Abstract
The main goal of the manuscript is to propose the framework that would facilitate the selection of hotel construction projects for an investment based on the application of the WS PLP method. The key reason why the WS PLP method is used is reflected in its ability to more accurately express decision-makers’ stand regarding the desired preference ratings of criteria by incorporating ppr values into the decision-making process. Also, the WS PLP method implies the introduction of the compensation coefficient, which provides a possibility of the decision-maker’s selection between an alternative that has the best matching with the preferred performance ratings expressed through ppr values and the one that has the best overall performance ratings. The applicability and effectiveness of the proposed framework are demonstrated through a real case study on the five types of the hotels that should be constructed on Kopaonik Mountain in Serbia.
Highlights
Investment projects are conducted for the purpose of achieving the desired goals that will bring benefits in a future period with respect to the two main factors: the cost and time
Because of the complex nature of the problem of the selection of hotel construction projects, the Multiple Criteria Decision Making (MCDM) methods could provide an adequate solution relying on all of the considered criteria, regardless of their type. This manuscript is aimed at providing an effective MCDM approach, based on the Weighted Sum method adapted for the purpose of the analysis based on the decision-maker’s (DM) preferences for the selection of the most acceptable alternative, i.e. in this case, for the appropriate hotel construction project adequate for being invested in
The authors have discussed the selection of construction projects and the key factors for their assessment that can be found in the manuscripts by Ustinovichius, Zavadkas, and Podvezko (2007), Ebrahimnejad, Mousavi, Tavakkoli-Moghaddam, Hashemi, and Vahdani (2012), Taylan, Bafail, Abdulaal, and Kabli (2014); when it comes to hotel construction projects, there is enough room for further research and analysis
Summary
Investment projects are conducted for the purpose of achieving the desired goals that will bring benefits in a future period with respect to the two main factors: the cost and time. Because of the complex nature of the problem of the selection of hotel construction projects, the Multiple Criteria Decision Making (MCDM) methods could provide an adequate solution relying on all of the considered criteria, regardless of their type This manuscript is aimed at providing an effective MCDM approach, based on the Weighted Sum method adapted for the purpose of the analysis based on the decision-maker’s (DM) preferences for the selection of the most acceptable alternative, i.e. in this case, for the appropriate hotel construction project adequate for being invested in.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
