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New Product Ideas Screening Decision With Approximate Evaluations: Optimization Approach

Author

Listed:
  • Smimou, K.

    (University of Lethbridge)

  • Bhatt, S. K.

    (bUniversity of Manitoba)

  • Dahl, D. W

    (University of British Columbia)

Abstract

Calantone, Di Benedetto and Schmidt (1999) presented an Analytic Hierarchy Process (AHP) modeling approach to new product screening. The illustration of this approach is an example of a decision support model that seeks to aid managers in selecting new product ideas to pursue. In this paper we improve upon this initial AHP mode using a fuzzy optimization approach. This use of fuzzy math augments the AHP model by providing the ability to cope with the ambiguity ad vagueness that can be inherent within the judgments underlying the analytic hierarchy process. The addition of a fuzzy structure to the standard AHP model provides a clearer decision framework while greatly enhancing the efficiency of the screening process. An empirical example that illustrates the application and benefits of the “fuzzy” approach is provided

Suggested Citation

  • Smimou, K. & Bhatt, S. K. & Dahl, D. W, 2005. "New Product Ideas Screening Decision With Approximate Evaluations: Optimization Approach," Fuzzy Economic Review, International Association for Fuzzy-set Management and Economy (SIGEF), vol. 0(2), pages 45-60, November.
    • Handle: RePEc:fzy:fuzeco:v:x:y:2005:i:2:p:45-60
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    More about this item

    Keywords

    AHP; ambiguous judgments; fuzzy analytical hierarchy process; new product and service screening; new product development; fuzzy sets in marketing.;
    All these keywords.

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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