scholarly journals A fuzzy multi-criteria decision-making method for purchasing life insurance in India

2021 ◽  
Vol 10 (1) ◽  
pp. 344-356
Author(s):  
Chinmaya Ranjan Pattnaik ◽  
Sachi Nandan Mohanty ◽  
Sarita Mohanty ◽  
Jyotir Moy Chatterjee ◽  
Biswajit Jana ◽  
...  
Keyword(s):  
Decision Making ◽  
Life Insurance ◽  
Complex Problem ◽  
Insurance Companies ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Insurance Company ◽  
Proposed Model ◽  
Decision Making Problem ◽  
Order Preference

Life insurance is an agreement between an insured and an insurer, where the insurer pays out a sum of money either on a specific period or the death of the insured. Now a day, People can buy a policy through an online platform. There are a lot of insurance companies available in the market, and each company has various policies. Selecting the best insurance company for purchasing an online term plan is a very complex problem. People may confuse to choose the best insurance company for buying an online term. It is a multi-criteria decision making (MCDM) problem, and the problem consists of different criteria and various alternatives. Here in this paper, a model has been proposed to solve this decision-making problem. In this model, a fuzzy multi-criteria decision-making approach combined with technique for order preference by similarity to ideal solution (TOPSIS) and it has been applied to rank the different insurance companies based on online term plans. The experimental results show that the life insurance corporation of India (LIC) gets the top rank out of 12 companies for purchasing an online term plan. A sensitivity analysis has been performed to validate the proposed model.

scholarly journals SELECTING THE OPTIMAL RENEWABLE ENERGY USING MULTI CRITERIA DECISION MAKING

2013 ◽  
Vol 14 (5) ◽  
pp. 957-978 ◽  
Author(s):  
Abdolreza Yazdani-Chamzini ◽  
Mohammad Majid Fouladgar ◽  
Edmundas Kazimieras Zavadskas ◽  
S. Hamzeh Haji Moini
Keyword(s):  
Decision Making ◽  
Renewable Energy ◽  
Evaluation Criteria ◽  
Energy Resources ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Proposed Model ◽  
Negative Ideal Solution ◽  
Hierarchy Process ◽  
The Ideal

Renewable energies are well-known as one of the most important energy resources not only due to limited other energy resources, but also due to environmental problems associated with air pollutants and greenhouse gas emissions. Renewable energy project selection is a multi actors and sophisticated problem because it is a need to incorporate social, economic, technological, and environmental considerations. Multi criteria decision making (MCDM) methods are powerful tools to evaluate and rank the alternatives among a pool of alternatives and select the best one. COPRAS (COmplex PRoportional ASsessment) is an MCDM technique which determines the best alternative by calculating the ratio to the ideal solution and the negative ideal solution. On the other hand, analytical hierarchy process (AHP) is widely used in order to calculate the importance weights of evaluation criteria. In this paper an integrated COPRAS-AHP methodology is proposed to select the best renewable energy project. In order to validate the output of the proposed model, the model is compared with five MCDM tools. The results of this paper demonstrate the capability and effectiveness of the proposed model in selecting the most appropriate renewable energy option among the existing alternatives.

scholarly journals Comparison of the Economic Performance of Turkish Republics in Central Asia with TOPSIS Method

2015 ◽  
Author(s):  
Ziya Gökalp Göktolga ◽  
Engin Karakış ◽  
Hakan Türkay
Keyword(s):  
Decision Making ◽  
Central Asia ◽  
Economic Performance ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Topsis Method ◽  
Economic Management ◽  
Macroeconomic Indicators ◽  
Order Preference ◽  
Negative Ideal Solution

The aim of this study is to compare the economic performance of Turkish Republics in Central Asia with Multi Criteria Decision Making (MCDM) methods. Turkish Republics have been experiencing a transition from a centrally planned economy towards a market economy since their independence. In this study important macroeconomic indicators are used to determine economic performance. Economic performance evaluation of the country is an important issue for economic management, investors, creditors and stock investors. Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method outranks the countries according to the proximity of the positive ideal solution and distance of the negative ideal solution. Economic Performance of Turkish Republics in Central Asia (Azerbaijan, Turkmenistan, Kazakhstan, Kyrgyzstan, and Uzbekistan) are compared with TOPSIS method. İnvestigated with TOPSIS method countries best and worst economic performance years are detected during mentioned period and results are analyzed.

scholarly journals A Hybrid Technique for Order Preference in Decision-Making

2015 ◽  
Vol 2015 ◽  
pp. 1-9
Author(s):  
Ismat Beg ◽  
Tabasam Rashid
Keyword(s):  
Decision Making ◽  
Fuzzy Numbers ◽  
New Method ◽  
Hybrid Technique ◽  
Ideal Solution ◽  
Laboratory Technique ◽  
Decision Making Problem ◽  
Classical Technique ◽  
Order Preference ◽  
Interaction Phenomena

We propose a hybrid technique by merging fuzzy version of the classical technique for order preference by similarity to ideal solution and decision-making trial and evaluation laboratory technique for trapezoidal fuzzy numbers, where interaction phenomena among the decision-making problem and weights are taken into account. The feasibility of this new method is demonstrated by applying it to an example.

Identification of User Preference for Multi-Criteria Reporting in Business Intelligence

2018 ◽  
pp. 16-47
Author(s):  
Martin Aruldoss ◽  
Miranda Lakshmi Travis ◽  
Prasanna Venkatesan Venkatasamy
Keyword(s):  
Decision Making ◽  
Business Intelligence ◽  
User Preference ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Order Preference ◽  
Banking Business ◽  
Different Levels ◽  
Support Decision Making

Business intelligence (BI) is an integrated set of tools used to support the transformation of data into information in order to support decision making. Among different functionalities, reporting plays a significant role that provides information to its readers to make better decisions. BI lacks user-specific reporting to the different levels of users of an organization. Different users require different kinds of reporting with respect to different requirement (criteria) in an organization. A multi-criteria reporting (MCR) finds the suitable information to suitable user based on the multiple conflicting preferences of a user. Technique for order preference by similarity to ideal solution (TOPSIS) is the most popularly applied multi-criteria decision-making (MCDM) technique selected to identify different levels of user preference for MCR. Banking business is considered as a case study to identify user preference for MCR. This research also designs evaluation metrics for TOPSIS.

scholarly journals Modelling Uncertainties in Multi-Criteria Decision Making using Distance Measure and TOPSIS for Hesitant Fuzzy Sets

2017 ◽  
Vol 7 (2) ◽  
pp. 103-109 ◽  
Author(s):  
Ismat Beg ◽  
Tabasam Rashid
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Distance Measure ◽  
Fuzzy Data ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Hesitant Fuzzy Sets ◽  
New Approach ◽  
Order Preference ◽  
Modelling Uncertainties

Abstract A notion for distance between hesitant fuzzy data is given. Using this new distance notion, we propose the technique for order preference by similarity to ideal solution for hesitant fuzzy sets and a new approach in modelling uncertainties. An illustrative example is constructed to show the feasibility and practicality of the new method.

scholarly journals Assessment of the Sustainability of Countries at Worldwide

2017 ◽  
Vol 7 (4) ◽  
pp. 51 ◽  
Author(s):  
Janaina M. de A. Dias ◽  
Eduardo G. Salgado ◽  
Sandro Barbosa ◽  
Augusto D. Alvarenga ◽  
Jean M. S. Lira
Keyword(s):  
Decision Making ◽  
Sustainable Development ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Ahp Method ◽  
Research Results ◽  
Analytical Process ◽  
Order Preference

For the quantification and ranking of sustainablility reliable indicators are needed in the economic, social and environmental areas. For this, decision-making methods have been used to identify and rank the most important indicators. However, it is important to know which method to use, since this choice can modify the result. Therefore, two methods of multi-criteria decision making were evaluated: Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and TOPSIS with Hierarchical Analytical Process (AHP). It was observed a difference between the methods tested, where the TOPSIS-AHP method presented better performance as a function of the weights assigned by the specialists. The research results demonstrated which countries have a more balanced sustainable development in environmental, social and economic levels together. In this case, the three most sustainable countries are Switzerland, Sweden and Norway. Additionally this research shows which countries are more sustainable taking into account each indicator separately. It is expected that the results provide a basis in decision-making and it contribute to the best choices in all aspects of sustainability.

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