang-Yung - Wen, Kun-Li (2007), “Applying Grey Relational Analysis and Grey Decision-Making to Evaluate the Relationship Between Company Attributes and its Financial Performance—A Case Study of Venture Capital Enterprises in Taiwan”, Decision Support Systems, Volume 43, Issue 3, pp. 842-852.
- Kuo, Yiyo - Yang, Taho - Huang, Guan-Wei (2008), “The Use of Grey Relational Analysis in Solving Multiple Attribute Decision-Making Problems”, Computers & industrial engineering, Volume 55, Issue 1, pp. 80-93.
- Lee, Wen-Shing - Lin, Yeong-Chuan Lin (2011), “Evaluating and Ranking Energy Performance of Office Buildings Using Grey Relational Analysis”, Energy, Volume 36, Issue 5, pp. 2551-2556.
- Lin, C. L. (2004), “Use of the Taguchi Method and Grey Relational Analysis to Optimize Turning Operations with Multiple Performance Characteristics”, Materials and manufacturing processes, Volume 19, Issue 2, pp. 209-220.
- Lin, Shu-Ling - Wu, Shun-Jyh (2011), “Is Grey Relational Analysis Superior to the Conventional Techniques in Predicting Financial Crisis?”, Expert Systems with Applications, Volume 38, Issue 5, pp. 5119-5124.
- Özbek, Aşır. (2017), Çok Kriterli Karar Verme Yöntemleri ve Excel ile Problem Çözümü, Seçkin Yayıncılık, Ankara.
- Özçelik, Funda - Öztürk, Burcu Avcı (2014), “Evaluation of Banks' Sustainability Performance in Turkey with Grey Relational Analysis”, Muhasebe ve Finansman Dergisi, Volume 63, Issue 3, pp. 189-210.
- Popovic, Gabrijela – Stanujkic, Dragisa- Brzakovic, Miodrag - Karabasevic, Darjan (2019), “A Multiple-Criteria Decision-Making Model for the Selection of a Hotel Location”, Land Use Policy, Volume 84, Issue 5, pp. 49-58.
- Roy, Bernard (1996), Multicriteria Methodology for Decision Aiding, Kluwer Academic Publischers, Dortrecht.
- Saaty, Thomas. L. (1977), “A Scaling Method for Priorities in Hierarchical Structures”, Journal of Mathematical Psychology, Volume 15, Issue 3, pp. 234–281.
- Sakinc, İlker (2014), “Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs”, Journal of Economics Library, Volume 1, Issue 1, pp. 22-33.
- Singh, Ravendra - Chaturvedi, Vedansh - Vimal, Jyoti (2012), “Optimization of Control Parameters for Mechanical and Wear Properties of Carburized Mild Steel Using Grey Relational Analysis”, International Journal of Engineering Research and Applications (IJERA), Volume 2, Issue 3, pp. 2047-2052.
- Spearman, Charles (1904), “The Proof and Measurement of Association Between Two Things” The American Journal of Psychology, Volume 15, Issue 1, pp. 72–101.
- Stanujkic, Dragisa - Karabasevic, Darjan - Zavadskas, Edmundas Kazimieras (2015), “A Framework for the Selection of a Packaging Design Based on the SWARA Method”, Inzinerine Ekonomika-Engineering Economics, Volume 26, Issue 2, pp. 181-187.
- Tosun, Nihat (2006), “Determination of Optimum Parameters for Multi-Performance Characteristics in Drilling by Using Grey Relational Analysis”, The International Journal of Advanced Manufacturing Technology, Volume 28, Issue 5-6, pp. 450-455.
- Tzeng, Chorng-Jyh - Lin, Yu-Hsin - Yang, Yung-Kuang - Jeng, Ming-Chang (2009), “Optimization of Turning Operations with Multiple Performance Characteristics Using the
Taguchi Method and Grey Relational Analysis”, Journal of materials processing technology, Volume 209, Issue 6, pp. 2753-2759.
- Vafaeipour, Majid - Hashemkhani Zolfani, Sarfaraz - Varzandeh, Mohammad HosseinMorshed Derakhti, Arman - Eshkalag, Mahsa Keshavarz (2014). “Assessment of Regions Priority for Implementation of Solar Projects in Iran: New Application of a Hybrid Multi-Criteria Decision Making Approach”, Energy Conversion and Management, Volume 86, Issue 10, pp. 653-663.
- Wang, Jia Wen - Cheng, Ching Hsue- Huang, Kun Cheng (2009). “Fuzzy Hierarchical Topsis For Supplier Selection”, Applied Soft Computing, Volume 9, Issue 1, pp. 377-386.
Wu, Hsin-Hung (2002). “A Comparative Study of Using Grey Relational Analysis in Multiple Attribute Decision Making Problems”, Quality Engineering, Volume 15, Issue 2, pp. 209-217.
- Yang, Ching‐Chow – Chen, Bai‐Sheng (2006), “Supplier Selection Using Combined Analytical Hierarchy Process and Grey Relational Analysis”, Journal of Manufacturing Technology Management, Volume 17, Issue 7, pp. 926-941.
- Yazdani, Morteza – Zavadskas, Edmundas Kazimieras – Ignatius, Joshua – Abad, Manuel Doval (2016), “Sensitivity Analysis in Madm Methods: Application of Material Selection”, Inzinerine Ekonomika-Engineering Economics, Volume 27, Issue 4, pp. 382–391.
- Zarbakhshnia, Navid - Soleimani, Hamed - Ghaderi, Hadi (2018), “Sustainable Third-Party Reverse Logistics Provider Evaluation and Selection Using Fuzzy Swara and Developed Fuzzy Copras in the Presence of Risk Criteria”, Applied Soft Computing, Volume 65, Issue 4, pp. 307-319.
- Zavadskas, Edmundas Kazimieras - Kaklauskas, Artūras - Vilutiene, Tatjana (2009), “Multicriteria Evaluation of Apartment Blocks Maintenance Contractors: Lithuanian Case Study”, International Journal of Strategic Property Management, Volume 13, Issue 4, pp. 319–338.
- Zeng, Guangming - Jiang, Ru - Huang, Guohe - Xu, Min - Li, Jianbing (2007). “Optimization of Wastewater Treatment Alternative Selection by Hierarchy Grey Relational Analysis”, Journal of environmental management, Volume 82, Issue 2, pp. 250-259.