Associated probabilities aggregations in multistage investment decision-making

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gia Sirbiladze ◽  
Harish Garg ◽  
Irina Khutsishvili ◽  
Bezhan Ghvaberidze ◽  
Bidzina Midodashvili
Keyword(s):  
Decision Making ◽  
Choquet Integral ◽  
Fuzzy Measure ◽  
Investment Model ◽  
Content Type ◽  
Owa Operators ◽  
Second Stage ◽  
Intuitionistic Fuzzy ◽  
Classical Criterion ◽  
New Criterion

PurposeThe attributes that influence the selection of applicants and the relevant crediting decisions are naturally distinguished by interactions and interdependencies. A new method of possibilistic discrimination analysis (MPDA) was developed for the second stage to address this phenomenon. The method generates positive and negative discrimination measures for each alternative applicant in relation to a particular attribute. The obtained discrimination pair reflects the interaction of attributes and represents intuitionistic fuzzy numbers (IFNs). For the aggregation of applicant's discrimination intuitionistic fuzzy assessments (with respect to attributes), new intuitionistic aggregation operators, such as AsP-IFOWA and AsP-IFOWG, are defined and studied. The new operators are certain extensions of the well-known Choquet integral and Yager OWA operators. The extensions, in contrast to the Choquet aggregation, take into account all possible interactions of the attributes by introducing associated probabilities of a fuzzy measure.Design/methodology/approachFor optimal planning of investments distribution and decreasing of credit risks, it is crucial to have selected projects ranked within deeply detailed investment model. To achieve this, a new approach developed in this article involves three stages. The first stage is to reduce a possibly large number of applicants for credit, and here, the method of expertons is used. At the second stage, a model of improved decisions is built, which reduces the risks of decision making. In this model, as it is in multi-attribute decision-making (MADM) + multi-objective decision-making (MODM), expert evaluations are presented in terms of utility, gain, and more. At the third stage, the authors construct the bi-criteria discrete intuitionistic fuzzy optimization problem for making the most profitable investment portfolio with new criterion: 1) Maximization of total ranking index of selected applicants' group and classical criterion and 2) Maximization of total profit of selected applicants' group.FindingsThe example gives the Pareto fronts obtained by both new operators, the Choquet integral and Yager OWA operators also well-known TOPSIS approach, for selecting applicants and awarding credits. For a fuzzy measure, the possibility measure defined on the expert evaluations of attributes is taken.Originality/valueThe comparative analysis identifies the applicants who will receive the funding sequentially based on crediting resources and their requirements. It has become apparent that the use of the new criterion has given more credibility to applicants in making optimal credit decisions in the environment of extended new operators, where the phenomenon of interaction of all attributes was also taken into account.

Additive Intuitionistic Fuzzy Aggregation Operators Based on Fuzzy Measure

2016 ◽  
Vol 24 (01) ◽  
pp. 1-12 ◽  
Author(s):  
Zeshui Xu
Keyword(s):  
Decision Making ◽  
Probability Measure ◽  
Choquet Integral ◽  
Intuitionistic Fuzzy Sets ◽  
Aggregation Operators ◽  
Fuzzy Measure ◽  
Intuitionistic Fuzzy ◽  
Fuzzy Aggregation ◽  
The World ◽  
Multi Attribute Decision Making

Intuitionistic fuzzy sets can describe the uncertainty and complexity of the world flexibly, so it has been widely used in multi-attribute decision making. Traditional intuitionistic fuzzy aggregation operators are usually based on the probability measure, namely, they consider that the attributes of objects are independent. But in actual situations, it is difficult to ensure the independence of attributes, so these operators are unsuitable in such situations. Fuzzy measure is able to depict the relationships among the attributes more comprehensively, so it can complement the traditional probability measure in dealing with the multi-attribute decision making problems. In this paper, we first analyze the existing intuitionistic fuzzy operators based on fuzzy measure, then introduce two novel additive intuitionistic fuzzy aggregation operators based on the Shapley value and the Choquet integral, respectively, and show their advantages over other ones.

Attitudinal ranking and correlated aggregating methods for multiple attribute group decision making with triangular intuitionistic fuzzy Choquet integral

Kybernetes ◽  
2015 ◽  
Vol 44 (10) ◽  
pp. 1437-1454 ◽  
Author(s):  
Yujia Liu ◽  
Jian Wu ◽  
Changyong Liang
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Choquet Integral ◽  
Weighted Average ◽  
Final Decision ◽  
Content Type ◽  
Intuitionistic Fuzzy ◽  
Multiple Attribute ◽  
Cowa Operator

Purpose – The purpose of this paper is to propose novel attitudinal prioritization and correlated aggregating methods for multiple attribute group decision making (MAGDM) with triangular intuitionistic fuzzy Choquet integral. Design/methodology/approach – Based on the continuous ordered weighted average (COWA) operator, the triangular fuzzy COWA (TF-COWA) operator is defined, and then a novel attitudinal expected score function for triangular intuitionistic fuzzy numbers (TIFNs) is investigated. The novelty of this function is that it allows the prioritization of TIFNs by taking account of the expert’s attitudinal character. When the ranking order of TIFNs is determined, the triangular intuitionistic fuzzy correlated geometric (TIFCG) operator and the induced TIFCG (I-TIFCG) operator are developed. Findings – Their use is twofold: first, the TIFCG operator is used to aggregate the correlative attribute value; and second, the I-TIFCG operator is designed to aggregate the preferences of experts with some degree of inter-dependent. Then, a TIFCG and I-TIFCG operators-based approach is presented for correlative MAGDM problems. Finally, the propose method is applied to select investment projects. Originality/value – Based on the TIFCG and I-TIFCG operators, this paper proposes a novel correlated aggregating methods for MAGDM with triangular intuitionistic fuzzy Choquet integral. This method helps to solve the correlated attribute (criteria) relationship. Furthermore, by the attitudinal expected score functions of TIFNs, the propose method can reflect decision maker’s risk attitude in the final decision result.

Intuitionistic Fuzzy Probabilistic Aggregation Operators Based on the Choquet Integral: Application in Multicriteria Decision-Making

2017 ◽  
Vol 16 (01) ◽  
pp. 245-279 ◽  
Author(s):  
Gia Sirbiladze ◽  
Otar Badagadze
Keyword(s):  
Decision Making ◽  
Choquet Integral ◽  
Core Competencies ◽  
Multicriteria Decision Making ◽  
Fuzzy Measure ◽  
Intuitionistic Fuzzy ◽  
Conjugate Connections ◽  
Decision Making Problem ◽  
Global Supplier ◽  
Geometric Operator

Associated Intuitionistic Fuzzy Probabilistic Averaging (As-IFPA) and Associated Intuitionistic Fuzzy Probabilistic Geometric (As-IFPG) operators based on the Choquet integral and an associated probability class of a fuzzy measure are constructed. Propositions on the correctness of the extensions are proved: (1) The As-IFPA (As-IFPG) operator for the fuzzy measure — capacity of order two coincides with the Intuitionistic Fuzzy Choquet Averaging (Intuitionistic Fuzzy Choquet Geometric) operator; (2) The As-IFPA (As-IFPG) operator coincides with the Intuitionistic Fuzzy Probabilistic Averaging (Intuitionistic Fuzzy Probabilistic Geometric) operator when a probability measure is used in the role of a fuzzy measure. Connections between the constructed operators and the compositions of dual triangular norms [Formula: see text] and [Formula: see text] are constructed. The conjugate connections between the constructed operators are shown. Two illustrative examples on the applicability of the As-IFPA and As-IFPG operators are presented. Several variants of the new operators (1) for the decision-making problem regarding the fiscal policy of a country; (2) for the decision-making problem regarding the best global supplier selection according to the core competencies of suppliers for a manufacturing company are used. Interactions and dependencies among all the combinations of the criteria in the decision-making process are considered.

ERP software selection using intuitionistic fuzzy and interval grey number-based MACBETH method

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mustafa Said Yurtyapan ◽  
Erdal Aydemir
Keyword(s):  
Decision Making ◽  
Fuzzy Set ◽  
Selection Process ◽  
Intuitionistic Fuzzy Set ◽  
Decision Makers ◽  
Software Selection ◽  
Content Type ◽  
Intuitionistic Fuzzy ◽  
Expert Opinions ◽  
Erp Software

PurposeEnterprise Resource Planning (ERP) software which is a knowledge-based design on the interconnective communication of business units and information share, ensures that business processes such as finance, production, purchasing, sales, logistics and human resources, are integrated and gathered under one roof. This integrated system allows the company to make fast and accurate decisions and increases its competitiveness. Therefore, for an enterprise, choosing the suitable ERP software is extremely important. The aim of this study is to present new research on the ERP software selection process by clarifying the uncertainties and find suitable software in a computational way.Design/methodology/approachERP selection problem design includes uncertainties on the expert opinions and the criteria values using intuitionistic fuzzy set theory and interval grey-numbers to MACBETH multi criteria decision making method. In this paper, a new interval grey MACBETH method approach is proposed, and the degree of greyness approach is used for clarifying the uncertainties. Using this new approach in which grey numbers are used, it is aimed to observe the changes in the importance of the alternatives. Moreover, the intuitionistic fuzzy set method is applied by considering the importance of expert opinions separately.FindingsThe proposed method is based on quantitative decision making derived from qualitative judgments. The results given under uncertain conditions are compared with the results obtained under crisp conditions of the same methods. With the qualitative levels of experts reflected in the decision process, it is clearly seen that ERP software selection problem area has more effective alternative decision solutions to the uncertain environment, and decision makers should not undervalue the unsteadiness of criteria during ERP software selection process.Originality/valueThis study contributes to the relevant literature by (1) utilizing the MACBETH method in the selection of the ERP software by optimization, and (2) validating the importance of expert opinions with uncertainties on a proper ERP software selection procedure. So, the findings of this study can help the decision-makers to evaluate the ERP selection in uncertain conditions.

Selection of resilient suppliers in manufacturing industries post-COVID-19: implications for economic and social sustainability in emerging economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abhijit Majumdar ◽  
Jeevaraj S ◽  
Mathiyazhagan Kaliyan ◽  
Rohit Agrawal
Keyword(s):  
Decision Making ◽  
Incomplete Information ◽  
Emerging Economies ◽  
Supplier Selection ◽  
Fuzzy Decision Making ◽  
Ideal Solution ◽  
Fuzzy Decision ◽  
Content Type ◽  
Intuitionistic Fuzzy ◽  
Selection Of

PurposeSelection of resilient suppliers has attracted the attention of researchers in the past one decade. The devastating effect of COVID-19 in emerging economies has provided great impetus to the selection of resilient suppliers. Under volatile and uncertain business scenarios, supplier selection is often done under imprecise and incomplete information, making the traditional decision-making methods ineffective. The purpose of this paper is to demonstrate the application of a fuzzy decision-making method for resilient supplier selection.Design/methodology/approachA group of three decision makers was considered for evaluating various alternatives (suppliers) based on their performance under different primary, sustainability and resilience criteria. Experts' opinion about each criterion and alternative was captured in linguistic terms and was modelled using fuzzy numbers. Then, an algorithm for solving resilient supplier selection problem based on the trapezoidal intuitionistic fuzzy technique for order preference by similarity to ideal solution (TrIFTOPSIS) was introduced and demonstrated through a case study.FindingsA closeness coefficient was used to rank the suppliers based on their distances from intuitionistic fuzzy positive-ideal solution and intuitionistic fuzzy negative-ideal solution. Finally, the proposed fuzzy decision making model was applied to a real problem of supplier selection in the clothing industry.Originality/valueThe presented TrIFTOPSIS model provides an effective route to prioritise and select resilient suppliers under imprecise and incomplete information. This is the first application of intuitionistic fuzzy multi-criteria decision-making for resilient supplier selection.

An Approach Based on Definite Integrals to Multi-Criteria Decision Making with Correlative Intuitionistic Fuzzy Information

2016 ◽  
Vol 24 (06) ◽  
pp. 807-829 ◽  
Author(s):  
Shan Yu ◽  
Zeshui Xu
Keyword(s):  
Decision Making ◽  
Fuzzy Measure ◽  
Multi Criteria Decision Making ◽  
Fuzzy Information ◽  
Definite Integrals ◽  
Intuitionistic Fuzzy ◽  
Technology Improvement ◽  
Fusion Methods

Integration plays a very important role in the fusion methods. In this paper, we put forward the subtraction and division definite integrals based on the fuzzy measure and the admissible order for aggregating not only discrete but also continuous correlative intuitionistic fuzzy information. These definite integrals are implemented by constructing the integrands and the integral limits respectively, and based on which an approach to multi-criteria decision making with correlative intuitionistic fuzzy information is developed. Finally, an illustrative example involving technology improvement of Midwest American Manufacturing Corp is employed to verify the practicality and effectiveness of our approach.

Sign in / Sign up

Export Citation Format

Share Document