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Intelligent Decision Making Systems in European Business and Economics

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Efficient decision making

Although decisions can be made using either intuition or reasoning, a combination of both approaches is often used. This EU-funded research applies theoretical techniques of decision making to the European economy.

Industrial Technologies

The project 'Intelligent decision making systems in European business and economics' (IDMSEBE) developed new intelligent decision-making systems based on the use of new aggregation systems. It developed several applications for managerial economics, including demand analysis, supply forecasting, pricing research, consumption analysis and economic growth. These innovative approaches are providing better business information by considering complex scenarios in a more complete way. These new aggregation systems are based on the ordered weighted average (OWA). Introduced in 1988, this modern aggregation operator provides a set of parameters for aggregating operators between the minimum and the maximum. These systems are useful for dealing with uncertain environments by using the attitudinal character of the decision maker that permits them to under- or overestimate the information according to their interests in the specific problem considered. By using the OWA operator and its generalisations, the project has developed a wide range of intelligent decision-making systems. Because decision makers can generate many simulations and select the scenario that seems to be in closest accordance with attitudinal character, multiple scenarios are needed. Many examples have been developed in investment selection, strategic management, economics and politics. Consideration was given to the decision process involved in the creation of new regulations. The project focused on the European context as many new regulations were recently created emphasising importance on an optimal decision process. Creating the most efficient regulation can maximise the benefits or minimise the costs as much as possible in the European region. Project research resulted in 10 papers that have been presented at international conferences. In general, the project has been very successful with the development of several new intelligent decision-making systems being applied to European business and economics problems.

Keywords

Decision making, economy, business, aggregation systems, ordered weighted average

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