Petr Fiala | University of Economics, Prague (original) (raw)

Papers by Petr Fiala

Risk Management, 2019

The paper discusses the uncertainty resulting from vagueness. Within this topic we present an ori... more The paper discusses the uncertainty resulting from vagueness. Within this topic we present an original version of the fuzzy approach to a foreign investment risk estimation based on values of rating indices. The transition from the basic point values of rating indices into the linguistic values within intervals of linguistic variables of fuzzy logic enables us to take into account the diverse kinds of uncertainty. The theoretical and methodological part submits fundamentals of the general fuzzy model of the vaguely defined problem, which is applied to the problem of the foreign investment “risk” estimation of selected countries of Europe and Asia. The inclusion of a country into one of the categories (“high risk countries”, “conditional risk countries” and “non-risk countries”) is based on a vector of value indexes of the sub-components of business environment quality (corrupt environment, economic stability and political stability).

summary:Many of today’s systems are characterized by a network structure and evaluation of altern... more summary:Many of today’s systems are characterized by a network structure and evaluation of alternatives is based on multiple criteria. Network systems contain both positive and negative feedbacks. In the paper, a hybrid procedure is proposed for operation in network environment. The procedure is based on a combination of DEMATEL, ANP, and PROMETHEE approaches. DEMATEL is a comprehensive method for building and analyzing a structural model involving causal relationships between complex factors. For the network seems to be very appropriate Analytic Network Process (ANP) approach. The ANP makes possible to deal systematically with all kinds of dependence and feedback in the system. PROMETHEE methods are methods for multi-criteria evaluation of alternatives, based on preference relations between alternatives, which may be expressed as a network. These methods have specific advantages in analyzing and evaluating network systems. The combination of these approaches gives a powerful instru...

Communications - Scientific letters of the University of Zilina

The network economy is a term for today's global relationship among economic subjects characteriz... more The network economy is a term for today's global relationship among economic subjects characterized by massive connectivity. Today's network systems provide the infrastructure and foundation for the functioning of societies and economies. They come in many forms and include physical networks such as transportation and logistical networks, communication networks, energy networks, as well as more abstract networks as economic, financial, social, and knowledge networks. The paper presents modeling of auctions in network economy. Auctions are important market mechanisms for the allocation of goods and services. Combinatorial auctions are those auctions in which bidders can place bids on combinations of items. Combinatorial auction is an appropriate instrument for selling network capacity. The winner determination problem in a combinatorial auction for selling network capacity is formulated. The model can be formulated as a multicommodity flow problem and efficient algorithms can be used.

Communications - Scientific letters of the University of Zilina

A supply chain can be shown as a set of units interconnected by material, financial, information ... more A supply chain can be shown as a set of units interconnected by material, financial, information and decision flows from initial suppliers to ultimate customers. Supply chain management is more and more affected by network business environment and by information and communication technologies. The paper analyzes a combination of non-cooperative and cooperative decision making of supply chains in network economy.

Supply chain is a decentralized system where material, financial, information and decision flows ... more Supply chain is a decentralized system where material, financial, information and decision flows connect members. Supply chain contract is a coordination mechanism that provides incentives to all of its members so that the decentralized supply chain behaves as the integrated one. When the demand is stochastic than the newsvendor model can be applied. The newsvendor model is not complex, but it is sufficiently rich to study important questions in supply chain coordination. In a standard newsvendor problem the price is assumed to be fixed. There is a vast literature on supply chain contracts recently. However, little work has been done on the relationships of those supply chain contract models and on the combined problem of supply chain coordination with price-dependent stochastic demand. The proposed contract for supply chain coordination with price-dependent stochastic demand has desirable features. The supply chain is fully coordinated. Flexibility to allow any division of the supp...

Environmental Software Systems. Computer Science for Environmental Protection

This paper builds on reverse combinatorial auctions theory and its selected environmental applica... more This paper builds on reverse combinatorial auctions theory and its selected environmental applications, which were presented at ISESS 2013 and ISESS 2015. It provides an approach for calculating the sensitivity and proposals for necessary adjustments of CombinatoRial Auction Body Software System (CRAB), which makes its use for the relevant decision-making tasks more user friendly. Two possibilities are suggested. The first approach is appropriate for cases with relatively small numbers of subjects, where it is possible to compute all feasible solutions ordered by total cost. In such cases it is possible to analyse changes of coalition structures with increasing the cost. The second one suggests modification of the CRAB software, which would make it possible to analyse cases with high numbers of feasible coalition structures located between the optimal coalition (i.e. the cost-effective one) and the structure consisting of individual projects. This approach is appropriate for complex real applications involving setting of cost levels.

Proceedings of the International Symposium on the Analytic Hierarchy Process, 2007

Auctions are important market mechanisms for the allocation of goods and services. Auctions are p... more Auctions are important market mechanisms for the allocation of goods and services. Auctions are preferred often to other common processes because they are open, quite fair, easiness to understand by participants, and lead to economically efficient outcomes. Design of auctions is a multidisciplinary effort made of contributions from economics, operations research, informatics, and other disciplines. Combinatorial auctions are those auctions in which bidders can place bids on combinations of items, called "packages," rather than just individual items. The advantage of combinatorial auctions is that the bidder can more fully express his preferences. This is particular important when items are complements. The multiple evaluation criteria can be used. There are dependencies among sellers, buyers, criteria, bundles of items. A variety of feedback processes creates complex system of items. For the whole structure seems to be very appropriate Analytic Network Process (ANP) approach. The ANP method makes possible to deal systematically with all kinds of dependence and feedback in the system of items. By the ANP approach can be evaluated the preferences of bundles of items. Dynamic Network Process (DNP) as an extension of ANP can deal with time dependent priorities in combinatorial auctions. Recent work has focused on the question of how to limit the amount of valuation information provided by bidders by adaptively limiting the precision of the bids that are specified.

Vysoká škola ekonomická v Praze Fakulta informatiky a statistiky nám. W. Churchilla 4

Multiple Criteria Decision Making, 2021

A supply chain is a complex and dynamic supply and demand network of agents, activities, resource... more A supply chain is a complex and dynamic supply and demand network of agents, activities, resources, technology and information involved in moving products or services from supplier to customer. The suitability of supply chains can be measured by multiple criteria, such as environmental, social, economic, and others. Finding an equilibrium between the interests of members of a sustainable supply chain is a very important problem. The main objective of the paper is to analyze the design of sustainable supply chains and to create a comprehensive model and solution methods for designing sustainable supply chains. Multiple criteria analysis and game theory is a natural choice to effectively analyze and model decision making in such multiple agent situation with multiple criteria where the outcome depends on the choice made by every agent. Multiple criteria analysis is useful for assessing sustainability of supply chains. The De Novo approach focusses on designing optimal systems. Game th...

Proceedings of the international scientific conference Hradec Economic Days 2019 part I., 2019

Networking systems are becoming increasingly important in today's globalization conditions. Netwo... more Networking systems are becoming increasingly important in today's globalization conditions. Network systems show positive and negative effects and paradoxes. One of the paradoxes examined is Braess's paradox, which describes the situation when the addition of edges in the network can lead to a deterioration in the properties of the network system. The paper focuses on generalizing Braess's paradox. One way of generalizing is to consider multiple criteria. An example is analyzed when adding a zero-valued edge according to another criterion worsens the values of both criteria. The second way of exploration is the dynamism of Braess's paradox. Both of these generalizations lead to an even stronger versions of Braess's paradox than by the original problem.

Auctions are important market mechanisms for the allocation of goods and services. Auction theory... more Auctions are important market mechanisms for the allocation of goods and services. Auction theory has caught tremendous interest from both the economic side as well as the Internet industry. The popularity of auctions and the requirements of e-business have led to growing interest in the development of complex trading models. Design of auctions is a multidisciplinary effort comprised of contributions from economics, operations research, informatics, and other disciplines. Combinatorial auctions have recently generated significant interest as an automated mechanism for buying and selling bundles of goods. They are proving to be extremely useful in numerous e-business applications. Important issues in the design of combinatorial auctions are presented. Iterative combinatorial auctions with multiple criteria are proposed complex trading models. The iterative procedure is composed of three key components: a preference model, an optimization model, and a negotiation model..

Kybernetika, 1997

Institute of Mathematics of the Academy of Sciences of the Czech Republic provides access to digi... more Institute of Mathematics of the Academy of Sciences of the Czech Republic provides access to digitized documents strictly for personal use. Each copy of any part of this document must contain these Terms of use.

The AHP (Analytic Hierarchy Process) method is modified with respect to network structures and dy... more The AHP (Analytic Hierarchy Process) method is modified with respect to network structures and dynamics of the analyzed systems. The ANP (Analytic Network Process) method is appropriate for setting priorities in network systems where there are different types of dependencies between evaluation criteria and system elements. However, with time-varying environments in network systems, time-dependent priorities play an increasingly important role. Long-term priorities can be based on timedependent comparisons of criteria and system elements. For short-term prediction, exponential smoothing of compositional data can be used. The paper proposes a hybrid procedure DNAP (Dynamic Analytic Network Process) that combines and enriches advantages and benefits of both approaches by analysis of network systems.

Traditional concepts of optimality focus on valuation of already given systems. A new concept of ... more Traditional concepts of optimality focus on valuation of already given systems. A new concept of designing optimal systems is proposed. Multi-objective linear programming (MOLP) is a model of optimizing a given system by multiple objectives. In MOLP problems it is usually impossible to optimize all objectives simultaneously in a given system. An optimal system should be tradeoff-free. As a methodology of optimal system design, De Novo programming for reshaping feasible sets in linear systems can be used. Basic concepts of the De Novo optimization are summarized. Possible extensions, methodological and actual applications are presented. The supply chain design problem is formulated and solved by De Novo approach.

Revenue management (RM) is the art and science of predicting consumer behavior and optimizing pri... more Revenue management (RM) is the art and science of predicting consumer behavior and optimizing price and product availability to maximize revenue. RM models, despite their success and popularity, still remain somewhat simplistic. The most critical flaw is that current RM models are designed under the assumption that demands are independent random variables. The models are readily extended to competitive settings. The paper is devoted to modeling of competition in revenue management. The revenue management problems under competition can be formulated as games. Results from game theory allow to study the existence and uniqueness of equilibrium policies in revenue management games. An approximation algorithm can be used for solving the revenue management problems under competition.

Auctions are important market mechanisms for the a lloc tion of goods and services. In the paper ... more Auctions are important market mechanisms for the a lloc tion of goods and services. In the paper a complex trading model is p roposed. The proposed model, called multidimensional auction, is a generaliz tion of an LP model of standard single item English auction. Multidimensional a uctions include the possibility of auction generalization for multi-item, multi -type, multi-round and multi-criteria. The multi-item model for multi-type auct ion is modelled and solved by multi-round approach with multiple criteria. The pr oposed model illustrates the possibility to formulate and solve multidimensional auctions as mathematical programming problems. Allowing bidders more fully t o express preferences leads to improved economic efficiency and greater a uction revenue.

Proceedings of the International Symposium on the Analytic Hierarchy Process, 2001

The paper presents a using of ANP approach to study and to measure performance of network product... more The paper presents a using of ANP approach to study and to measure performance of network production systems. Network production systems can be shown as a set of business units interconnected by information, physical and financial flows from initial suppliers to ultimate customers. The network production system is responsible for global performance whereas each business unit is responsible for local performance. The ANP approach is used for the performance pyramid managerial concept by local performance measuring of business units and to compare the global performance of business units also.

Trendy v podnikání, 2021

The use of project portfolio management is increasingly becoming a tool for promoting the strateg... more The use of project portfolio management is increasingly becoming a tool for promoting the strategy of the organization. Using sophisticated quantitative tools becomes a significant competitive advantage for project portfolio management. Project portfolio management is a dynamic multi-criteria decision-making problem under risk. The paper presents new approaches for analyzing the problem. A dynamic version of the Analytic Network Process (ANP) captures the network, multicriteria and dynamic structure of the problem. Multicriteria decision trees analyze risk of project portfolios. Possible projects are characterized by sets of inputs and outputs, where inputs are resources for project realization and outputs measure multiple criteria of goals of the organization. The Data Envelopment Analysis (DEA) is an appropriate approach to select efficient project portfolios.

Central European Journal of Operations Research, 2021

Many approaches have been designed to solve a stock portfolio selection problem. The aim of this ... more Many approaches have been designed to solve a stock portfolio selection problem. The aim of this paper is to provide a complex supporting tool for a portfolio selection. So, the problem is seen as a multi-objective one. People tend to settle for a reasonably satisfactory rather than an optimal solution which is provided by the existing methods. That means they substitute the goal of reaching specified aspiration levels for the goal of maximization. Developed Aspiration Level-Oriented procedure (ALOP) is based on searching a linear decision space and current solutions are sought by means of an interactive goal programming approach. Such a procedure has significant advantages for investment decision making. The decision space is searched by changes of aspiration levels using problem-solving approaches. Moreover, the approach can be combined with a weight model of preferences. The power of the developed method is demonstrated on a real investment portfolio making on the RM-SYSTEM Czech stock exchange. A stock portfolio process is performed for two most typical investment strategies-dividend-oriented and capital-oriented investor. The essential criteria (objectives) are determined, as well as their importance (according to the investor's preferences). After a decision making procedure, their resulting portfolios are analysed and compared.

Risk Management, 2019

The paper discusses the uncertainty resulting from vagueness. Within this topic we present an ori... more The paper discusses the uncertainty resulting from vagueness. Within this topic we present an original version of the fuzzy approach to a foreign investment risk estimation based on values of rating indices. The transition from the basic point values of rating indices into the linguistic values within intervals of linguistic variables of fuzzy logic enables us to take into account the diverse kinds of uncertainty. The theoretical and methodological part submits fundamentals of the general fuzzy model of the vaguely defined problem, which is applied to the problem of the foreign investment “risk” estimation of selected countries of Europe and Asia. The inclusion of a country into one of the categories (“high risk countries”, “conditional risk countries” and “non-risk countries”) is based on a vector of value indexes of the sub-components of business environment quality (corrupt environment, economic stability and political stability).

summary:Many of today’s systems are characterized by a network structure and evaluation of altern... more summary:Many of today’s systems are characterized by a network structure and evaluation of alternatives is based on multiple criteria. Network systems contain both positive and negative feedbacks. In the paper, a hybrid procedure is proposed for operation in network environment. The procedure is based on a combination of DEMATEL, ANP, and PROMETHEE approaches. DEMATEL is a comprehensive method for building and analyzing a structural model involving causal relationships between complex factors. For the network seems to be very appropriate Analytic Network Process (ANP) approach. The ANP makes possible to deal systematically with all kinds of dependence and feedback in the system. PROMETHEE methods are methods for multi-criteria evaluation of alternatives, based on preference relations between alternatives, which may be expressed as a network. These methods have specific advantages in analyzing and evaluating network systems. The combination of these approaches gives a powerful instru...

Communications - Scientific letters of the University of Zilina

The network economy is a term for today's global relationship among economic subjects characteriz... more The network economy is a term for today's global relationship among economic subjects characterized by massive connectivity. Today's network systems provide the infrastructure and foundation for the functioning of societies and economies. They come in many forms and include physical networks such as transportation and logistical networks, communication networks, energy networks, as well as more abstract networks as economic, financial, social, and knowledge networks. The paper presents modeling of auctions in network economy. Auctions are important market mechanisms for the allocation of goods and services. Combinatorial auctions are those auctions in which bidders can place bids on combinations of items. Combinatorial auction is an appropriate instrument for selling network capacity. The winner determination problem in a combinatorial auction for selling network capacity is formulated. The model can be formulated as a multicommodity flow problem and efficient algorithms can be used.

Communications - Scientific letters of the University of Zilina

A supply chain can be shown as a set of units interconnected by material, financial, information ... more A supply chain can be shown as a set of units interconnected by material, financial, information and decision flows from initial suppliers to ultimate customers. Supply chain management is more and more affected by network business environment and by information and communication technologies. The paper analyzes a combination of non-cooperative and cooperative decision making of supply chains in network economy.

Supply chain is a decentralized system where material, financial, information and decision flows ... more Supply chain is a decentralized system where material, financial, information and decision flows connect members. Supply chain contract is a coordination mechanism that provides incentives to all of its members so that the decentralized supply chain behaves as the integrated one. When the demand is stochastic than the newsvendor model can be applied. The newsvendor model is not complex, but it is sufficiently rich to study important questions in supply chain coordination. In a standard newsvendor problem the price is assumed to be fixed. There is a vast literature on supply chain contracts recently. However, little work has been done on the relationships of those supply chain contract models and on the combined problem of supply chain coordination with price-dependent stochastic demand. The proposed contract for supply chain coordination with price-dependent stochastic demand has desirable features. The supply chain is fully coordinated. Flexibility to allow any division of the supp...

Environmental Software Systems. Computer Science for Environmental Protection

This paper builds on reverse combinatorial auctions theory and its selected environmental applica... more This paper builds on reverse combinatorial auctions theory and its selected environmental applications, which were presented at ISESS 2013 and ISESS 2015. It provides an approach for calculating the sensitivity and proposals for necessary adjustments of CombinatoRial Auction Body Software System (CRAB), which makes its use for the relevant decision-making tasks more user friendly. Two possibilities are suggested. The first approach is appropriate for cases with relatively small numbers of subjects, where it is possible to compute all feasible solutions ordered by total cost. In such cases it is possible to analyse changes of coalition structures with increasing the cost. The second one suggests modification of the CRAB software, which would make it possible to analyse cases with high numbers of feasible coalition structures located between the optimal coalition (i.e. the cost-effective one) and the structure consisting of individual projects. This approach is appropriate for complex real applications involving setting of cost levels.

Proceedings of the International Symposium on the Analytic Hierarchy Process, 2007

Auctions are important market mechanisms for the allocation of goods and services. Auctions are p... more Auctions are important market mechanisms for the allocation of goods and services. Auctions are preferred often to other common processes because they are open, quite fair, easiness to understand by participants, and lead to economically efficient outcomes. Design of auctions is a multidisciplinary effort made of contributions from economics, operations research, informatics, and other disciplines. Combinatorial auctions are those auctions in which bidders can place bids on combinations of items, called "packages," rather than just individual items. The advantage of combinatorial auctions is that the bidder can more fully express his preferences. This is particular important when items are complements. The multiple evaluation criteria can be used. There are dependencies among sellers, buyers, criteria, bundles of items. A variety of feedback processes creates complex system of items. For the whole structure seems to be very appropriate Analytic Network Process (ANP) approach. The ANP method makes possible to deal systematically with all kinds of dependence and feedback in the system of items. By the ANP approach can be evaluated the preferences of bundles of items. Dynamic Network Process (DNP) as an extension of ANP can deal with time dependent priorities in combinatorial auctions. Recent work has focused on the question of how to limit the amount of valuation information provided by bidders by adaptively limiting the precision of the bids that are specified.

Vysoká škola ekonomická v Praze Fakulta informatiky a statistiky nám. W. Churchilla 4

Multiple Criteria Decision Making, 2021

A supply chain is a complex and dynamic supply and demand network of agents, activities, resource... more A supply chain is a complex and dynamic supply and demand network of agents, activities, resources, technology and information involved in moving products or services from supplier to customer. The suitability of supply chains can be measured by multiple criteria, such as environmental, social, economic, and others. Finding an equilibrium between the interests of members of a sustainable supply chain is a very important problem. The main objective of the paper is to analyze the design of sustainable supply chains and to create a comprehensive model and solution methods for designing sustainable supply chains. Multiple criteria analysis and game theory is a natural choice to effectively analyze and model decision making in such multiple agent situation with multiple criteria where the outcome depends on the choice made by every agent. Multiple criteria analysis is useful for assessing sustainability of supply chains. The De Novo approach focusses on designing optimal systems. Game th...

Proceedings of the international scientific conference Hradec Economic Days 2019 part I., 2019

Networking systems are becoming increasingly important in today's globalization conditions. Netwo... more Networking systems are becoming increasingly important in today's globalization conditions. Network systems show positive and negative effects and paradoxes. One of the paradoxes examined is Braess's paradox, which describes the situation when the addition of edges in the network can lead to a deterioration in the properties of the network system. The paper focuses on generalizing Braess's paradox. One way of generalizing is to consider multiple criteria. An example is analyzed when adding a zero-valued edge according to another criterion worsens the values of both criteria. The second way of exploration is the dynamism of Braess's paradox. Both of these generalizations lead to an even stronger versions of Braess's paradox than by the original problem.

Auctions are important market mechanisms for the allocation of goods and services. Auction theory... more Auctions are important market mechanisms for the allocation of goods and services. Auction theory has caught tremendous interest from both the economic side as well as the Internet industry. The popularity of auctions and the requirements of e-business have led to growing interest in the development of complex trading models. Design of auctions is a multidisciplinary effort comprised of contributions from economics, operations research, informatics, and other disciplines. Combinatorial auctions have recently generated significant interest as an automated mechanism for buying and selling bundles of goods. They are proving to be extremely useful in numerous e-business applications. Important issues in the design of combinatorial auctions are presented. Iterative combinatorial auctions with multiple criteria are proposed complex trading models. The iterative procedure is composed of three key components: a preference model, an optimization model, and a negotiation model..

Kybernetika, 1997

Institute of Mathematics of the Academy of Sciences of the Czech Republic provides access to digi... more Institute of Mathematics of the Academy of Sciences of the Czech Republic provides access to digitized documents strictly for personal use. Each copy of any part of this document must contain these Terms of use.

The AHP (Analytic Hierarchy Process) method is modified with respect to network structures and dy... more The AHP (Analytic Hierarchy Process) method is modified with respect to network structures and dynamics of the analyzed systems. The ANP (Analytic Network Process) method is appropriate for setting priorities in network systems where there are different types of dependencies between evaluation criteria and system elements. However, with time-varying environments in network systems, time-dependent priorities play an increasingly important role. Long-term priorities can be based on timedependent comparisons of criteria and system elements. For short-term prediction, exponential smoothing of compositional data can be used. The paper proposes a hybrid procedure DNAP (Dynamic Analytic Network Process) that combines and enriches advantages and benefits of both approaches by analysis of network systems.

Traditional concepts of optimality focus on valuation of already given systems. A new concept of ... more Traditional concepts of optimality focus on valuation of already given systems. A new concept of designing optimal systems is proposed. Multi-objective linear programming (MOLP) is a model of optimizing a given system by multiple objectives. In MOLP problems it is usually impossible to optimize all objectives simultaneously in a given system. An optimal system should be tradeoff-free. As a methodology of optimal system design, De Novo programming for reshaping feasible sets in linear systems can be used. Basic concepts of the De Novo optimization are summarized. Possible extensions, methodological and actual applications are presented. The supply chain design problem is formulated and solved by De Novo approach.

Revenue management (RM) is the art and science of predicting consumer behavior and optimizing pri... more Revenue management (RM) is the art and science of predicting consumer behavior and optimizing price and product availability to maximize revenue. RM models, despite their success and popularity, still remain somewhat simplistic. The most critical flaw is that current RM models are designed under the assumption that demands are independent random variables. The models are readily extended to competitive settings. The paper is devoted to modeling of competition in revenue management. The revenue management problems under competition can be formulated as games. Results from game theory allow to study the existence and uniqueness of equilibrium policies in revenue management games. An approximation algorithm can be used for solving the revenue management problems under competition.

Auctions are important market mechanisms for the a lloc tion of goods and services. In the paper ... more Auctions are important market mechanisms for the a lloc tion of goods and services. In the paper a complex trading model is p roposed. The proposed model, called multidimensional auction, is a generaliz tion of an LP model of standard single item English auction. Multidimensional a uctions include the possibility of auction generalization for multi-item, multi -type, multi-round and multi-criteria. The multi-item model for multi-type auct ion is modelled and solved by multi-round approach with multiple criteria. The pr oposed model illustrates the possibility to formulate and solve multidimensional auctions as mathematical programming problems. Allowing bidders more fully t o express preferences leads to improved economic efficiency and greater a uction revenue.

Proceedings of the International Symposium on the Analytic Hierarchy Process, 2001

The paper presents a using of ANP approach to study and to measure performance of network product... more The paper presents a using of ANP approach to study and to measure performance of network production systems. Network production systems can be shown as a set of business units interconnected by information, physical and financial flows from initial suppliers to ultimate customers. The network production system is responsible for global performance whereas each business unit is responsible for local performance. The ANP approach is used for the performance pyramid managerial concept by local performance measuring of business units and to compare the global performance of business units also.

Trendy v podnikání, 2021

The use of project portfolio management is increasingly becoming a tool for promoting the strateg... more The use of project portfolio management is increasingly becoming a tool for promoting the strategy of the organization. Using sophisticated quantitative tools becomes a significant competitive advantage for project portfolio management. Project portfolio management is a dynamic multi-criteria decision-making problem under risk. The paper presents new approaches for analyzing the problem. A dynamic version of the Analytic Network Process (ANP) captures the network, multicriteria and dynamic structure of the problem. Multicriteria decision trees analyze risk of project portfolios. Possible projects are characterized by sets of inputs and outputs, where inputs are resources for project realization and outputs measure multiple criteria of goals of the organization. The Data Envelopment Analysis (DEA) is an appropriate approach to select efficient project portfolios.

Central European Journal of Operations Research, 2021

Many approaches have been designed to solve a stock portfolio selection problem. The aim of this ... more Many approaches have been designed to solve a stock portfolio selection problem. The aim of this paper is to provide a complex supporting tool for a portfolio selection. So, the problem is seen as a multi-objective one. People tend to settle for a reasonably satisfactory rather than an optimal solution which is provided by the existing methods. That means they substitute the goal of reaching specified aspiration levels for the goal of maximization. Developed Aspiration Level-Oriented procedure (ALOP) is based on searching a linear decision space and current solutions are sought by means of an interactive goal programming approach. Such a procedure has significant advantages for investment decision making. The decision space is searched by changes of aspiration levels using problem-solving approaches. Moreover, the approach can be combined with a weight model of preferences. The power of the developed method is demonstrated on a real investment portfolio making on the RM-SYSTEM Czech stock exchange. A stock portfolio process is performed for two most typical investment strategies-dividend-oriented and capital-oriented investor. The essential criteria (objectives) are determined, as well as their importance (according to the investor's preferences). After a decision making procedure, their resulting portfolios are analysed and compared.