scholarly journals IMPROVED AHP-GROUP DECISION MAKING FOR INVESTMENT STRATEGY SELECTION

2012 ◽  
Vol 18 (2) ◽  
pp. 299-316 ◽  
Author(s):  
Wenshuai Wu ◽  
Gang Kou ◽  
Yi Peng ◽  
Daji Ergu
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Investment Strategy ◽  
Investment Risk ◽  
Strategy Selection ◽  
Decision Matrix ◽  
Personal Bias ◽  
Reciprocal Matrix ◽  
And Behavior

Investment strategy selection relies heavily on personal experience and behavior. This paper proposes an improved Analytical Hierarchy Process-group decision making (IAHP-GDM) model to reduce investment risk. This model applies the method of least squares to adjust group decision matrix in order to satisfy the property of positive reciprocal matrix in AHP. In addition, five experts from related fields are invited to evaluate investment risk that takes group wisdom to eliminate personal bias. An empirical study is conducted to compare the proposed model to AHP for group decision making model. The results show that the IAHP-GDM model is not only accurate and effective, but also consistent with realistic investment environment.

scholarly journals Hybrid Multiattribute Group Decision Making Based on Intuitionistic Fuzzy Information and GRA Method

2013 ◽  
Vol 2013 ◽  
pp. 1-10 ◽  
Author(s):  
Jian Guo
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Decision Makers ◽  
Ideal Solution ◽  
Decision Matrix ◽  
Intuitionistic Fuzzy ◽  
Multiple Attribute ◽  
Intuitionistic Fuzzy Entropy ◽  
Fuzzy Group Decision Making

Hybrid multiple attribute group decision making involves ranking and selecting competing courses of action available using attributes to evaluate the alternatives. The decision makers assessment information can be expressed in the form of real number, interval-valued number, linguistic variable, and the intuitionistic fuzzy number. All these evaluation information can be transformed to the form of intuitionistic fuzzy numbers. A combined GRA with intuitionistic fuzzy group decision-making approach is proposed. Firstly, the hybrid decision matrix is standardized and then transformed into an intuitionistic fuzzy decision matrix. Then, intuitionistic fuzzy averaging operator is utilized to aggregate opinions of decision makers. Intuitionistic fuzzy entropy is utilized to obtain the entropy weights of the criteria, respectively. After intuitionistic fuzzy positive ideal solution and intuitionistic fuzzy negative ideal solution are calculated, the grey relative relational degree of alternatives is obtained and alternatives are ranked. In the end, a numerical example illustrates the validity and applicability of the proposed method.

Group decision making method for residents to choose livable cities depicted by n-intuitionistic polygonal fuzzy sets1

2020 ◽  
Vol 39 (3) ◽  
pp. 3503-3518
Author(s):  
Guijun Wang ◽  
Jie Zhou
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Fuzzy Set ◽  
Group Decision ◽  
Arithmetic Operation ◽  
Intuitionistic Fuzzy Set ◽  
Score Function ◽  
Fuzzy Information ◽  
Decision Matrix ◽  
Arithmetic Average

The polygonal fuzzy set is an effective tool to express a class of fuzzy information with the help of finite ordered real numbers. It can not only guarantee the closeness of arithmetic operation of the polygonal fuzzy sets, but also has good linearity and intuitiveness. Firstly, the concept of the n-intuitionistic polygonal fuzzy set (n-IPFS) is proposed based on the intuitionistic fuzzy set and the polygonal fuzzy set. The ordered representation and arithmetic operation of n-IPFS are given by an example. Secondly, a new aggregation method for multi attribute fuzzy information is given based on the n-IPFS operations and the weighted arithmetic average operator, and the ranking criteria of n-IPFS are obtained by using the score function and the accuracy function. Finally, a new group decision making method is proposed for urban residents to choose the livable city problem based on the decision matrix of the n-IPFS, and the effectiveness of the proposed method is explained by an actual example.

scholarly journals RISKY MULTI-CRITERIA GROUP DECISION MAKING ON GREEN CAPACITY INVESTMENT PROJECTS BASED ON SUPPLY CHAIN

2017 ◽  
Vol 18 (3) ◽  
pp. 355-372 ◽  
Author(s):  
Yan SONG ◽  
Shuang YAO ◽  
Donghua YU ◽  
Yan SHEN
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Group Decision Making ◽  
Group Decision ◽  
Cloud Model ◽  
Decision Makers ◽  
Capacity Investment ◽  
Decision Matrix ◽  
Investment Projects ◽  
Green Capacity

Green capacity investment projects have rapidly emerged involving suppliers, customers, and manufacturing organizations in supply chain systems with environmental challenges. This paper focuses on and identifies both primary strategic and operational elements that will aid managers in evaluating and making risky multi-criteria decisions on green capacity investment projects. We propose a cloud prospect value consensus process consisting of feedback and adjustment mechanisms that provide modification instructions to the corresponding decision makers for a decision matrix based on the cloud model and prospect theory, which considers psychological behavior, disagreements between decision makers, and the ambiguity of linguistic variable assessment across multi-criteria risks. The new model increases the efficiency and accuracy of decision making. To verify the feasibility and validity of the Cloud Prospect Value Consensus Degree based on the Feedback adjustment mechanism, its performance is compared with three state-of-the-art multi-criteria group decision-making methods.

A Consensus Model for Group Decision Making with Hesitant Fuzzy Information

2015 ◽  
Vol 23 (03) ◽  
pp. 459-480 ◽  
Author(s):  
Zhiming Zhang ◽  
Chao Wang ◽  
Xuedong Tian
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Selection Process ◽  
Feedback Mechanism ◽  
Mathematical Tool ◽  
Fuzzy Information ◽  
Consensus Process ◽  
Decision Matrix ◽  
High Level

Hesitant fuzzy sets, permitting the membership of an element to be a set of several possible values, can be used as an efficient mathematical tool for modeling people's hesitancy in daily life. The aim of this paper is to present a consensus support model for group decision making with hesitant fuzzy information. This model is composed of two processes: a consensus process and a selection process. The consensus process is carried out to reach a high level of consensus among experts' opinions before applying a selection process. We first aggregate the hesitant fuzzy decision matrix into a group decision matrix by using the additive aggregation (AA) operator. Then the consensus measure is used to design a feedback mechanism that generates advice to the experts on how they should change their preferences to obtain a solution with a high consensus degree. In the selection process, based on the consentaneous group decision matrix, the additive weighted aggregation (AWA) operator is utilized to derive the overall attribute values of alternatives, by which the most desirable alternative can be found out. Finally, a practical example is proposed to illustrate the application of the proposed model.

A Novel Method for Fuzzy Multi-Criteria Decision Making

2014 ◽  
Vol 13 (03) ◽  
pp. 497-519 ◽  
Author(s):  
Meimei Xia ◽  
Zeshui Xu
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Weight Vector ◽  
Decision Makers ◽  
Decision Matrix ◽  
Novel Method ◽  
The Individual ◽  
Ideal Group ◽  
The Ideal

To determine the weight vector and to aggregate the individual opinions are necessary steps in the classical methods for multi-criteria group decision-making problems in which the weight vectors of the decision makers and the criteria are incompletely known. In this paper, we propose a simple but efficient approach which can avoid these steps by establishing some optimal models. To get the optimal group decision matrix, we first propose two kinds of models among which the former focuses on minimizing the deviations between individual decision matrix and the ideal group one, while the latter aims at minimizing the deviations between the estimated group opinion and the ideal group one. To get the overall performances of alternatives, another two types of models are further established, one of which is to minimize the distance between the evaluation value under each criterion and the ideal overall value for each alternative, and the other is to minimize the distance between the estimated overall value and the ideal overall one. The proposed models can be used to deal with group decision-making under intuitionistic fuzzy, interval-valued fuzzy or other fuzzy environments, and can also provide the decision makers more choices by containing the parameter which can be assigned different values according to different actual situations. Several examples illustrate the practicability of the proposed methods.

scholarly journals Industrial robot selection using a multiple criteria group decision making method with individual preferences

PLoS ONE ◽  
2021 ◽  
Vol 16 (12) ◽  
pp. e0259354
Author(s):  
Jinling Zhao ◽  
Yubing Sui ◽  
Yang Xu ◽  
K. K. Lai
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Industrial Robot ◽  
Multiple Criteria ◽  
Industrial Robots ◽  
Individual Decision ◽  
Decision Matrix ◽  
Individual Preferences ◽  
Robot Selection

This paper proposes a multiple criteria group decision making with individual preferences (MCGDM-IP) to address the robot selection problem (RSP). Four objective criteria elicitation approaches, namely, Shannon entropy approach, CRITIC approach, distance-based approach, and ideal-point approach, are proposed to indicate individual decision makers. A preliminary group decision matrix is therefore formulated. Both preferential differences representing the preference degrees among different robots, and preferential priorities representing the favorite ranking of robots for each individual decision maker, are analyzed to propose a revised group decision matrix. A satisfaction index is developed to manifest the merits of the proposed MCGDM-IP. An illustrative example using the data drawn from previous literature is conducted to indicate the effectiveness and validity of MCGDM-IP. The results demonstrate that the MCGDM-IP could generate a more satisfactory scheme to evaluate and select industrial robots, with an improvement of group satisfactory level as 2.12%.

Multidimensional Benchmarking Framework for AQMs of Network Congestion Control Based on AHP and Group-TOPSIS

2021 ◽  
pp. 1-38
Author(s):  
Maimuna Khatari ◽  
A. A. Zaidan ◽  
B. B. Zaidan ◽  
O. S. Albahri ◽  
M. A. Alsalem ◽  
...  
Keyword(s):  
Decision Making ◽  
Congestion Control ◽  
Group Decision Making ◽  
Group Decision ◽  
Rapid Development ◽  
Multicriteria Decision Making ◽  
Network Congestion ◽  
Proof Of Concept ◽  
Decision Matrix ◽  
Network Congestion Control

This paper aims to propose a grouping framework for benchmarking the active queue management (AQM) methods of network congestion control based on multicriteria decision-making (MCDM) techniques to assist developers of AQM methods in selecting the best AQM method. Given the current rapid development of the AQM techniques, determining which of these algorithms is better than the other is difficult because each algorithm performs better in a specific metric(s). Current benchmarking studies benchmark the AQM methods from a single incomplete prospective. In each proposed AQM method, the benchmarking was achieved with reference to some evaluation measures that are relatively close to the desired goal being followed during the development of the AQM methods. Furthermore, the benchmarking frameworks of AQM methods are complicated and challenging because of the following reasons: (1) the technical details of the AQM methods are adapted and the input parameters are selected according to the sensitivity of the AQM methods; and (2) a framework is developed and designed for simulating AQM methods, the simulated network and the collected results. For this purpose, a set of criteria for AQM comparison are determined. These criteria are performance, processing overhead and configuration. The benchmarking framework is developed based on the crossover of three groups of multi-evaluation criteria and several AQM methods as a proof of concept. The AQM families that are implemented and utilized in experiments to generate the data that are used as a proof of concept of our proposed framework are the parameter-based (pars) and fuzzy-based AQM methods. Accordingly, constructing the decision matrix (DM) that will be used to generate the final results is necessary. Subsequently, the underlying AQM methods are benchmarked and ranked using MCDM techniques, namely, integrated analytical hierarchy process (AHP) and technique for order of preference by similarity to ideal solution (TOPSIS). The validation was performed objectively. The [Formula: see text] deviation was computed to ensure that the AQM methods ranking undergo systematic ranking. Results illustrate that (1) the integration of AHP and TOPSIS solves the AQM method benchmarking problems; (2) results of the individual TOPSIS context clearly show variances among the ranking results of the six experts; (3) the ranks of the AQM methods obtained from internal and external TOPSIS group decision-making are nearly similar, with random early detection method being ranked as the best one; and (4) in the objective validation, significant differences were found between the groups’ scores, thereby indicating that the ranking results of internal and external TOPSIS group decision-making were valid.

scholarly journals A Multiple Attribute Group Decision Making Approach for Solving Problems with the Assessment of Preference Relations

2015 ◽  
Vol 2015 ◽  
pp. 1-10 ◽  
Author(s):  
Taho Yang ◽  
Yiyo Kuo ◽  
David Parker ◽  
Kuan Hung Chen
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Final Decision ◽  
Decision Matrix ◽  
Preference Relations ◽  
Theoretical Approaches ◽  
Multiple Attribute ◽  
Fuzzy Preference Relations ◽  
Fuzzy Preference

A number of theoretical approaches to preference relations are used for multiple attribute decision making (MADM) problems, and fuzzy preference relations is one of them. When more than one person is interested in the same MADM problem, it then becomes a multiple attribute group decision making (MAGDM) problem. For both MADM and MAGDM problems, consistency among the preference relations is very important to the result of the final decision. The research reported in this paper is based on a procedure that uses a fuzzy preference relations matrix which satisfies additive consistency. This matrix is used to solve multiple attribute group decision making problems. In group decision problems, the assessment provided by different experts may diverge considerably. Therefore, the proposed procedure also takes a heterogeneous group of experts into consideration. Moreover, the methods used to construct the decision matrix and determine the attribution of weight are both introduced. Finally a numerical example is used to test the proposed approach; and the results illustrate that the method is simple, effective, and practical.

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