 Evaluating real estate using a fuzzy MCDM approachTa-Chung Chu and Dunn Jerome Dizon Calubad International Journal of Business and Systems Research, 2012, vol. 6, issue 4, 395-412 Abstract: This paper suggests a fuzzy multiple criteria decision-making (MCDM) approach for the evaluation of real estates. The suggested approach considers both quantitative and qualitative criteria as well as different importance of the criteria. The final evaluation values from the suggested fuzzy MCDM approach are still fuzzy numbers. A ranking method is needed to defuzzify these fuzzy numbers to complete the approach. In this paper, Chen's maximising set and minimising set is improved to resolve its ranking inconsistencies via numerical comparison. The improved ranking method is then applied to defuzzify the final fuzzy evaluation values to help perform decision making. Formulas for the ranking procedure can be clearly developed, which bridge the fuzzy MCDM model and the defuzzification process to complete the approach. The suggested approach can be regarded as a decision making system, which is flexible and can be customised to the needs and requirements of the interested parties. Keywords: multiple criteria analysis; fuzzy MCDM; multicriteria decision making; real estate evaluation; quantitative criteria; qualitative criteria; fuzzy numbers; ranking; maximising sets; minimising sets; defuzzification (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbsre:v:6:y:2012:i:4:p:395-412 Access Statistics for this article More articles in International Journal of Business and Systems Research from Inderscience Enterprises Ltd |
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