98 research outputs found

    Group decision-making models for venture capitalists: the PROMETHEE with hesitant fuzzy linguistic information

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    Venture capitalists (VCs) have long been preoccupied by the issue of selecting a promising start-up firm, whereas, ranking the available start-up firms is an effective way to solve this issue. In this paper, the PROMETHEE is chosen to be the fundamental ranking method. Also, the hesitant fuzzy linguistic term set is a suitable tool to simulate VCs’ evaluation information. Additionally, as the deepening of social division of labor and specialization of individuals, group decision making is famous for improving decision-making quality. Moreover, in the decision-making process, VCs exhibit behavioral characteristics which is depicted well by prospect theory that VCs are risk averse for gains and risk seeking for losses and rely on the transformed probability to make their decisions rather than unidimensional probability. Thus, a group prospect PROMETHEE with hesitant fuzzy linguistic information is constructed for VCs to make a better decision. Then, the proposed method is applied to rank start-up firms and the comparative analyses are made as well. It confirms that the group prospect PROMETHEE is better in describing the common behavioral characteristics of VCs and in enhancing the quality of evaluation

    Uncertain Multi-Criteria Optimization Problems

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    Most real-world search and optimization problems naturally involve multiple criteria as objectives. Generally, symmetry, asymmetry, and anti-symmetry are basic characteristics of binary relationships used when modeling optimization problems. Moreover, the notion of symmetry has appeared in many articles about uncertainty theories that are employed in multi-criteria problems. Different solutions may produce trade-offs (conflicting scenarios) among different objectives. A better solution with respect to one objective may compromise other objectives. There are various factors that need to be considered to address the problems in multidisciplinary research, which is critical for the overall sustainability of human development and activity. In this regard, in recent decades, decision-making theory has been the subject of intense research activities due to its wide applications in different areas. The decision-making theory approach has become an important means to provide real-time solutions to uncertainty problems. Theories such as probability theory, fuzzy set theory, type-2 fuzzy set theory, rough set, and uncertainty theory, available in the existing literature, deal with such uncertainties. Nevertheless, the uncertain multi-criteria characteristics in such problems have not yet been explored in depth, and there is much left to be achieved in this direction. Hence, different mathematical models of real-life multi-criteria optimization problems can be developed in various uncertain frameworks with special emphasis on optimization problems

    Multi-Criteria Decision Making under Uncertain Evaluations

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    Multi-Criteria Decision Making (MCDM) is a branch of operation research that aims to empower decision makers (DMs) in complex decision problems, where merely depending on DMs judgment is insufficient. Conventional MCDM approaches assume that precise information is available to analyze decision problems. However, decision problems in many applications involve uncertain, imprecise, and subjective data. This manuscripts-based thesis aims to address a number of challenges within the context of MCDM under uncertain evaluations, where the available data is relatively small and information is poor. The first manuscript is intended to handle decision problems, where interdependencies exist among evaluation criteria, while subjective and objective uncertainty are involved. To this end, a new hybrid MCDM methodology is introduced, in which grey systems theory is integrated with a distinctive combination of MCDM approaches. The emergent ability of the new methodology should improve the evaluation space in such a complex decision problem. The overall evaluation of a MCDM problem is based on alternatives evaluations over the different criteria and the associated weights of each criterion. However, information on criteria weights might be unknown. In the second manuscripts, MCDM problems with completely unknown weight information is investigated, where evaluations are uncertain. At first, to estimate the unknown criteria weights a new optimization model is proposed, which combines the maximizing deviation method and the principles of grey systems theory. To evaluate potential alternatives under uncertain evaluations, the Preference Ranking Organization METHod for Enrichment Evaluations approach is extended using degrees of possibility. In many decision areas, information is collected at different periods. Conventional MCDM approaches are not suitable to handle such a dynamic decision problem. Accordingly, the third manuscript aims to address dynamic MCDM (DMCDM) problems with uncertain evaluations over different periods, while information on criteria weights and the influence of different time periods are unknown. A new DMCDM is developed in which three phases are involved: (1) establish priorities among evaluation criteria over different periods; (2) estimate the weight of vectors of different time periods, where the variabilities in the influence of evaluation criteria over the different periods are considered; (3) assess potential alternatives

    A decision-making framework based on the Fermatean hesitant fuzzy distance measure and TOPSIS

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    A particularly useful assessment tool for evaluating uncertainty and dealing with fuzziness is the Fermatean fuzzy set (FFS), which expands the membership and non-membership degree requirements. Distance measurement has been extensively employed in several fields as an essential approach that may successfully disclose the differences between fuzzy sets. In this article, we discuss various novel distance measures in Fermatean hesitant fuzzy environments as research on distance measures for FFS is in its early stages. These new distance measures include weighted distance measures and ordered weighted distance measures. This justification serves as the foundation for the construction of the generalized Fermatean hesitation fuzzy hybrid weighted distance (DGFHFHWD) scale, as well as the discussion of its weight determination mechanism, associated attributes and special forms. Subsequently, we present a new decision-making approach based on DGFHFHWD and TOPSIS, where the weights are processed by exponential entropy and normal distribution weighting, for the multi-attribute decision-making (MADM) issue with unknown attribute weights. Finally, a numerical example of choosing a logistics transfer station and a comparative study with other approaches based on current operators and FFS distance measurements are used to demonstrate the viability and logic of the suggested method. The findings illustrate the ability of the suggested MADM technique to completely present the decision data, enhance the accuracy of decision outcomes and prevent information loss

    Current Application Fields of ELECTRE and PROMETHEE: A Literature Review

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    Multi-criteria decision making techniques are widely used today. In this study, it was examined the current usage areas of ELECTRE and PROMETHEE, which are in the class of outranking-based multiple criteria decision techniques, in Turkey and the world. In this regard, the studies carried out in 2016 and the first four months of 2017 were scanned with the help of Google Scholar. Thus, it is aimed to put forward the latest state of development of ELECTRE and PROMETHEE, and to give an idea about their future application forms and fields. As a result, it was seen that application problems of ELECTRE and PROMETHEE in various fields was tried to remove, and designed appropriate methods for special cases in studies. Furthermore, evaluation according to scenario variations, solving complex decision problems with metaheuristics, common usage of hesitant fuzzy implementations, proliferation of group decision preference, increasing the number of applications of hybrid techniques, used softwares, sensitivity analyses, two linguistic approaches taking an important place in fuzzification have been identified as remarkable results

    An Integrated Decision-Making Method Based on Neutrosophic Numbers for Investigating Factors of Coastal Erosion

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    The recent boom of various integrated decision-making methods has attracted many researchers to the field. The recent integrated Analytic Network Process and Decision Making Trial and Evaluation Laboratory (ANP–DEMATEL) methods were developed based on crisp numbers and fuzzy numbers. However, these numbers are incapable of dealing with the indeterminant and inconsistent information that exists in real-life problems

    Using Pythagorean Fuzzy Sets (PFS) in Multiple Criteria Group Decision Making (MCGDM) Methods for Engineering Materials Selection Applications

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    The process of materials’ selection is very critical during the initial stages of designing manufactured products. Inefficient decision-making outcomes in the material selection process could result in poor quality of products and unnecessary costs. In the last century, numerous materials have been developed for manufacturing mechanical components in different industries. Many of these new materials are similar in their properties and performances, thus creating great challenges for designers and engineers to make accurate selections. Our main objective in this work is to assist decision makers (DMs) within the manufacturing field to evaluate materials alternatives and to select the best alternative for specific manufacturing purposes. In this research, new hybrid fuzzy Multiple Criteria Group Decision Making (MCGDM) methods are proposed for the material selection problem. The proposed methods tackle some challenges that are associated with the material selection decision making process, such as aggregating decision makers’ (DMs) decisions appropriately and modeling uncertainty. In the proposed hybrid models, a novel aggregation approach is developed to convert DMs crisp decisions to Pythagorean fuzzy sets (PFS). This approach gives more flexibility to DMs to express their opinions than the traditional fuzzy and intuitionistic sets (IFS). Then, the proposed aggregation approach is integrated with a ranking method to solve the Pythagorean Fuzzy Multi Criteria Decision Making (PFMCGDM) problem and rank the material alternatives. The ranking methods used in the hybrid models are the Pythagorean Fuzzy TOPSIS (The Technique for Order of Preference by Similarity to Ideal Solution) and Pythagorean Fuzzy COPRAS (COmplex PRoportional Assessment). TOPSIS and COPRAS are selected based on their effectiveness and practicality in dealing with the nature of material selection problems. In the aggregation approach, the Sugeno Fuzzy measure and the Shapley value are used to fairly distribute the DMs weight in the Pythagorean Fuzzy numbers. Additionally, new functions to calculate uncertainty from DMs recommendations are developed using the Takagai-Sugeno approach. The literature reveals some work on these methods, but to our knowledge, there are no published works that integrate the proposed aggregation approach with the selected MCDM ranking methods under the Pythagorean Fuzzy environment for the use in materials selection problems. Furthermore, the proposed methods might be applied, due to its novelty, to any MCDM problem in other areas. A practical validation of the proposed hybrid PFMCGDM methods is investigated through conducting a case study of material selection for high pressure turbine blades in jet engines. The main objectives of the case study were: 1) to investigate the new developed aggregation approach in converting real DMs crisp decisions into Pythagorean fuzzy numbers; 2) to test the applicability of both the hybrid PFMCGDM TOPSIS and the hybrid PFMCGDM COPRAS methods in the field of material selection. In this case study, a group of five DMs, faculty members and graduate students, from the Materials Science and Engineering Department at the University of Wisconsin-Milwaukee, were selected to participate as DMs. Their evaluations fulfilled the first objective of the case study. A computer application for material selection was developed to assist designers and engineers in real life problems. A comparative analysis was performed to compare the results of both hybrid MCGDM methods. A sensitivity analysis was conducted to show the robustness and reliability of the outcomes obtained from both methods. It is concluded that using the proposed hybrid PFMCGDM TOPSIS method is more effective and practical in the material selection process than the proposed hybrid PFMCGDM COPRAS method. Additionally, recommendations for further research are suggested

    Analysis of Decision Support Systems of Industrial Relevance: Application Potential of Fuzzy and Grey Set Theories

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    The present work articulates few case empirical studies on decision making in industrial context. Development of variety of Decision Support System (DSS) under uncertainty and vague information is attempted herein. The study emphases on five important decision making domains where effective decision making may surely enhance overall performance of the organization. The focused territories of this work are i) robot selection, ii) g-resilient supplier selection, iii) third party logistics (3PL) service provider selection, iv) assessment of supply chain’s g-resilient index and v) risk assessment in e-commerce exercises. Firstly, decision support systems in relation to robot selection are conceptualized through adaptation to fuzzy set theory in integration with TODIM and PROMETHEE approach, Grey set theory is also found useful in this regard; and is combined with TODIM approach to identify the best robot alternative. In this work, an attempt is also made to tackle subjective (qualitative) and objective (quantitative) evaluation information simultaneously, towards effective decision making. Supplier selection is a key strategic concern for the large-scale organizations. In view of this, a novel decision support framework is proposed to address g-resilient (green and resilient) supplier selection issues. Green capability of suppliers’ ensures the pollution free operation; while, resiliency deals with unexpected system disruptions. A comparative analysis of the results is also carried out by applying well-known decision making approaches like Fuzzy- TOPSIS and Fuzzy-VIKOR. In relation to 3PL service provider selection, this dissertation proposes a novel ‘Dominance- Based’ model in combination with grey set theory to deal with 3PL provider selection, considering linguistic preferences of the Decision-Makers (DMs). An empirical case study is articulated to demonstrate application potential of the proposed model. The results, obtained thereof, have been compared to that of grey-TOPSIS approach. Another part of this dissertation is to provide an integrated framework in order to assess gresilient (ecosilient) performance of the supply chain of a case automotive company. The overall g-resilient supply chain performance is determined by computing a unique ecosilient (g-resilient) index. The concepts of Fuzzy Performance Importance Index (FPII) along with Degree of Similarity (DOS) (obtained from fuzzy set theory) are applied to rank different gresilient criteria in accordance to their current status of performance. The study is further extended to analyze, and thereby, to mitigate various risk factors (risk sources) involved in e-commerce exercises. A total forty eight major e-commerce risks are recognized and evaluated in a decision making perspective by utilizing the knowledge acquired from the fuzzy set theory. Risk is evaluated as a product of two risk quantifying parameters viz. (i) Likelihood of occurrence and, (ii) Impact. Aforesaid two risk quantifying parameters are assessed in a subjective manner (linguistic human judgment), rather than exploring probabilistic approach of risk analysis. The ‘crisp risk extent’ corresponding to various risk factors are figured out through the proposed fuzzy risk analysis approach. The risk factor possessing high ‘crisp risk extent’ score is said be more critical for the current problem context (toward e-commerce success). Risks are now categorized into different levels of severity (adverse consequences) (i.e. negligible, minor, marginal, critical and catastrophic). Amongst forty eight risk sources, top five risk sources which are supposed to adversely affect the company’s e-commerce performance are recognized through such categorization. The overall risk extent is determined by aggregating individual risks (under ‘critical’ level of severity) using Fuzzy Inference System (FIS). Interpretive Structural Modeling (ISM) is then used to obtain structural relationship amongst aforementioned five risk sources. An appropriate action requirement plan is also suggested, to control and minimize risks associated with e-commerce exercises

    The Applicability of Multiple MCDM Techniques for Implementation in the Priority of Road Maintenance

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    Priority of road maintenance can be viewed as a process influenced by decision-makers with varying decision-making power. Each decision-maker may have their view and judgment depending on their function and responsibilities. Therefore, determining the priority of road maintenance can be thought of as a process of MCDM. Regarding the priority of road maintenance, this is a difficult MCDM problem involving uncertainty, qualitative criteria, and possible causal relationships between choice criteria. This paper aims to examine the applicability of multiple MCDM techniques, which are used for assessing the priority of road maintenance, by adapting them to this sector. Priority of road maintenance problems subject to internal uncertainty caused by imprecise human judgments will be reviewed and investigated, as well as the most popular theories and methods in group MCDM for presenting uncertain information, creating weights for decision criteria, examining causal relationships, and ranking alternatives. The study concluded that through the strengths and weaknesses reached, fuzzy set theory is the most appropriate and best used in modeling uncertain information. In addition, the methods that are employed the most common in the literature that has been done to explore the correlations between decision criteria have been examined, and it is concluded that the fuzzy best-worst method may be utilized in this research. The Fuzzy VIKOR approach is most likely the best method for ranking the decision alternatives.
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