University of Qom Journal of Engineering Management and Soft Computing 3116-0158 12 2 2026 04 01 Clustering and Ranking of Provinces in Terms of Investment Security Based on Multi-Criteria Multi-Period Decision-Making 141 163 4299 10.22091/jemsc.2026.14237.1314 EN Ali Ganji MSc., Faculty of Industrial Engineering, Department of Industrial Engineering, SR.C., Islamic Azad University, Science and Research Branch, Tehran, Iran Email: Aliganji201@gmail.com / https://orcid.org/0009-0007-9873-9987 0009-0007-9873-9987 Ali Jahan Corresponding Author, Associate Prof., Faculty of Industrial Engineering, Department of Industrial Engineering, Se.C., Islamic Azad University, Semnan, Iran Email: Alijahan@iau.ir / Iranalijahan@yahoo.com / https://orcid.org/0000-0001-6347-1676 0000-0001-6347-1676 Journal Article 2025 10 21 Investment security is a critical component of economic development in countries, as its enhancement fosters investor confidence and encourages participation in productive sectors and financial markets. Given the regional disparities across the country, assessing investment security at the provincial level is essential. This study aims to rank and cluster Iranian provinces in terms of investment security over the period 2021–2023, using a multi-criteria, multi-period decision-making approach. For this purpose, two techniques—MP-TOPSIS and MULTI-MOORA—were employed to evaluate and rank the provinces, and the results were compared. Subsequently, the k-means clustering method was applied to group provinces into homogeneous clusters. The data were obtained from 12 policy reports published by the Iranian Parliament Research Center, and the weighting of criteria was performed using three methods: MEREC, Shannon entropy, and CRITIC. The findings reveal that Semnan, Golestan, and Hormozgan provinces exhibit the highest levels of investment security, while Tehran, Sistan and Baluchestan, and Kohgiluyeh and Boyer-Ahmad rank lowest. Additionally, the correlation between the two ranking methods was estimated at 87%, indicating a high degree of consistency and validating the proposed model. The results suggest that macroeconomic stability, administrative transparency, and robust legal frameworks are the most influential factors in determining investment security. Region-specific policy recommendations based on these analyses can significantly improve the investment climate across the country https://jemsc.qom.ac.ir/article_4299_28c08bb28e09abcf0a43cda784e0a1c9.pdf