Project management by multimoora as an instrument for transition economies

Abstract The countries of Central and Eastern Europe moved from a previously centrally planned economy to a modern transition economy with strong market aspects. This paper proposes project management as an answer to this transition. Traditional Cost‐Benefit analysis does not respond to this purpose. Indeed Cost‐Benefit analysis is only interested in one specific project and not in a competition between projects. In addition all goals (objectives) have to be translated into money terms, leading sometimes to immoral consequences. On the contrary Multi‐Objective Optimization takes care of different objectives, whereas the objectives keep their own units. However different methods exist for the application of Multi‐Objective Optimization. The authors tested them after their robustness resulting in seven necessary conditions. MOORA (Multi‐Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form), assisted by Ameliorated Nominal Group and Delphi Techniques, satisfy the seve...