scholarly journals Applications of Decision Theory in Real Life and Business Statistics Problems

2020 ◽  
Vol 06 (09) ◽  
pp. 132-138
Author(s):  
Dr.Daruri Venugopal
Keyword(s):  
Decision Making ◽  
Decision Theory ◽  
Real Life ◽  
Payoff Matrix ◽  
Theory Approach ◽  
Life Problems ◽  
Business Statistics ◽  
Decision Alternatives ◽  
Tree Approach ◽  
Tree Method

The Success or failure for any individual organization experiences depends to large extent on the ability of making positive and acceptable decisions at right time. To obtain such decision in result oriented approach different components of Decision Theory provides the direction to finalize the correct approach in Tree method. We can easily identify the problem and also the events and courses of action available to the decision maker. Provides the proper Payoff matrix through Decision Theory. We will compute the optimum stock to minimize expected cost using decision theory and tree method. It also provides the Under certainty and decision making under risk factors. Decision making under certainty and decision making under uncertainty will also decided in this study of manuscript. Maximax or Minimin Criterion, Pessimism Criterion as Maximin or Minimax also evaluated through Decision Theory approach. The entire Research Manuscript provides the Significance Decision Theory. We can understand the complete scope of Decision Theory in real life problems, we can understand the marginal analysis can solve the uncertainty problems, It also explains the Decision Tree approach in graphic representation of the decision process indicating decision alternatives.

scholarly journals ACO with Intuitionistic Fuzzy Pheromone Updating Applied on Multiple-Constraint Knapsack Problem

Mathematics ◽  
2021 ◽  
Vol 9 (13) ◽  
pp. 1456
Author(s):  
Stefka Fidanova ◽  
Krassimir Todorov Atanassov
Keyword(s):  
Decision Making ◽  
Knapsack Problem ◽  
Propositional Logic ◽  
Optimization Problems ◽  
Real Life ◽  
Combinatorial Optimization Problems ◽  
Intuitionistic Fuzzy ◽  
Life Problems ◽  
Multiple Constraint

Some of industrial and real life problems are difficult to be solved by traditional methods, because they need exponential number of calculations. As an example, we can mention decision-making problems. They can be defined as optimization problems. Ant Colony Optimization (ACO) is between the best methods, that solves combinatorial optimization problems. The method mimics behavior of the ants in the nature, when they look for a food. One of the algorithm parameters is called pheromone, and it is updated every iteration according quality of the achieved solutions. The intuitionistic fuzzy (propositional) logic was introduced as an extension of Zadeh’s fuzzy logic. In it, each proposition is estimated by two values: degree of validity and degree of non-validity. In this paper, we propose two variants of intuitionistic fuzzy pheromone updating. We apply our ideas on Multiple-Constraint Knapsack Problem (MKP) and compare achieved results with traditional ACO.

Introduction and Historical Background

2019 ◽  
pp. 1-26
Keyword(s):  
Decision Making ◽  
Historical Development ◽  
Real Life ◽  
Literature Survey ◽  
Historical Background ◽  
Simultaneous Occurrence ◽  
Special Interests ◽  
Life Problems ◽  
Complex Decision Making ◽  
Complex Decision

This chapter describes the evolution of different multi-objective decision-making (MODM) models with their historical backgrounds. Starting from MODM models in deterministic environments along with various solution techniques, the chapter presents how different kinds of uncertainties may be associated with such decision-making models. Among several types of uncertainties, it has been found that probabilistic and possibilistic uncertainties are of special interests. A brief literature survey on different existing methods to solve those types of uncertainties, independently, is discussed and focuses on the need of considering simultaneous occurrence of those types of uncertainties in MODM contexts. Finally, a bibliographic survey on several approaches for MODM under hybrid fuzzy environments has been presented. Through this chapter the readers can be able to get some concepts about the historical development of MODM models in hybrid fuzzy environments and their importance in solving various real-life problems in the current complex decision-making arena.

scholarly journals A Novel Hybrid Fuzzy Grey TOPSIS Method: Supplier Evaluation of a Collaborative Manufacturing Enterprise

2019 ◽  
Vol 9 (18) ◽  
pp. 3770 ◽  
Author(s):  
Yixiong Feng ◽  
Zhifeng Zhang ◽  
Guangdong Tian ◽  
Amir Mohammad Fathollahi-Fard ◽  
Nannan Hao ◽  
...  
Keyword(s):  
Decision Making ◽  
Comprehensive Evaluation ◽  
Real Life ◽  
Fuzzy Topsis ◽  
Supplier Evaluation ◽  
Manufacturing Enterprise ◽  
Collaborative Manufacturing ◽  
Life Problems ◽  
Order Preference ◽  
The Difference

Recently, there is of significant interest in developing multi-criteria decision making (MCDM) techniques with large applications for real-life problems. Making a reasonable and accurate decision on MCDM problems can help develop enterprises better. The existing MCDM methods, such as the grey comprehensive evaluation (GCE) method and the technique for order preference by similarity to an ideal solution (TOPSIS), have their one-sidedness and shortcomings. They neither consider the difference of shape and the distance of the evaluation sequence of alternatives simultaneously nor deal with the interaction that universally exists among criteria. Furthermore, some enterprises cannot consult the best professional expert, which leads to inappropriate decisions. These reasons motivate us to contribute a novel hybrid MCDM technique called the grey fuzzy TOPSIS (FGT). It applies fuzzy measures and fuzzy integral to express and integrate the interaction among criteria, respectively. Fuzzy numbers are employed to help the experts to make more reasonable and accurate evaluations. The GCE method and the TOPSIS are combined to improve their one-sidedness. A case study of supplier evaluation of a collaborative manufacturing enterprise verifies the effectiveness of the hybrid method. The evaluation result of different methods shows that the proposed approach overcomes the shortcomings of GCE and TOPSIS. The proposed hybrid decision-making model provides a more accurate and reliable method for evaluating the fuzzy system MCDM problems with interaction criteria.

scholarly journals An Integrated Decision-Making Method Based on Neutrosophic Numbers for Investigating Factors of Coastal Erosion

Symmetry ◽  
2019 ◽  
Vol 11 (3) ◽  
pp. 328 ◽  
Author(s):  
Azzah Awang ◽  
Nur Aizam ◽  
Lazim Abdullah
Keyword(s):  
Decision Making ◽  
Coastal Erosion ◽  
Real Life ◽  
Analytic Network Process ◽  
Peninsular Malaysia ◽  
Coastal Development ◽  
Weighted Averaging ◽  
Life Problems ◽  
Network Process ◽  
Integrated Decision Making

The recent boom of various integrated decision-making methods has attracted many researchers to the field. The recent integrated Analytic Network Process and Decision Making Trial and Evaluation Laboratory (ANP–DEMATEL) methods were developed based on crisp numbers and fuzzy numbers. However, these numbers are incapable of dealing with the indeterminant and inconsistent information that exists in real-life problems. This paper proposes improvements to the integrated ANP–DEMATEL method by bringing together the neutrosophic numbers, the ANP method, and the DEMATEL method, which are later abbreviated to NS-DANP. The proposed NS-DANP method can handle the indeterminacy elements in the decision-making environment, as the single-valued neutrosophic numbers are used in the decision analysis. This proposed NS-DANP modification method includes linguistic variables representing the single-valued neutrosophic numbers (SVNNs), and also introduces the single-valued neutrosophic weighted averaging (SVNWA) aggregation operator to aggregate the decision makers’ judgments instead of the typical averaging method. The applicability of the proposed method is illustrated by a case study of the coastal erosion problem along the Peninsular Malaysia coastline, where 12 factors were considered. Three experts of coastal erosion from different organizations were invited to elicit their linguistic judgments on the cause–effect of the coastal erosion. The seven-step decision approach was developed to acquire the weightage of each coastal erosion factor. The outcome of this study reveals that coastal development is the riskiest factor toward coastal erosion. The weight of factors and the cause–effect diagram could be very helpful for government and stakeholders to project a better mitigation plan for the coastal erosion problem. Comparative analysis is also provided to check the feasibility of the proposed method.

scholarly journals Fuzzy Analytic Hierarchy Process-Based Multi-Criteria Decision Making for Universities Ranking

Symmetry ◽  
2020 ◽  
Vol 12 (8) ◽  
pp. 1351
Author(s):  
Rashad Aliyev ◽  
Hasan Temizkan ◽  
Rafig Aliyev
Keyword(s):  
Decision Making ◽  
Analytic Hierarchy Process ◽  
Performance Indicator ◽  
Real Life ◽  
Fuzzy Analytic Hierarchy Process ◽  
Multi Criteria Decision Making ◽  
Analytic Hierarchy ◽  
Life Problems ◽  
Types Of Information ◽  
Hierarchy Process

High competition between universities has been increasing over the years, and stimulates higher education institutions to attain higher positions in the ranking list. Ranking is an important performance indicator of university status evaluation, and therefore plays an essential role in students’ university selection. The ranking of universities has been carried out using different techniques. Main goal of decision processes in real-life problems is to deal with the symmetry or asymmetry of different types of information. We consider that multi-criteria decision making (MCDM) is well applicable to symmetric information modelling. Analytic hierarchy process (AHP) is a well-known technique of MCDM discipline, and is based on pairwise comparisons of criteria/alternatives for alternatives’ evaluation. Unfortunately, the classical AHP method is unable to deal with imprecise, vague, and subjective information used for the decision making process in complex problems. So, introducing a more advanced tool for decision making under such circumstances is inevitable. In this paper, fuzzy analytic hierarchy process (FAHP) is applied for the comparison and ranking of performances of five UK universities, according to four criteria. The criteria used for the evaluation of universities’ performances are teaching, research, citations, and international outlook. It is proven that applying FAHP approach makes the system consistent, and by the calculation of coefficient of variation for all alternatives, it becomes possible to rank them in prioritized order.

The Role of Smart Technologies to Support Citizen Engagement and Decision Making

2018 ◽  
Vol 14 (4) ◽  
pp. 1-17 ◽  
Author(s):  
Gabriela Viale Pereira ◽  
Gregor Eibl ◽  
Constantinos Stylianou ◽  
Gilberto Martínez ◽  
Haris Neophytou ◽  
...  
Keyword(s):  
Decision Making ◽  
Social Media ◽  
Real Life ◽  
Digital Technologies ◽  
Fuzzy Cognitive Maps ◽  
Data Driven ◽  
Social Media Data ◽  
Life Problems ◽  
Smart Technologies ◽  
Media Data

Smart government relies both on the application of digital technologies to enable citizen's participation in order to achieve a high level of citizen centricity and on data-driven decision making in order to improve the quality of life of citizens. Data-driven decisions in turn depend on accessible and reliable datasets, which open government and social media data are likely to promise. The SmartGov project uses digital technologies by integrating open and social media data in Fuzzy Cognitive Maps to model real life problems and simulate different scenarios leading to better decision making. This research performed a multiple-case analysis in two pilot cities. Both municipalities use the technologies to find the best routes: Limassol to improve the garbage collection and Quart de Poblet to improve the walking routes of chaperones guiding children to school. The article proposes a generic framework for Smart City Governance focusing on the inputs and outcomes of this process in the use of technologies for policy making built based on the analysis of the SmartGov.

scholarly journals A STOCHASTIC MULTI-CRITERIA DECISION-MAKING ANALYSIS FOR A WAREHOUSE LOCATION SELECTION PROBLEM: A CASE STUDY

2020 ◽  
Vol 7 (12) ◽  
pp. 133-143
Author(s):  
Şeyma Emeç ◽  
Gökay Akkaya
Keyword(s):  
Decision Making ◽  
Real Life ◽  
Multiple Criteria Decision Making ◽  
Selection Problem ◽  
Multi Criteria Decision Making ◽  
Analytic Hierarchy ◽  
Location Selection ◽  
Solution Approach ◽  
Life Problems ◽  
Warehouse Location

The problem of a warehouse location selecting which has a significant impact on logistics costs is an important decision problem based on the best choice of alternatives under multiple conflicting criteria. Multiple-criteria decision-making (MCDM) methods are used as a solution approach for the decision problems including several criteria. In this study, a new stochastic multi-criteria decision-making approach has been developed to solve the warehouse location selection problem (WLSP) in the stochastic environment which contains uncertain situations. In the proposed approach, the SAHP (Stochastic Analytic Hierarchy Process) method was used to calculate the weight of criteria, and the alternatives were ranked and evaluated by fuzzy MOORA (Multi-Objective Optimization by Ratio Analysis). The proposed approach is applied to warehouse selection problem of a supermarket chain located in Turkey. The results of the research indicated that A2 is the best alternative. It can be said that the proposed method can be applied to the real life problems because it found a suitable solution to the problem.

scholarly journals A method to solve two-player zero-sum matrix games in chaotic environment

2021 ◽  
Vol 12 (1) ◽  
pp. 115-126
Author(s):  
Hamiden Abd El- Wahed Khalifa ◽  
Pavan Kumar
Keyword(s):  
Decision Making ◽  
Real Life ◽  
Multiple Criteria Decision Making ◽  
Value Added ◽  
Payoff Matrix ◽  
Matrix Games ◽  
Research Article ◽  
General Algebraic Modeling System ◽  
Classical Mathematics ◽  
Zero Sum

This research article proposes a method for solving the two-player zero-sum matrix games in chaotic environment. In a fast growing world, the real life situations are characterized by their chaotic behaviors and chaotic processes. The chaos variables are defined to study such type of problems. Classical mathematics deals with the numbers as static and less value-added, while the chaos mathematics deals with it as dynamic evolutionary, and comparatively more value-added. In this research article, the payoff is characterized by chaos numbers. While the chaos payoff matrix converted into the corresponding static payoff matrix. An approach for determining the chaotic optimal strategy is developed. In the last, one solved example is provided to explain the utility, effectiveness and applicability of the approach for the problem.Abbreviations: DM= Decision Maker; MCDM = Multiple Criteria Decision Making; LPP = Linear Programming Problem; GAMS= General Algebraic Modeling System.

scholarly journals Desenvolvimento e Avaliação de uma Plataforma Colaborativa Digital para Educação e Tomada de Decisão Médica Baseada em Evidências

2019 ◽  
Vol 43 (1 suppl 1) ◽  
pp. 513-524
Author(s):  
Álisson Oliveira dos Santos ◽  
Alexandre Sztajnberg ◽  
Tales Mota Machado ◽  
Daniel Magalhães Nobre ◽  
Adriano Neves de Paula e Souza ◽  
...  
Keyword(s):  
Decision Making ◽  
Clinical Practice ◽  
Clinical Decision Making ◽  
Real Life ◽  
Evaluation Process ◽  
Clinical Decision ◽  
Medical Decision ◽  
Alternative Form ◽  
Evidence Based ◽  
Life Problems

ABSTRACT The medical education for clinical decision-making has undergone changes in recent years. Previously supported by printed material, problem solving in clinical practice has recently been aided by digital tools known as summaries platforms. Doctors and medical students have been using such tools from questions found in practice scenarios. These platforms have the advantage of high-quality, evidence-based and always up-to-date content. Its popularization was mainly due to the rise of the internet use and, more recently, of mobile devices such as tablets and smartphones, facilitating their use in clinical practice. Despite this platform is widely available, the most of them actually present several access barriers as costs, foreign language and not be able to Brazilian epidemiology. A free national platform of evidence-based medical summaries was proposed, using the crowdsourcing concept to resolve those barriers. Furthermore, concepts of gamification and content evaluation were implemented. Also, there is the possibility of evaluation by the users, who assigns note for each content created. The platform was built with modern technological tools and made available for web and mobile application. After development, an evaluation process was conducted by researchers to attest to the valid of content, usability, and user satisfying. Consolidated questionnaires and evaluation tools by the literature were applied. The process of developing the digital platform fostered interdisciplinarity, from the involvement of medical and information technology professionals. The work also allowed the reflection on the innovative educational processes, in which the learning from real life problems and the construction of knowledge in a collaborative way are integrated. The assessment results suggest that platform can be real alternative form the evidence-based medical decision-making.

scholarly journals Multiple Criteria Decision Making Based on Probabilistic Interval-Valued Hesitant Fuzzy Sets by Using LP Methodology

2019 ◽  
Vol 2019 ◽  
pp. 1-12 ◽  
Author(s):  
M. Sarwar Sindhu ◽  
Tabasam Rashid ◽  
Agha Kashif ◽  
Juan Luis García Guirao
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Real Life ◽  
Multiple Criteria Decision Making ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Occurrence Probability ◽  
Hesitant Fuzzy Sets ◽  
Life Problems ◽  
Interval Valued

Probabilistic interval-valued hesitant fuzzy sets (PIVHFSs) are an extension of interval-valued hesitant fuzzy sets (IVHFSs) in which each hesitant interval value is considered along with its occurrence probability. These assigned probabilities give more details about the level of agreeness or disagreeness. PIVHFSs describe the belonging degrees in the form of interval along with probabilities and thereby provide more information and can help the decision makers (DMs) to obtain precise, rational, and consistent decision consequences than IVHFSs, as the correspondence of unpredictability and inaccuracy broadly presents in real life problems due to which experts are confused to assign the weights to the criteria. In order to cope with this problem, we construct the linear programming (LP) methodology to find the exact values of the weights for the criteria. Furthermore these weights are employed in the aggregation operators of PIVHFSs recently developed. Finally, the LP methodology and the actions are then applied on a certain multiple criteria decision making (MCDM) problem and a comparative analysis is given at the end.

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