Reducing the Risk of Wrong Choice in Group Decision Making by Optimal Weight Allocating to Decision Makers

Mohammad Azadfallah
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Mohammad Azadfallah: Saipayadak, Tehran, Iran

International Journal of Risk and Contingency Management (IJRCM), 2018, vol. 7, issue 2, 1-23

Abstract: How to determine a weight for decision makers (DMs) is one of the key issues in Multiple Attribute Group Decision Making (MAGDM). While, some experts (or DMs) clearly wiser and more powerful in such matters than others, it has often seen that experts play their roles with same weights of importance. Meanwhile, it will lead to the wrong choice (or decision risk) and loss of values. Since, in the absence of any other standards about how to reduce this potential risk for bias, in this article, based on judgment matrices and error analysis, the author presents two new algorithm taken from crisp (the correlation-based approach) and interval (the ideal-based approach) TOPSIS method, respectively. Finally, two numerical examples are given to demonstrate the feasibility of the developed method.

Date: 2018
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