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Assessing Circular Economy Performances of Selected Countries Using Mcdm Methods: Promethee vs. CoCoSo
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Author(s): Žarko Jovan Rađenović (Innovation Center, Serbia)and Milena Nebojsa Rajić (Faculty of Mechanical Engineering, Serbia)
Copyright: 2024
Pages: 32
Source title:
Navigating the Circular Age of a Sustainable Digital Revolution
Source Author(s)/Editor(s): Umair Tanveer (University of Exeter, UK & Ho Chi Minh City University of Economics and Finance, Ho Chi Minh City, Vietnam), Shamaila Ishaq (University of Derby, UK), Truong Quang Huy (RMIT University, Vietnam)and Thinh Gia Hoang (RMIT University, Vietnam)
DOI: 10.4018/979-8-3693-2827-9.ch003
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Abstract
The concept of the circular economy is gaining increasing attention as a sustainable economic model aimed at minimizing resource consumption and waste generation, while promoting the sustainable economic growth of organizations. However, assessing the performance of existing circular economy initiatives requires a comprehensive evaluation and analysis of multiple criteria and indicators. This chapter explores the application of the multi-criteria decision making (MCDM) method in evaluating the performance indicators of the circular economy. It considers the importance of multi-criteria decision-making methods, presents relevant case studies, and highlights the advantages and challenges associated with their implementation. Accordingly, the aim of this research is to rank the EU27 countries based on a set of circular economy indicators using the mentioned MCDM method and to identify the alternative with the best mutual relationship of circular economy performance indicators. The optimal alternative after the analysis is Lithuania, a member of the EU27.
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