FINANCIAL PLANNER SYSTEM (FPaS)
USING ANALYTICAL HIERARCHY PROCESS
ABSTRACT
Personal financial management education has focused on recommended practices believed to ensure long-term financial security. Yet studies have found that few people actually implement such practices. Take shopping for example, without proper planning one might be oblivious to one’s expenditure as it soars pass the initial budget.
This paper presents a personal shopping advisor system in order to help users manage their finances while shopping. The system organizes users shopping list which is divided into demands and desire by analyzing the users budget and priority. The proposed use of the Analytical Hierarchical Process (AHP) as an underlying technique to make decisions between budget, price and priority and thus helping users to make better decisions.
This paper presents a personal shopping advisor system in order to help users manage their finances while shopping. The system organizes users shopping list which is divided into demands and desire by analyzing the users budget and priority. The proposed use of the Analytical Hierarchical Process (AHP) as an underlying technique to make decisions between budget, price and priority and thus helping users to make better decisions.
INTRODUCTION
- Creating a budget, and sticking to it, is essential to a healthy financial position.
- Understanding and knowing where your money goes will help you to make responsible financial decisions.
- This system practices to better understand what we need to buy and why.
- Objectives are limited to the short-term, and long term planning, that help user to plan and manage their expense based on budget and priority
OBJECTIVE
- To design a system that help users to manage and plan expense based on priority and budget
- To implement the Analytic Hierarchy Process (AHP) technique in order to help user manage expense based on budget and priority.
- To test the functionality of the designed system.
ANALYTICAL HIERARCHY PROCESS
- The AHP is designed to solve complex problems involving multiple criteria.
- The process requires the decision maker to provide judgments about the relative importance of each criterion and then specify a preference for each decision alternative on each criterion.
- .The output of the AHP is a prioritized ranking indicating the overall preference for each of the decision alternatives
EXPECTED OUTCOME
- A system that help users to manage and plan expenses based on priority and budget.
- The system will be able to help user to organize their shopping list to ensure financial management.
- The system is offers user friendly interface and is easy to use.
CONCLUSION
- The financially illiterate will experience a better appreciation and application of the financial management practices.
- Priority setting of the criteria by pairwise comparison (weighing) via application of AHP in the system will help user to decide what to purchase in order not to exceed their budget.
- AHP creates a structured baseline for continuously improving decision making processes in an organization, which results in higher levels of efficiency and effectiveness.