Comparative analysis of the todim method adherence to prospect theory

Prospect Theory provides a broad and solid frame of reference for modeling the decision making of rational agents. In the early 1990s, the structure of Prospect Theory was used to propose a method to aid a multicriteria decision based on the process of paired comparison. The research reported in this article has empirically assessed the adherence of the mathematical model of the original TODIM method, together with its variations available in the literature, to Prospect Theory and compared them with a multicriteria method that does not use that theory. From a comparative analysis, it was realized that the different variations of the TODIM method regarding the incorporation of Prospect Theory’s rationality within the context of Multicriteria Decision Aid still do not bring the benefits of an already consolidated theory to the context of decision-making aid. Thus, it is suggested that further studies be conducted to improve the adherence of Prospect Theory within the structure of the TODIM method, so that the benefits of a consolidated theory of decision lead to better results, notably from the perspective of using the method for the purposes of forecast

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

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

A novel TODIM based on prospect theory to select green supplier with q-rung orthopair fuzzy set

The authors would like to acknowledge the financial support by the Fundamental Research Funds for the Central Universities (#JBK2001043, and #JBK190969), the FEDER funds provided in the National Spanish project PID2019-103880RB-I00 and also it has been partially supported by grant from the National Natural Science Foundation of China (#71910107002).Green supply chain has developed rapidly due to the advocacy of ecological civilization, and choosing a proper green supplier is a crucial issue. Considering the fuzziness of evaluation information and the psychological states of decision makers (DMs) in selecting process, a novel TODIM based on prospect theory with q-rung orthopair fuzzy set (q-ROFS) is proposed. The novel TODIM concerns both the perceived transformed probability weighting function and the differences in risk attitudes. A new distance, which concerns the herd mentality, is carried out to measure the perceived difference of the q-ROFS. Besides, a new systematic evaluation index system, named as PCEM (Product, Cooperation ability, Environment, Market), has been established. A case related to pork supplier companies is presented and fully demonstrates the effectiveness of the novel TODIM when compared with the extended one, the intuitionistic fuzzy TODIM, the Pythagorean fuzzy TODIM as well as the TOPSIS with q-ROFS. Finally, a series of comparative analyses illustrate the advantages of the proposed TODIM.Fundamental Research Funds for the Central Universities JBK2001043 JBK190969FEDER funds provided in the National Spanish project PID2019-103880RB-I00National Natural Science Foundation of China (NSFC) 7191010700

An overview of fuzzy multi-criteria decisionmaking methods in hospitality and tourism industries: bibliometrics, methodologies, applications and future directions

Stakeholders in hospitality and tourism industries are involved in many decision-making scenarios. Multi-criteria decision-making (MCDM) methods have been widely used in hospitality and tourism industries. Although some articles summarised the applications of MCDM models in hospitality and tourism industries, they ignored the fuzziness of individual cognition in an uncertain environment. In addition, these surveys lacked a comprehensive overview from the perspective of bibliometrics analysis and content analysis regarding the whole hospitality and tourism industries. To analyse the applications of fuzzy MCDM methods in hospitality and tourism industries and further explore future research directions, this article reviews 85 selected papers published from 1997 to 2022 regarding fuzzy MCDM models applied in hospitality and tourism industries. Through analysing the results of bibliometric analysis, methodologies and applications, we found that analytic hierarchy process (AHP) and TOPSIS methods are the most widely used MCDM methods, and tourism evaluation, hotel evaluation and selection, tourism destination evaluation and selection are the most attractive research issues in hospitality and tourism industries. Finally, future research directions are proposed from three aspects. This article provides insights for researchers and practitioners who have interest in fuzzy MCDM models in hospitality and tourism industries

Single-valued neutrosophic TODIM method based on cumulative prospect theory for multi-attribute group decision making and its application to medical emergency management evaluation

In recent years, emergent public health events happen from time to time, which puts forward new requirements for the establishment of a perfect medical emergency system. It is a new direction to evaluate the effectiveness of medical emergency systems from the perspective of multi-attribute group decision making (MAGDM) issues. In such article, we tend to resolve the MAGDM issues under single-valued neutrosophic sets (SVNSs) with TODIM method based on cumulative prospect theory (CPT). And the single-valued neutrosophic TODIM method based on CPT (CPT-SVNTODIM) for MAGDM issues are developed. This new method not only inherits advantages of classical TODIM method, but also has further improvement in some aspects. For example, we set up the entropy to calculate attribute weights for ensuring the more objective decision-making process. Furthermore, it is also an extension of MAGDM method to utilize single-valued neutrosophic numbers (SVNNs) to depict decision makers’ ideas. In addition, we introduce the application of CPT-SVN-TODIM method in the assessment of medical emergency management. And finally, the reliability of CPT-SVN-TODIM method is confirmed by comparing with some other methods

Social sustainable supplier evaluation and selection: a group decision-support approach

Organisational and managerial decisions are influenced by corporate sustainability pressures. Organisations need to consider economic, environmental and social sustainability dimensions in their decisions to become sustainable. Supply chain decisions play a distinct and critical role in organisational good and service outputs sustainability. Sustainable supplier selection influences the supply chain sustainability allowing many organisations to build competitive advantage. Within this context, the social sustainability dimension has received relatively minor investigation; with emphasis typically on economic and environmental sustainability. Neglecting social sustainability can have serious repercussions for organisational supply chains. This study proposes a social sustainability attribute decision framework to evaluate and select socially sustainable suppliers. A grey-based multi-criteria decision-support tool composed of the ‘best-worst method’ (BWM) and TODIM (TOmada de Decisão Interativa e Multicritério – in Portuguese ‘Interactive and Multicriteria Decision Making’) is introduced. A grey-BWM approach is used to determine social sustainability attribute weights, and a grey-TODIM method is utilised to rank suppliers. This process is completed in a group decision setting. A case study of an Iranian manufacturing company is used to exemplify the applicability and suitability of the proposed social sustainability decision framework. Managerial implications, limitations, and future research directions are introduced after the application of the model

An Extended TODIM Method for Group Decision Making with the Interval Intuitionistic Fuzzy Sets

For a multiple-attribute group decision-making problem with interval intuitionistic fuzzy sets, a method based on extended TODIM is proposed. First, the concepts of interval intuitionistic fuzzy set and its algorithms are defined, and then the entropy method to determine the weights is put forward. Then, based on the Hamming distance and the Euclidean distance of the interval intuitionistic fuzzy set, both of which have been defined, function mapping is given for the attribute. Finally, to solve multiple-attribute group decision-making problems using interval intuitionistic fuzzy sets, a method based on extended TODIM is put forward, and a case that deals with the site selection of airport terminals is given to prove the method

Modified EDAS Method Based on Cumulative Prospect Theory for Multiple Attributes Group Decision Making with Interval-valued Intuitionistic Fuzzy Information

The Interval-valued intuitionistic fuzzy sets (IVIFSs) based on the intuitionistic fuzzy sets combines the classical decision method is in its research and application is attracting attention. After comparative analysis, there are multiple classical methods with IVIFSs information have been applied into many practical issues. In this paper, we extended the classical EDAS method based on cumulative prospect theory (CPT) considering the decision makers (DMs) psychological factor under IVIFSs. Taking the fuzzy and uncertain character of the IVIFSs and the psychological preference into consideration, the original EDAS method based on the CPT under IVIFSs (IVIF-CPT-MABAC) method is built for MAGDM issues. Meanwhile, information entropy method is used to evaluate the attribute weight. Finally, a numerical example for project selection of green technology venture capital has been given and some comparisons is used to illustrate advantages of IVIF-CPT-MABAC method and some comparison analysis and sensitivity analysis are applied to prove this new methods effectiveness and stability.Comment: 48 page

Nearest solution to references method for multicriteria decision-making problems

In MCDM problems, the decision maker is often ready to adopt the closest solution to the reference values in a choice or ranking problem. The reference values represent the desired results as established subjectively by the decision maker or determined through various scientific tools. In a criterion, the reference value could be the maximum value, the minimum value, or a specific value or range. Also, the acceptances degrees of ranges outside the reference may differ from each other in a criterion. Furthermore, measurements in a criterion may have been obtained with any of the nominal, ordinal, interval, and ratio scales. For the decision problems, including qualitative criteria, the solution cannot be achieved without scaling of criteria with the existing MCDM methods. The purpose of this study is to propose the Nearest Solution to References (REF) Method, a novel reference-based MCDM method, for the solution of decision problems having mixed data structure where references can be determined for criteria

Bibliometric analysis of scientific production on methods to aid decision making in the last 40 years

Purpose: Multicriteria methods have gained traction in both academia and industry practices for effective decision-making over the years. This bibliometric study aims to explore and provide an overview of research carried out on multicriteria methods, in its various aspects, over the past forty-four years. Design/Methodology/Approach: The Web of Science (WoS) and Scopus databases were searched for publications from January 1945 to April 29, 2021, on multicriteria methods in titles, abstracts, and keywords. The bibliographic data were analyzed using the R bibliometrix package. Findings: This bibliometric study asserts that 29,050 authors have produced 20,861 documents on the theme of multicriteria methods in 131 countries in the last forty-four years. Scientific production in this area grows at a rate of 13.88 per year. China is the leading country in publications with 14.14%; India with 10.76%; and Iran with 8.09%. Islamic Azad University leads others with 504 publications, followed by the Vilnius Gediminas Technical University with 456 and the National Institute of Technology with 336. As for journals, Expert Systems With Applications; Sustainability; and Journal of Cleaner Production are the leading journals, which account for more than 4.67% of all indexed literature. Furthermore, Zavadskas E. and Wang J have the highest publications in the multicriteria methods domain regarding the authors. Regarding the most commonly used multicriteria decision-making methods, AHP is the most favored approach among the ten countries with the most publications in this research area, followed by TOPSIS, VIKOR, PROMETHEE, and ANP. Practical implications: The bibliometric literature review method allows the researchers to explore the multicriteria research area more extensively than the traditional literature review method. It enables a large dataset of bibliographic records to be systematically analyzed through statistical measures, yielding informative insights. Originality/value: The usefulness of this bibliometric study is summed in presenting an overview of the topic of the multicriteria methods during the previous forty-four years, allowing other academics to use this research as a starting point for their research