Verbal Analysis of Renovation Investment Strategy of Old Town

Abstract

In project development it is hardly possible to get exhaustive and accurate information. As a result, the situations occur, the consequences of which can be very damaging to the project. Inaccurate evaluation of the strategy related to capital investment and project implementation is one of the reasons why such estimates are not required in practice. Instead, a classification approach may be used for this purpose. Classification is a very important aspect of decision making. This means the prescription of objects to particular classes. Classified objects are described by various criteria that can be quantitatively or qualitatively evaluated. In multi-attribute environment it is hardly possible to achieve this without resorting to special techniques. A new way to solve the problem – the CLARA method (Classification of Real Alternatives) is offered. The paper presents a feasibility study of using verbal classification for determining a better strategy, depending on the evaluated strategy level. This article presents a new way to solve the problem - the CLARA expert verbal method. Formally, the problem is stated as one of multicriteria classifications. A hierarchical approach to the considered effectiveness indicators is proposed. The proof of the method effectiveness is presented. The process of method’s practical application is described.