An extension of the ratio system approach of MOORA method for group decision-making based on interval-valued triangular fuzzy numbers

Decision-making in fuzzy environment is often a very complex, especially when related to predictions and assessments. The Ratio system approach of the MOORA method and Intervalvalued fuzzy numbers have already proved themselves as the effective tools for solving complex decision-making problems. Therefore, in this paper an extension of the Ratio system approach of the MOORA method, which allows a group decision-making as well as the use of interval-valued triangular fuzzy numbers, is proposed. Interval-fuzzy numbers are rather complex, and therefore, they are not practical for direct assigning performance ratings. For this reason, in this paper it has also been suggested the approach which allows the expression of individual performance ratings using crisp, interval or fuzzy numbers, and their further transformation into the group performance ratings, expressed in the form of interval-valued triangular fuzzy numbers, which provide greater flexibility and reality compared to the use of linguistic variables. Finally, in this paper the weighted averaging operator was proposed for defuzzification of interval-valued triangular fuzzy numbers. First published online: 21 Sep 201

COMPARATIVE ANALYSIS OF SOME PROMINENT MCDM METHODS: A CASE OF RANKING SERBIAN BANKS

In the literature, many multiple criteria decision making methods have been proposed. There are also a number of papers, which are devoted to comparison of their characteristics and performances. However, a definitive answer to questions: which method is most suitable and which method is most effective is still actual. Therefore, in this paper, the use of some prominent multiple criteria decision making methods is considered on the example of ranking Serbian banks. The objective of this paper is not to determine which method is most appropriate for ranking banks. The objective of this paper is to emphasize that the use of various multiple criteria decision making methods sometimes can produce different ranking orders of alternatives, highlighted some reasons which lead to different results, and indicate that different results obtained by different MCDM methods are not just a random event, but rather reality

A novel approach for assessing the reliability of data contained in a single valued neutrosophic number and its application in multiple criteria decision making

Multiple criteria decision making is one of the many areas where neutrosophic sets have been applied to solve various problems so far

Investment projects evaluation in a fuzzy environment using the simplified WISP method

This paper examines the importance of investment activity for companies and the challenges they face when evaluating investment projects in a fuzzy environment, that is when decisions have to be made based on some predictions and uncertain or imprecise data. The study focuses on the usage of a new extension of the Simplified WISP (Weighted Sum Product) method, which allows the use of triangular fuzzy numbers, as a tool for evaluating investment projects and minimizing the risk associated with such decisions. Investment projects were evaluated based on the following criteria: Net Present Value, Internal Rate of Return, Profitability Index, Payback Period, and Risk of project failure. The proposed extension of the Simplified WISP method can be used to solve other complex decision problems associated with predictions and uncertainties.The paper highlights the benefits of using this MCDM technique in investment project evaluation and the potential to improve decision-making processes. The study also discusses the challenges associated with applying MCDM techniques in a fuzzy environment and proposes solutions to overcome them. It also provides valuable insights for academics, practitioners, and policymakers interested in investment evaluation and decision-making processes

A framework for the evaluation of hotel property development projects

The main goal of the manuscript is to propose the framework that would facilitate the selection of hotel construction projects for an investment based on the application of the WS PLP method. The key reason why the WS PLP method is used is reflected in its ability to more accurately express decision-makers’ stand regarding the desired preference ratings of criteria by incorporating ppr values into the decision-making process. Also, the WS PLP method implies the introduction of the compensation coefficient, which provides a possibility of the decision-maker’s selection between an alternative that has the best matching with the preferred performance ratings expressed through ppr values and the one that has the best overall performance ratings. The applicability and effectiveness of the proposed framework are demonstrated through a real case study on the five types of the hotels that should be constructed on Kopaonik Mountain in Serbia

Multiple Criteria Evaluation Model Based on the Single Valued Neutrosophic Set

Gathering the attitudes of the examined respondents would be very significant in some evaluation models. Therefore, a multiple criteria approach based on the use of the neutrosophic set is considered in this paper. An example of the evaluation of restaurants is considered at the end of this paper with the aim to present in detail the proposed approach

A Bipolar Fuzzy Extension of the MULTIMOORA Method

The aim of this paper is to make a proposal for a new extension of the MULTIMOORA method extended to deal with bipolar fuzzy sets. Bipolar fuzzy sets are proposed as an extension of classical fuzzy sets in order to enable solving a particular class of decision-making problems. Unlike other extensions of the fuzzy set of theory, bipolar fuzzy sets introduce a positive membership function, which denotes the satisfaction degree of the element x to the property corresponding to the bipolar-valued fuzzy set, and the negative membership function, which denotes the degree of the satisfaction of the element x to some implicit counter-property corresponding to the bipolar-valued fuzzy set. By using single-valued bipolar fuzzy numbers, the MULTIMOORA method can be more efficient for solving some specific problems whose solving requires assessment and prediction. The suitability of the proposed approach is presented through an example

New group decision-making ARCAS approach based on the integration of the SWARA and the ARAS methods adapted for negotiations

Groups are generally considered to be more effective as compared to single individuals. The practical implementation of Operation Research methods in group negotiations needs simple contexts and clear cause-and-effect relationships easily discernible by everyone. This paper proposes a multi-criteria group decision-making approach allowing decision makers/experts involved in a negotiation process to better express and defend their preferences in the selection of the best alternative. In the proposed approach, the most appropriate alternative is the alternative with the largest number of appearances in the first position or in ranking lists, or the one determined based on negotiations of decision makers/experts. The proposed ARCAS approach is based on the use of the ARAS method, a new normalization procedure, and the SWARA method. In the proposed approach, each decision maker/expert involved in evaluation has an opportunity to set the preferred level of rating for each criterion used in such evaluation. Finally, a case study is presented in order to highlight the proposed approach. The obtained results confirm the usability and efficiency of the proposed approach

Selection of lead-zinc flotation circuit design by applying WASPAS method with single-valued neutrosophic set

In this paper, selection of adequate circuit design of lead-zinc froth flotation, which has a significant impact on the processing costs and useful minerals utilization, is considered. This complex selection problem can be adequately presented as an MCDM problem. Three different circuit design schemes are considered: Sequential Selective Pn-Zn flotation, Collective-Sequential Selective Pn-Zn flotation, Collective Pn-Zn flotation. An approach for solving complex decision-making problems based on the use of WASPAS method and singlevalued neutrosophic sets, namely WASPAS-SVNS, is proposed. The efficiency and usability of the proposed approach are considered on the example of a lead-zinc flotation scheme selection problem

A framework for Comminution Circuits Design evaluation using grey compromise programming

Comminution process, particularly grinding, is very important in the mineral processing industry. Some characteristics of ore particles, which occur as a product of grinding process, have a significant impact on the effects of further ore processing. At the same time, this process requires a significant amount of energy and also significantly affects the overall processing costs. Therefore, in this paper, we propose new multiple criteria decision making model based on grey compromise programming for adequate comminution circuit design selection. Although it is based on a simple procedure, we consider that the proposed model is efficient and flexible, and that it also represents the basis for forming more sophisticated models for comminution circuit design selection, as in addition, many other decision making problems in business environment, which is characterized by predictions and uncertainty