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Simple Additive Weighting versus Technique for Order Preference by Similarity to an Ideal Solution: which method is better suited for assessing the sustainability of a real estate project

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  • Nomeda Dobrovolskienė

    (Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania)

  • Anastasija Pozniak

    (Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania)

Abstract

In the real estate sector, sustainability assessment tools enable the transition to buildings with lower impacts on the environment, the economy and the society. A variety of multi-criteria decision-making (MCDM) methods has been proposed to address this problem. There is, however, no consensus on the method to be used in each assessment case. The paper presents an empirical application and comparison of two different MCDM approaches SAW (Simple Additive Weighting) and TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) to assessing the sustainability of a real estate project. 18 sustainability criteria weighted by experts formed the basis of sustainability assessment of a real estate project. The results of the study revealed a significant difference between the ranks obtained by SAW and TOPSIS. Moreover, the results of the MCDM sensitivity analysis showed that the TOPSIS method is more sensitive to changes in baseline data than the SAW method.

Suggested Citation

  • Nomeda Dobrovolskienė & Anastasija Pozniak, 2021. "Simple Additive Weighting versus Technique for Order Preference by Similarity to an Ideal Solution: which method is better suited for assessing the sustainability of a real estate project," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 180-196, June.
    • Handle: RePEc:ssi:jouesi:v:8:y:2021:i:4:p:180-196
    DOI: 10.9770/jesi.2021.8.4(10)
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    References listed on IDEAS

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    1. Sarita Gajbhiye Meshram & Ehsan Alvandi & Chandrashekhar Meshram & Ercan Kahya & Ayad M. Fadhil Al-Quraishi, 2020. "Application of SAW and TOPSIS in Prioritizing Watersheds," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 34(2), pages 715-732, January.
    2. Laura Tupenaite & Arturas Kaklauskas & Irene Lill & Ineta Geipele & Jurga Naimaviciene & Loreta Kanapeckiene & Linda Kauskale, 2018. "Sustainability Assessment of the New Residential Projects in the Baltic States: A Multiple Criteria Approach," Sustainability, MDPI, vol. 10(5), pages 1-21, May.
    3. Nazanin Vafaei & Rita A. Ribeiro & Luis M. Camarinha-Matos, 2018. "Data normalisation techniques in decision making: case study with TOPSIS method," International Journal of Information and Decision Sciences, Inderscience Enterprises Ltd, vol. 10(1), pages 19-38.
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    Cited by:

    1. Francesco Ciardiello & Andrea Genovese, 2023. "A comparison between TOPSIS and SAW methods," Annals of Operations Research, Springer, vol. 325(2), pages 967-994, June.

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    More about this item

    Keywords

    multi-criteria decision-making; multiple-criteria decision-making; real estate project; sustainability assessment; sensitivity analysis; Real Estate Sustainability Index (RESI);
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O22 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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