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    Analysis of risk priorities for renewable energy investment projects using a hybrid IT2 hesitant fuzzy decision-making approach with alpha cuts
    (Pergamon-Elsevier Science Ltd, 2021) Zhou, Pengfei; Luo, Jie; Cheng, Fei; Yüksel, Serhat; Dinçer, Hasan
    The aim of this study is to identify significant risks for the renewable energy investment projects. In this regard, a novel hybrid multi-criteria decision-making (MCDM) model has been proposed based on hesitant linguistic terms and alpha level sets. This model has three different phases. Firstly, the dimensions and criteria are defined regarding the renewable energy investment risks. In the second part, the significance levels of these factors are calculated with the help of hesitant interval type-2 fuzzy (IT2F) DEMATEL-based ANP (DANP). Finally, the types of investors by the risk awareness entitled high, moderate, and low are ranked while using hesitant IT2F QUALIFLEX. In all analysis, alpha level sets are taken into consideration. The results demonstrate that organizational effectiveness and cost efficiency are the most prominent factors for renewable energy investment. On the other side, moderate risk should be taken in these projects. It is recommended that the departments within the company should be compatible with each other for the renewable energy investment projects to be more successful. For this purpose, necessary actions should be taken to improve communication between departments. Another important point is that cost control should be done effectively to contribute to the performance of the renewable energy investment projects.
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    Assessment of safety management system on energy investment risk using house of quality based on hybrid stochastic interval-valued intuitionistic fuzzy decision-making approach
    (Elsevier B.V., 2021) Fang, Su; Zhou, Pengfei; Dinçer, Hasan; Yüksel, Serhat
    The purpose of the study is to construct a novel hybrid stochastic interval-valued intuitionistic fuzzy (IVIF) decision approach to the house of quality (HoQ)-based analysis of safety management system with the respect to the energy investment risks. For this purpose, two step analyses of IVIF decision making models by using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) are applied for weighting and ranking criteria of energy investment risks and safety management system, respectively. Additionally, Vise Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) methodology is also taken into consideration to make a comparative evaluation. The novelty of study is to propose a new hybrid decision making model based on IVIF sets and to analyse the probability and non-probability degrees of the extreme values with the stochastic data comparatively for the robustness check. The results show that global economic uncertainty is the most important criterion while the changes in the policy and regulatory at the country level has relatively the weakest importance among the energy investment risk. Additionally, the competitive environment is defined as the most prominent factor of safety management system on the energy investment risk when the HoQ-based fuzzy matrix is applied. However, the analysis demonstrates that hybrid decision making approaches based on interval-valued fuzzy sets and stochastic values provide the coherent results for weighting the criteria of energy investment risks and ranking the factors of the safety management system with HoQ. Based on these results, it is understood that uncertainties in the global economy increase investors' future worries. When global economic uncertainties are high, the market must be effectively monitored, and the necessary actions should be taken immediately. For this purpose, the necessary training should be given to the personnel currently working in these companies. In this framework, staff-based training programs should be prepared according to the job descriptions of the employees. Additionally, regarding the new recruitment personnel process, qualified employees should be selected based on the job descriptions.
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    Balanced scorecard-based evaluation of sustainable energy investment projects with IT2 fuzzy hybrid decision making approach
    (Multidisciplinary Digital Publishing Institute, 2020) Zhou, Pengran; Zhou, Pengfei; Yüksel, Serhat; Dinçer, Hasan; Uluer, Gülsüm Sena
    The purpose of this study is to determine the issues that financial institutions should pay attention to in their decision to provide financing to large scale energy projects. Within this framework, taking into account the Balanced Scorecard (BSC) approach, 4 dimensions and 8 criteria that can be effective in these decisions of financial institutions were determined. After that, the importance weights of these dimensions and criteria were determined by interval type-2 (IT2) fuzzy DEMATEL method. In addition, 3 different types of banks (public, private, foreign) are listed for their performance in financing energy projects. According to the results of the analysis, the technological and financial adequacy of the company that will invest in energy is the issue that financial institutions should pay the most attention to in their credit decision. Therefore, it is important for financial institutions to visit the customer's location and pay attention to the technological adequacy in the process of evaluating the customer's demand for credit for a large-scale energy project. In addition, it would be appropriate not to provide this fund to the energy companies with high indebtedness and insufficient liquidity. Another result of the study is that state banks have the lowest performance in financing these large-scale energy projects. When this result is taken into consideration, state banks need to pay more attention in evaluating large-scale energy projects in order to avoid major losses.
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    Hybrid predictive decision-making approach to emission reduction policies for sustainable energy industry
    (MDPI, 2020) Zhou, Chao; Liu, Dongyu; Zhou, Pengfei; Luo, Jie; Yüksel, Serhat; Dinçer, Hasan
    Carbon emissions are a prominent issue for sustainable energy production and management. Energy policies under the growing competitive environment could change the priorities of emission reduction and investment decisions. This paper aims to forecast carbon emissions from China and to rank the importance of carbon emissions with interval type 2 (IT2) fuzzy sets (FS) for sustainable energy investments. For this purpose, the quadratic model is applied to measuring emission trends and the Qualitative Flexible Multiple Criteria Method (QUALIFLEX) is used for measuring sustainable energy investment alternatives by the several emission levels. Forecasted values of 29 provinces in China are converted into the linguistic and fuzzy numbers based on IT2 FS respectively to measure the priorities of emission reduction for sustainable economies. The novelty of this paper is to propose a hybrid decision-making approach based on quadratic modeling and the QUALIFLEX method and to discuss the overall energy emission trend and policies for sustainable economic growth. The results demonstrate that emission reduction policies are the most important phenomenon and the environmental factors should be widely considered to construct sustainable energy investments and production.