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A Synthetic Decision-Support System Based on Multi-Facet Fuzzy Sets with Dynamic Parameter Settings for Next-Gen Battery Technology Investments
Volume 37, Issue 1 (2026), pp. 193–227
Edmundas Kazimieras Zavadskas   Hasan Dinçer   Serhat Yüksel  

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https://doi.org/10.15388/25-INFOR604
Pub. online: 19 September 2025      Type: Research Article      Open accessOpen Access

Received
1 May 2025
Accepted
1 September 2025
Published
19 September 2025

Abstract

New generation battery technology investments play a key role in the transition process from fossil fuels to renewable energy. The main problem related to the subject is that decision makers experience uncertainty about which of these numerous criteria affecting investment performance are prioritized. The lack of comprehensive models in the literature for systematically prioritizing these criteria creates a significant gap. The aim of this study is to determine the priority strategies to increase the performance of new generation battery technology investments. In this context, an innovative decision-making model is developed by integrating multi-facet fuzzy sets, logarithmic least-squares and WASPAS techniques. This study makes a significant contribution to the literature by prioritizing the performance indicators of new generation battery technology investments via an innovative decision-making model. The development of multi-facet fuzzy sets in this study provides an important contribution to the literature. Moreover, dynamic decision-making opportunity is provided by redefining membership degrees with different parameter sets for each scenario. This provides the opportunity to make clearer decisions based on scenarios and dynamic evaluations in complex decision-making processes. The main findings of the study indicate that circularity and compatibility with existing manufacturing infrastructure are priorities in improving the performance of these projects.

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Biographies

Zavadskas Edmundas Kazimieras
edmundas.zavadskas@vilniustech.lt

E.K. Zavadskas received the PhD degree in building structures from the Vilnius Institute of Civil Engineering, Lithuania, in 1973, the DSc degree in building technology and management from the Moscow Institute of Civil Engineering, Soviet Union, in 1987. He is currently the prof. chief researcher at the Institute of Sustainable Construction, Faculty of Civil Engineering, Vilnius Gediminas Technical University, Vilnius, Lithuania. He is the founder of Vilnius Gediminas Technical University in 1990. He is the author and coauthor of more than 600 papers and a number of monographs in Lithuanian, English, German, and Russian. His research interests include multicriteria decision-making, civil engineering, sustainable development, and fuzzy multicriteria decision making. Dr. K. Zavadskas is a member of the Lithuanian Academy of Science; a member of several foreign Academies of Sciences; the Honorary doctor from Poznan, Saint-Petersburg, and Kyiv universities, a member of international organizations; a member of steering and programme committees at many international conferences; the Chairman of EURO Working Group ORSDCE; an associate editor, guest editor, or editorial board member for 40 international journals including Computers-Aided Civil and Infrastructure Engineering, Automation in Construction, Informatica, International Journal of Information Technology and Decision Making, Archives of Civil and Mechanical Engineering, International Journal of Fuzzy Systems, Symmetry, Sustainability, Applied Intelligence, Energy, Entropy, and others; the founding editor of Technological and Economic Development of Economy, Journal of Civil Engineering and Management, International Journal of Strategic Property Management. He has been a highly cited researcher in 2014, 2018, 2019, and 2020.

Dinçer Hasan
hdincer@medipol.edu.tr

H. Dinçer is professor of finance at Istanbul Medipol University, Faculty of Economics and Administrative Sciences, Istanbul-Turkey. Dr. Dincer has BAs in financial markets and investment management from Marmara University. He received his PhD in finance and banking with his thesis entitled ‘The Effect of Changes on the Competitive Strategies of New Service Development in the Banking Sector”. He has work experience in the finance industry as a portfolio specialist and his major academic studies focusing on financial instruments, performance evaluation, and economics. He is the executive editor of the International Journal of Finance and Banking Studies (IJFBS) and the founder member of the Society for the Study of Business and Finance (SSBF). He has about 500 scientific articles and some of them are indexed in SSCI, SCI-Expended and Scopus. In addition to them, he is also an editor of many different books published by Springer and IGI Global.

Yüksel Serhat
serhatyuksel@medipol.edu.tr

S. Yüksel is a professor of finance in İstanbul Medipol University. Before this position, he worked as a senior internal auditor for seven years in Finansbank, Istanbul-Turkey and 1 year in Konya Food and Agriculture University as an assistant professor. Dr. Yüksel has a BS in business administration (in English) from Yeditepe University (2006) with full scholarship. He got his master degree from the economics in Boğaziçi University (2008). He also has a PhD in banking from Marmara University (2015). His research interests lie in energy economics, banking, finance and financial crisis. He has more than 500 scientific articles and some of them are indexed in SSCI, SCI, Scopus and Econlit. Also, he is the editor of some books that will be published by Springer and IGI Global.


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Keywords
multi-facet fuzzy sets dynamic parameter settings synthetic evaluations new generation battery technology energy economics

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