Paper Info
Title
Application of multi criteria decision making methods for readiness factor calculation
Abstract
Industry 4.0 concept is a needed perspective for both manufacturing and service factories. In transitional period it requires big investments both for small and medium enterprises which represent a significant challenge. To make the transition as straightforward as possible, the readiness factor should be calculated before generating the investment plan. Readiness factor can provide an overview of the current state of affairs within the company and to point out where changes in operational policy and internal processes are needed. There are several methods already available for the readiness factor evaluation, which provide the general overview of the company, based on the features of the previous three industrial paradigms, rather than providing a more detailed breakdown. There are many influences affecting the readiness factor, which motivates the use of multi criteria decision support systems for readiness factor evaluation. Since there are various multi criteria optimization methods available, the most commonly used ones are outlined herein, such as Analytic Hierarchy Process, Promethee, Electre and TOPSIS, and are compared in terms of implemented methodologies, goal definitions, interpretation of results, and benefits and challenges.
Year
DOI
Venue
2019
10.1109/EUROCON.2019.8861520
IEEE EUROCON 2019 -18th International Conference on Smart Technologies
Keywords
Field
DocType
Industry 40,Decision Support,Process Planning,Readiness Factor
Small and medium-sized enterprises,Computer science,Decision support system,ELECTRE,Risk analysis (engineering),Software,TOPSIS,Analytic hierarchy process,State of affairs
Conference
ISBN
Citations 
PageRank 
978-1-5386-9302-5
0
0.34
References 
Authors
1
4
Name
Order
Citations
PageRank
Maja Trstenjak100.34
Dragutin Lisjak200.68
Tihomir Opetuk300.34
Danijel Pavkovic400.34