Ranking the companies can be a useful guide for investors to select an optimum portfolio. Tehran stock exchange (TSE) uses liquidity criterion to rank the companies; however, this study shows that preferences of investors, the criteria they use to evaluate companies’ performances, and the extent to which ranking of companies based on investors’ criteria are in line with the ranking announced by the stock exchange. Since the criteria used for ranking the companies are various and often conflicting and because each multiple criteria technique has its own specific characteristics, various rankings are offered. Therefore, it is required to utilize multiple criteria decision making models to avoid confusion of investors. For this purpose, some companies were selected from 50 top companies listed in 2011 in TSE, which maintained the reliability of their ranks and finally, 20 companies were selected and were ranked based on investors’ criteria using EECTRE III Technique. The obtained ranking was then compared with the ranking offered by stock exchange. Research results indicate that ELECTRE III technique was a useful and efficient method to select a portfolio. Moreover, value-based criteria as well as accounting criteria are suitable and useful bases for investors to select a portfolio.

Reviewing the evolutionary trend of the models used in design and development of mechatronic products reveals the necessity for integration of the design characteristics and requirements in various engineering fields. Such products should agilely embrace rapid, persistent and complex requirements in competitive environments. This research aims to develop an integrated model for designing and developing mechatronic products within the context of agile production system. The study tries to eliminate unnecessary stages of design and simulation of products and increase the number of tested ideas. This suggests a distinction between product innovation and product improvement cycles and thus makes employing a pre-active approach to responding possible. Since the term “mechatronic products” is often used interchangeably with “robots”, one of the most commonly used types of them, i.e. tracer robot is considered as the statistical population for the proposed study. By choosing experimental (laboratory) research method, two categories of tracer robots are created: the tracer robots based on the V-model as the only integrated existing model and the robots based on the W-model as the model proposed by this study with a sample size of 35 sets in each group. The results indicate that both method provide acceptable validity although one model seems to perform better than the other one.