This article describes how the lack of adequate parametrization in some of the earlier uncertainty based models like fuzzy sets, rough sets motivated Molodtsov to introduce a new model in soft set. A suitable combination of individual models leads to hybrid models, which are more efficient than their individual components. So, the authors find the introduction of many hybrid models of soft sets, like the fuzzy soft set (FSS), intuitionistic fuzzy soft sets (IFSS), interval valued fuzzy soft set (IVFSS) and the interval valued intuitionistic fuzzy soft set (IVIFSS). Following the characteristic function approach to define soft sets introduced by Tripathy et al., they re-define IVIFSS in this article. One of the most attractive applications of soft set theory and its hybrid models has been decision making in the form of individual decision making or group decision making. Here, the authors propose a group decision making algorithm using IVIFSS, which generalises many of our earlier algorithms. They compute its complexity and establish the computation experimentally with graphical illustrations.
Investment decision-making based on an intuitionistic fuzzy soft set