A hybrid decision making approach for new service development process of renewable energy investment

Abstract

This study aims at evaluating new service development (NSD) process of renewable energy in-vestments. A novel fuzzy hybrid multi-criteria decision-making model is then introduced. Firstly, selected criteria are weighted with a multi stepwise weight assessment ratio analysis (M-SWARA) methodology based on bipolar q-rung orthopair fuzzy sets (q-ROFSs) and golden cut. Secondly, balanced scorecard (BSC)-based project network for the NSD process of renewable energy investments is constructed. These alternatives are ranked by using the elimination and choice translating reality (ELECTRE) approach with bipolar q-ROFSs and golden cut. Afterwards, the Project Evaluation and Review Technique (PERT) diagram is developed by defining immediate predecessors based on the ranking results. Consequently, different paths are created to understand effective ways to generate NSD process. Our findings will show the crucial processes for the NSD process of renewable energy investments, and the PERT analysis will provide optimal paths to increase the performance of NSD process of the renewable energies. It is concluded that analysis is the most critical NSD process for clean energy investment projects. The findings indicate that the shortest path is defined as Path 2 with 48.6% of the total importance degree. On the other hand, the longest path is determined as Path 1 with 100%. Path 4 has the weakest importance with 65.2% in comparison to Path 3 with 83.4% with respect to the comparison same activity numbers. It is strongly recommended that both technical and financial aspects should be evaluated with necessary research while generating new products. This issue can have a positive contribution to the early solution of any potential problems.