New Method for Solving a General Multiple Criteria Decision-Making Problem Under Risk in Fuzzy Environment

N. Thillaigovindan (), S. Anita Shanthi () and J. Vadivel Naidu ()
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N. Thillaigovindan: Department of Mathematics, College of Natural Sciences, Arba Minch University, Arba Minch, Ethiopia
S. Anita Shanthi: Department of Mathematics, Annamalai University, Annamalainagar — 608002, Tamilnadu, India
J. Vadivel Naidu: Department of Mathematics, Annamalai University, Annamalainagar — 608002, Tamilnadu, India

International Journal of Information Technology & Decision Making (IJITDM), 2016, vol. 15, issue 05, 1157-1179

Abstract: This paper considers a multiple criteria decision-making (MCDM) problem under risk in fuzzy environment in its general form. There are m alternatives which need to be ranked on the basis of a set of n criteria. The alternatives and the criteria are evaluated based on a set of l characteristics. The entire data is presented in the form of interval valued intuitionistic fuzzy soft set of root type. In addition each criterion is assigned a subjective criterion weight based on expert’s evaluation and each characteristic is assigned a probability weight on the basis of decision maker’s knowlege and understanding of the importance of the characteristic. This problem may be called as a MCDM problem under risk in fuzzy environment in its general form. A method for ranking the alternatives using the new score functions, prospect theory and method of determining the optimum criteria weights is explained. An algorithm is developed for this purpose and its working illustrated with a suitable example.

Keywords: Interval valued intuitionistic fuzzy soft set of root type; prospect theory; probability weight function; optimum criteria weights; new score functions; multiple criteria decision-making problem (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S0219622016500279

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