The integrative approaches based on multi-criteria decision making models under uncertain condition for capital budgeting by considering the quality criteria: A case study in Industry and mine bank of Kurdestan province

This study presented an approach for selection, priority and budget assignment to industrial investment projects being based on group decision-making in multi-criteria decision making under uncertainty condition. In this approach, at first the indices and effective quality criteria on selection of industrial investment projects were identified via library studies and interview with the experts. Then, by fuzzy analytic hierarchy process and the comments of experts group, the relative importance of these criteria to each other was determined. To evaluate the existing alternatives as the available industrial projects for investment, fuzzy linear assignment was applied and finally the proposed approach was used in a case study in the industry and mine bank of Kurdistan province

The integrative approaches based on multi-criteria decision making models under uncertain condition for capital budgeting by considering the quality criteria: A case study in Industry and mine bank of Kurdestan province

This study presented an approach for selection, priority and budget assignment to industrial investment projects being based on group decision-making in multi-criteria decision making under uncertainty condition. In this approach, at first the indices and effective quality criteria on selection of industrial investment projects were identified via library studies and interview with the experts. Then, by fuzzy analytic hierarchy process and the comments of experts group, the relative importance of these criteria to each other was determined. To evaluate the existing alternatives as the available industrial projects for investment, fuzzy linear assignment was applied and finally the proposed approach was used in a case study in the industry and mine bank of Kurdistan province

Solving fully neutrosophic linear programming problem with application to stock portfolio selection

Neutrosophic set is considered as a generalized of crisp set, fuzzy set, and intuitionistic fuzzy set for representing the uncertainty, inconsistency, and incomplete knowledge about the real world problems. In this paper, a neutrosophic linear programming (NLP) problem with single-valued trapezoidal neutrosophic numbers is formulated and solved. A new method based on the so-called score function to find the neutrosophic optimal solution of fully neutrosophic linear programming (FNLP) problem is proposed. This method is more flexible than the linear programming (LP) problem, where it allows the decision maker to choose the preference he is willing to take. A stock portfolio problem is introduced as an application. Also, a numerical example is given to illustrate the utility and practically of the method

Application of fuzzy TOPSIS framework for selecting complex project in a case company

Purpose This study aims to propose a method known as the fuzzy technique for order preference by similarity to ideal solution (fuzzy TOPSIS) for complex project selection in organizations. To fulfill study objectives, the factors responsible for making a project complex are collected through literature review, which is then analyzed by fuzzy TOPSIS, based on three decision-makers’ opinions. Design/methodology/approach The selection of complex projects is a multi-criteria decision-making (MCDM) process for global organizations. Traditional procedures for selecting complex projects are not adequate due to the limitations of linguistic assessment. To crossover such limitation, this study proposes the fuzzy MCDM method to select complex projects in organizations. Findings A large-scale engine manufacturing company, engaged in the energy business, is studied to validate the suitability of the fuzzy TOPSIS method and rank eight projects of the case company based on project complexity. Out of these eight projects, the closeness coefficient of the most complex project is found to be 0.817 and that of the least complex project is found to be 0.274. Finally, study outcomes are concluded in the conclusion section, along with study limitations and future works. Research limitations/implications The outcomes from this research may not be generalized sufficiently due to the subjectivity of the interviewers. The study outcomes support project managers to optimize their project selection processes, especially to select complex projects. The presented methodology can be used extensively used by the project planners/managers to find the driving factors related to project complexity. Originality/value The presented study deliberately explained how complex projects in an organization could be select efficiently. This selection methodology supports top management to maintain their proposed projects with optimum resource allocations and maximum productivity.© 2021, Ahm Shamsuzzoha, Sujan Piya and Mohammad Shamsuzzaman. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at http://creativecommons.org/licences/by/4.0/legalcodefi=vertaisarvioitu|en=peerReviewed

A methodology for the selection of new technologies in the aviation industry

The purpose of this report is to present a technology selection methodology to quantify both tangible and intangible benefits of certain technology alternatives within a fuzzy environment. Specifically, it describes an application of the theory of fuzzy sets to hierarchical structural analysis and economic evaluations for utilisation in the industry. The report proposes a complete methodology to accurately select new technologies. A computer based prototype model has been developed to handle the more complex fuzzy calculations. Decision-makers are only required to express their opinions on comparative importance of various factors in linguistic terms rather than exact numerical values. These linguistic variable scales, such as ‘very high’, ‘high’, ‘medium’, ‘low’ and ‘very low’, are then converted into fuzzy numbers, since it becomes more meaningful to quantify a subjective measurement into a range rather than in an exact value. By aggregating the hierarchy, the preferential weight of each alternative technology is found, which is called fuzzy appropriate index. The fuzzy appropriate indices of different technologies are then ranked and preferential ranking orders of technologies are found. From the economic evaluation perspective, a fuzzy cash flow analysis is employed. This deals quantitatively with imprecision or uncertainties, as the cash flows are modelled as triangular fuzzy numbers which represent ‘the most likely possible value’, ‘the most pessimistic value’ and ‘the most optimistic value’. By using this methodology, the ambiguities involved in the assessment data can be effectively represented and processed to assure a more convincing and effective decision- making process when selecting new technologies in which to invest. The prototype model was validated with a case study within the aviation industry that ensured it was properly configured to meet the

Multi-objective possibilistic model for portfolio selection with transaction cost

AbstractIn this paper, we introduce the possibilistic mean value and variance of continuous distribution, rather than probability distributions. We propose a multi-objective Portfolio based model and added another entropy objective function to generate a well diversified asset portfolio within optimal asset allocation. For quantifying any potential return and risk, portfolio liquidity is taken into account and a multi-objective non-linear programming model for portfolio rebalancing with transaction cost is proposed. The models are illustrated with numerical examples

New Challenges in Neutrosophic Theory and Applications

Neutrosophic theory has representatives on all continents and, therefore, it can be said to be a universal theory. On the other hand, according to the three volumes of “The Encyclopedia of Neutrosophic Researchers” (2016, 2018, 2019), plus numerous others not yet included in Encyclopedia book series, about 1200 researchers from 73 countries have applied both the neutrosophic theory and method. Neutrosophic theory was founded by Professor Florentin Smarandache in 1998; it constitutes further generalization of fuzzy and intuitionistic fuzzy theories. The key distinction between the neutrosophic set/logic and other types of sets/logics lies in the introduction of the degree of indeterminacy/neutrality (I) as an independent component in the neutrosophic set. Thus, neutrosophic theory involves the degree of membership-truth (T), the degree of indeterminacy (I), and the degree of non-membership-falsehood (F). In recent years, the field of neutrosophic set, logic, measure, probability and statistics, precalculus and calculus, etc., and their applications in multiple fields have been extended and applied in various fields, such as communication, management, and information technology. We believe that this book serves as useful guidance for learning about the current progress in neutrosophic theories. In total, 22 studies have been presented and reflect the call of the thematic vision. The contents of each study included in the volume are briefly described as follows. The first contribution, authored by Wadei Al-Omeri and Saeid Jafari, addresses the concept of generalized neutrosophic pre-closed sets and generalized neutrosophic pre-open sets in neutrosophic topological spaces. In the article “Design of Fuzzy Sampling Plan Using the Birnbaum-Saunders Distribution”, the authors Muhammad Zahir Khan, Muhammad Farid Khan, Muhammad Aslam, and Abdur Razzaque Mughal discuss the use of probability distribution function of Birnbaum–Saunders distribution as a proportion of defective items and the acceptance probability in a fuzzy environment. Further, the authors Derya Bakbak, Vakkas Uluc¸ay, and Memet S¸ahin present the “Neutrosophic Soft Expert Multiset and Their Application to Multiple Criteria Decision Making” together with several operations defined for them and their important algebraic properties. In “Neutrosophic Multigroups and Applications”, Vakkas Uluc¸ay and Memet S¸ahin propose an algebraic structure on neutrosophic multisets called neutrosophic multigroups, deriving their basic properties and giving some applications to group theory. Changxing Fan, Jun Ye, Sheng Feng, En Fan, and Keli Hu introduce the “Multi-Criteria Decision-Making Method Using Heronian Mean Operators under a Bipolar Neutrosophic Environment” and test the effectiveness of their new methods. Another decision-making study upon an everyday life issue which empowered us to organize the key objective of the industry developing is given in “Neutrosophic Cubic Einstein Hybrid Geometric Aggregation Operators with Application in Prioritization Using Multiple Attribute Decision-Making Method” written by Khaleed Alhazaymeh, Muhammad Gulistan, Majid Khan, and Seifedine Kadry

Fuzzy Logic and Its Uses in Finance: A Systematic Review Exploring Its Potential to Deal with Banking Crises

The major success of fuzzy logic in the field of remote control opened the door to its application in many other fields, including finance. However, there has not been an updated and comprehensive literature review on the uses of fuzzy logic in the financial field. For that reason, this study attempts to critically examine fuzzy logic as an effective, useful method to be applied to financial research and, particularly, to the management of banking crises. The data sources were Web of Science and Scopus, followed by an assessment of the records according to pre-established criteria and an arrangement of the information in two main axes: financial markets and corporate finance. A major finding of this analysis is that fuzzy logic has not yet been used to address banking crises or as an alternative to ensure the resolvability of banks while minimizing the impact on the real economy. Therefore, we consider this article relevant for supervisory and regulatory bodies, as well as for banks and academic researchers, since it opens the door to several new research axes on banking crisis analyses using artificial intelligence techniques

Methodology for project portfolios selection using multicriteria of the capm, semi variation, and the gini risk coefficient

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