A novel method for multi-attribute risk decision-making based on regret theory and hybird information

2020 ◽  
Vol 39 (5) ◽  
pp. 6955-6964
Author(s):  
Nian Zhang ◽  
Yunpeng Han ◽  
Quanshen Si ◽  
Guiwu Wei
Keyword(s):  
Decision Making ◽  
Transformation Method ◽  
Decision Makers ◽  
Regret Theory ◽  
Utility Values ◽  
Weighted Arithmetic ◽  
Relative Closeness ◽  
Decision Making Problem ◽  
Ranking Order ◽  
Risk Decision

To consider the decision makers’ regret behavior and describe the hybrid evolution information in the risk decision-making problem, a new approach is proposed based on regret theory in this paper. Firstly, the probable value of different states are calculated by Pignistic probability transformation method. Secondly, the relative closeness formula of hybrid information are established and the utility values of alternatives are computed. Then, decision makers’ utility values are obtained according to the regret theory. Moreover, the overall perceived utility values of alternatives are obtained by weighted arithmetic mean and got the optimal one by the ranking order. Finally, an numerical example is illustrated the method and comparative analysis are offered between the proposed approach and other existed methods to show that is feasible and usable.

scholarly journals Uncertain Multiattribute Decision-Making Based on Interval Number with Extension-Dependent Degree and Regret Aversion

2018 ◽  
Vol 2018 ◽  
pp. 1-10 ◽  
Author(s):  
Libo Xu ◽  
Xingsen Li ◽  
Chaoyi Pang
Keyword(s):  
Decision Making ◽  
Interval Number ◽  
Decision Makers ◽  
Regret Theory ◽  
Utility Value ◽  
Perceived Utility ◽  
Dependent Function ◽  
Optimal Value ◽  
Decision Making Problem ◽  
Regret Aversion

In view of the uncertainty multiattribute decision-making problem with attribute values and weights both being interval number, a new solution based on regret theory and extension-dependent degree is proposed. It can define pass value of each attribute, which means decision-maker’s acceptance for the scheme under the pass value will decline quickly. Then according to traditional regret theory, the method defines an extension-dependent function based on pass value which can improve the flexibility of the traditional utility function and the ability to describe the risk aversion actions from decision-makers. Then the extension-dependent function for interval number is built, and the perceived utility value of each scheme is obtained based on the interval’s optimal value. The method can also reflect the decision-maker’s reference to high or low evaluation score by setting attitude coefficients. At last, an example is presented to examine the feasibility, effectiveness, and stability of our method.

scholarly journals A Multi-Criteria Decision Support Concept for Selecting the Optimal Contractor

2021 ◽  
Vol 11 (4) ◽  
pp. 1660 ◽  
Author(s):  
Ivan Marović ◽  
Monika Perić ◽  
Tomaš Hanak
Keyword(s):  
Decision Making ◽  
Decision Support ◽  
Project Performance ◽  
Decision Makers ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Conflicting Demands ◽  
Decision Making Problem ◽  
Scientific Approach ◽  
Hierarchy Process

A way to minimize uncertainty and achieve the best possible project performance in construction project management can be achieved during the procurement process, which involves selecting an optimal contractor according to “the most economically advantageous tender.” As resources are limited, decision-makers are often pulled apart by conflicting demands coming from various stakeholders. The challenge of addressing them at the same time can be modelled as a multi-criteria decision-making problem. The aim of this paper is to show that the analytic hierarchy process (AHP) together with PROMETHEE could cope with such a problem. As a result of their synergy, a decision support concept for selecting the optimal contractor (DSC-CONT) is proposed that: (a) allows the incorporation of opposing stakeholders’ demands; (b) increases the transparency of decision-making and the consistency of the decision-making process; (c) enhances the legitimacy of the final outcome; and (d) is a scientific approach with great potential for application to similar decision-making problems where sustainable decisions are needed.

Multi-Attribute Group Decision Making Method for Preference Conflicting with Heterogeneous Information

2018 ◽  
Vol 7 (4) ◽  
pp. 1-14 ◽  
Author(s):  
Kai-Rong Liang
Keyword(s):  
Decision Making ◽  
Objective Function ◽  
Group Decision Making ◽  
Group Decision ◽  
Decision Makers ◽  
Heterogeneous Information ◽  
Multi Objective ◽  
Attribute Weights ◽  
Relative Closeness ◽  
Decision Making Model

The aim of this article is to propose a multi-objective decision-making method for researching and solving multi-attribute heterogeneous group decision-making problems. This is in the case that the characters of the decision information and decision makers' preferences are heterogeneous, and the weight information is incomplete. In this method, the multi-objective decision-making model, which considers the alternatives decision relative closeness and the preference of heterogeneous degree of decision makers in the objective function, is put forward. In addition, this article uses the minimax method to derive the multi-objective decision-making model and obtain the attribute weights and decision makers weights, and then the optimal scheme is established. Finally, an illustrative example shows the effectiveness of the proposed method.

An Integrated Intuitionistic Fuzzy MCDM Approach to Select Cloud-Based ERP System for SMEs

2019 ◽  
Vol 18 (06) ◽  
pp. 1875-1908
Author(s):  
Akshay Hinduja ◽  
Manju Pandey
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Managerial Decision ◽  
Erp System ◽  
Intuitionistic Fuzzy ◽  
Decision Making Problem ◽  
Fuzzy Preference Relations ◽  
Priority Method ◽  
Selection Of

ERP system is a software package that integrates and manages all the facets of the business and deeply influences the success of a business endeavor. The increasing competition in the market, rapidly changing demands, and increasing intricacy of business procedures induce enterprises to adopt ERP solutions. Adopting an ERP solution increases synchronization between business activities and reinforces managerial decision-making. However, it also involves a large investment, a significant amount of human resources and time, and risk of failure. Therefore, the selection of an ERP solution is a crucial decision for enterprises. To address this decision-making problem, we propose a four-stage multi-criteria decision-making approach in this paper. Three prevalent MCDM techniques, DEMATEL, IF-ANP, and IF-AHP, are used in different stages of the methodology to achieve better outcomes. The methodology incorporates the intuitionistic fuzzy sets to capture uncertainty and hesitancy involved in decision makers’ judgments. In addition, we develop a novel priority method to derive weights from the intuitionistic fuzzy preference relations. To validate the feasibility of the proposed approach, a case study is carried out on the selection of cloud-based ERP system for SMEs in the Chhattisgarh state of India, which indicates that the proposed four-stage approach effectively handles the ERP selection problem.

A Decision Making Model for Urban Mass Transit Planning

2012 ◽  
Vol 178-181 ◽  
pp. 1898-1903
Author(s):  
Cheng Bing Li ◽  
Kui Yang
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Decision Model ◽  
Group Decision ◽  
Multiple Objectives ◽  
Decision Makers ◽  
Transit Planning ◽  
Entropy Weight ◽  
Decision Making Problem ◽  
Urban Mass Transit

The urban transit network planning is considered as a group decision making problem with multiple objectives and multiple decision makers, due to the its planning characteristics. A new group decision making method is presented to overcome the problem in current group decision making. With the idea of integration and collaboration, the group decision making problem is turned into the group decision making with multiple objectives and decision makers, and the two stage decision model is established. The dynamic index is transformed into static index with the dynamic multi-valued context, and the first stage decision model is established by entropy weight theory. The weight is given by experts with cluster analysis, and the aggregation model of group decision making is established with relative entropy, in the second stage.

scholarly journals Interval-Valued Intuitionistic Fuzzy Multicriteria Group Decision Making Based on VIKOR and Choquet Integral

2013 ◽  
Vol 2013 ◽  
pp. 1-16 ◽  
Author(s):  
Chunqiao Tan ◽  
Xiaohong Chen
Keyword(s):  
Decision Making ◽  
Group Decision Making ◽  
Group Decision ◽  
Choquet Integral ◽  
Decision Makers ◽  
Intuitionistic Fuzzy ◽  
Fuzzy Environment ◽  
Decision Making Problem ◽  
Multicriteria Group Decision Making ◽  
Interval Valued

An effective decision making approach based on VIKOR and Choquet integral is developed to solve multicriteria group decision making problem with conflicting criteria and interdependent subjective preference of decision makers in a fuzzy environment where preferences of decision makers with respect to criteria are represented by interval-valued intuitionistic fuzzy sets. First, an interval-valued intuitionistic fuzzy Choquet integral operator is given. Some of its properties are investigated in detail. The extended VIKOR decision procedure based on the proposed operator is developed for solving the multicriteria group decision making problem where the interactive criteria weight is measured by Shapley value. An illustrative example is given for demonstrating the applicability of the proposed decision procedure for solving the multi-criteria group decision making problem in interval-valued intuitionistic fuzzy environment.

Decision making method for evaluating logistics companies based on the ordered representation of the polygonal fuzziness1

2020 ◽  
Vol 39 (3) ◽  
pp. 3151-3166
Author(s):  
Xiaoping Li ◽  
Yujie Tao ◽  
Yanhong Li
Keyword(s):  
Decision Making ◽  
Euclidean Distance ◽  
Fuzzy Numbers ◽  
Decision Matrix ◽  
Arithmetic Average ◽  
Weighted Arithmetic ◽  
Relative Closeness ◽  
Negative Ideal Solution ◽  
Arbitrary Precision ◽  
Polygonal Fuzzy Numbers

A polygonal fuzzy numbers can describe fuzzy information by means of finite ordered real numbers. It not only overcomes the complexity of traditional fuzzy number operations, but also keeps some good properties of trapezoidal fuzzy numbers, and it can approximate general fuzzy numbers with arbitrary precision. In this paper, a weighted arithmetic average operator is defined by the ordered representation and its operations of the polygonal fuzzy numbers, and a new Euclidean distance for measuring the polygonal fuzzy numbers is given. Secondly, in view of cost attribute and benefit attributes, the polygonal fuzzy decision matrix is normalized, and the weighted Euclidean distance is used to solve the positive (negative) ideal solution and the relative closeness of the decision matrix, and then a new decision method is given. Finally, the effectiveness of the proposed decision-making method is illustrated by an example of the evaluation of logistics companies by shopping websites.

scholarly journals A Method of Determining Multi-Attribute Weights Based on Single-Valued Neutrosophic Numbers and Its Application in TODIM

Symmetry ◽  
2019 ◽  
Vol 11 (4) ◽  
pp. 506 ◽  
Author(s):  
Dongsheng Xu ◽  
Yanran Hong ◽  
Kaili Xiang
Keyword(s):  
Decision Making ◽  
Decision Makers ◽  
Entropy Weight ◽  
Attribute Weights ◽  
Attribute Weight ◽  
Decision Making Problem ◽  
Entropy Weight Method ◽  
Todim Method ◽  
Multi Attribute Decision Making ◽  
Weight Method

In this paper, the TODIM method is used to solve the multi-attribute decision-making problem with unknown attribute weight in venture capital, and the decision information is given in the form of single-valued neutrosophic numbers. In order to consider the objectivity and subjectivity of decision-making problems reasonably, the optimal weight is obtained by combining subjective weights and objective weights. Subjective weights are given directly by decision makers. Objective weights are obtained by establishing a weight optimization model with known decision information, then this method will compare with entropy weight method. These simulation results also validate the effectiveness and reasonableness of this proposed method.

scholarly journals Dombi Aggregation Operators of Linguistic Cubic Variables for Multiple Attribute Decision Making

Information ◽  
2018 ◽  
Vol 9 (8) ◽  
pp. 188 ◽  
Author(s):  
Xueping Lu ◽  
Jun Ye
Keyword(s):  
Decision Making ◽  
Multiple Attribute Decision Making ◽  
Optimal Choice ◽  
Decision Makers ◽  
Linguistic Variable ◽  
Operational Parameter ◽  
Arithmetic Average ◽  
Weighted Arithmetic ◽  
Multiple Attribute ◽  
Dombi Operations

A linguistic cubic variable (LCV) is comprised of interval linguistic variable and single-valued linguistic variable. An LCV contains decision-makers’ uncertain and certain linguistic judgments simultaneously. The advantage of the Dombi operators contains flexibility due to its changeable operational parameter. Although the Dombi operations have been extended to many studies to solve decision-making problems; the Dombi operations are not used for linguistic cubic variables (LCVs) so far. Hence, the Dombi operations of LCVs are firstly presented in this paper. A linguistic cubic variable Dombi weighted arithmetic average (LCVDWAA) operator and a linguistic cubic variable Dombi weighted geometric average (LCVDWGA) operator are proposed to aggregate LCVs. Then a multiple attribute decision making (MADM) method is developed in LCV setting on the basis of LCVDWAA and LCVDWGA operators. Finally, two illustrative examples about the optimal choice problems demonstrate the validity and the application of this method.

scholarly journals MOORA under Pythagorean Fuzzy Set for Multiple Criteria Decision Making

Complexity ◽  
2018 ◽  
Vol 2018 ◽  
pp. 1-10 ◽  
Author(s):  
Luis Pérez-Domínguez ◽  
Luis Alberto Rodríguez-Picón ◽  
Alejandro Alvarado-Iniesta ◽  
David Luviano Cruz ◽  
Zeshui Xu
Keyword(s):  
Decision Making ◽  
Multiobjective Optimization ◽  
Fuzzy Set ◽  
Multiple Criteria Decision Making ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Ratio Analysis ◽  
Pythagorean Fuzzy Set ◽  
Decision Making Problem ◽  
Moora Method

The multiobjective optimization on the basis of ratio analysis (MOORA) method captures diverse features such as the criteria and alternatives of appraising a multiple criteria decision-making (MCDM) problem. At the same time, the multiple criteria problem includes a set of decision makers with diverse expertise and preferences. In fact, the literature lists numerous approaches to aid in this problematic task of choosing the best alternative. Nevertheless, in the MCDM field, there is a challenge regarding intangible information which is commonly involved in multiple criteria decision-making problem; hence, it is substantial in order to advance beyond the research related to this field. Thus, the objective of this paper is to present a fused method between multiobjective optimization on the basis of ratio analysis and Pythagorean fuzzy sets for the choice of an alternative. Besides, multiobjective optimization on the basis of ratio analysis is utilized to choose the best alternatives. Finally, two decision-making problems are applied to illustrate the feasibility and practicality of the proposed method.

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