Supporting international entry decisions for construction firms using fuzzy preference relations and cumulative prospect theory

Authors:
Min-Yuan Cheng;Hsing-Chih Tsai;Kai-Hsiang Chuang
Affiliations:
Department of Construction Engineering, National Taiwan University of Science and Technology, #43, Sec. 4, Keelung Rd., Taipei 106, Taiwan, ROC;Department of Construction Engineering, National Taiwan University of Science and Technology, #43, Sec. 4, Keelung Rd., Taipei 106, Taiwan, ROC;Master of Construction Engineering, National Taiwan University of Science and Technology, #43, Sec. 4, Keelung Rd., Taipei 106, Taiwan, ROC
Venue:
Expert Systems with Applications: An International Journal
Year:
2011

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Abstract

This paper emphasizes on supporting international entry decisions for construction firms in a three-phase analysis process. Phase I identified significant factors as two categories, namely country and project factor levels. Phase II stuck on identifying a risk of a country market for construction firms with fuzzy preference relations (FPR) and country factors. Of which, FPR helped elicit factor relative weights. Phase III devoted to figuring out which project or projects had the best prospects of success and profitability for assisting decisions of decision makers. Within phase III, project factors were used for project prospects, FPR for project success probability, and cumulative prospect theory (CPT) for decision maker prospects. This paper integrates FPR and CPT to select country markets and identify project prospects for decision makers of construction firms.