PROJECT MANAGEMENT BY MULTIMOORA AS AN INSTRUMENT FOR TRANSITION ECONOMIES

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 seven conditions, although in a theoretical way. A simulation exercise illustrates the use of these methods, ideals to be strived for as much as possible.