Bonferroni induced heavy operators in ERM decision-making: A case on large companies in Colombia

Blanco‐Mesa, Fabio; León‐Castro, Ernesto; Merigó, José M.

doi:10.1016/j.asoc.2018.08.001

Cited by 29 publications

(19 citation statements)

References 41 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The use of different fuzzy techniques combined with traditional modelling and simulation methods in business, economics and finance have become an interesting research field including the analysis of the exchange rate (León-Castro, Avilés-Ochoa, Merigó, & Gil-Lafuente 2018), stock markets (Cheng, Wei, Liu, & Chen, 2013), enterprise risk management (Olson & Wu, 2010;Blanco-Mesa, León-Castro, & Merigó, 2018), supply chains (Campuzano, Mula, & Peidro, 2010;Sandhu, Helo, & Kristianto, 2013), new market expansions (Merigó, Palacios-Marqués, & Soto-Acosta, 2017), governmental decisions (Dyson & Chang, 2005;Qi & Chang, 2011), investment decisions (Ustundag, Kılınç, & Cevikcan, 2010), logistics (Banomyong & Sopadang, 2010), supplier evaluation (Datta, Samantra, Mahapatra, Banerjee, & Bandyopadhyay, 2012) and personal selection (Sari, Oktay, & Tevfik, 2010).…”

Section: Applications In Business Economics and Managementmentioning

confidence: 99%

Modelling and Simulation in Business, Economics and Management

León‐Castro

Merigó

Avilés‐Ochoa³

et al. 2019

Technological and Economic Development of Economy

Self Cite

View full text Add to dashboard Cite

show abstract

Section: Applications In Business Economics and Managementmentioning

confidence: 99%

Modelling and Simulation in Business, Economics and Management

León‐Castro

Merigó

Avilés‐Ochoa³

et al. 2019

Technological and Economic Development of Economy

Self Cite

View full text Add to dashboard Cite

show abstract

“…The idea of considering the importance of each deviation value and including it as part of the information fusion techniques has led to the appearance of noted operators such as the ordered weighted distance (OWD) operators (Xu & Chen, 2008) and the ordered weighted averaging distance (OWAD) operators (Merigó & Gil-Lafuente, 2010). From these classic operators several extensions have been developed, such as the consideration of intuitionistic fuzzy information IFOWD operator (Zeng & Su, 2011), moving averages (León-Castro, Avilés-Ochoa, Merigó & Yager, 2013), Bonferroni means (Blanco-Mesa, León-Castro, & Merigó, 2018), among others. More recently, the application of the induced vector has been applied to the concept of distance in the decision-making science (see e.g.…”

Section: Introductionmentioning

confidence: 99%

Induced and Logarithmic Distances With Multi-Region Aggregation Operators

Alfaro‐García

Merigó

Pérez

et al. 2019

Technological and Economic Development of Economy

Self Cite

View full text Add to dashboard Cite

This paper introduces the induced ordered weighted logarithmic averaging IOWLAD and multiregion induced ordered weighted logarithmic averaging MR-IOWLAD operators. The distinctive characteristic of these operators lies in the notion of distance measures combined with the complex reordering mechanism of inducing variables and the properties of the logarithmic averaging operators. The main advantage of MR-IOWLAD operators is their design, which is specifically thought to aid in decision-making when a set of diverse regions with different properties must be considered. Moreover, the induced weighting vector and the distance measure mechanisms of the operator allow for the wider modeling of problems, including heterogeneous information and the complex attitudinal character of experts, when aiming for an ideal scenario. Along with analyzing the main properties of the IOWLAD operators, their families and specific cases, we also introduce some extensions, such as the induced generalized ordered weighted averaging IGOWLAD operator and Choquet integrals. We present the induced Choquet logarithmic distance averaging ICLD operator and the generalized induced Choquet logarithmic distance averaging IGCLD operator. Finally, an illustrative example is proposed, including real-world information retrieved from the United Nations World Statistics for global regions.

show abstract

“…This discussion has generated various debates about the formality of mathematical methods that deal with high complexity and uncertainty, in which the latter have gained ground generating new hybrid models with applications in various fields including business sciences and economics. Among all the studies, the theory of fuzzy subsets applied in business management, basic elements of the mathematics of uncertainty applied in economics, company management techniques, decision‐making in uncertainty, modeling of complex economic phenomenon, sales forecasting, forecasting, entrepreneurship, portfolio selection, stakeholders management, enterprise risk management, transparency, competitiveness, social networks, e‐services, and others can be highlighted. Likewise, it is worth mentioning another author, who, with his contributions, has contributed to the business and economic decision‐making problems: Ronald R. Yager.…”

Section: Introductionmentioning

confidence: 99%

“…From Bonferroni means, has been proposed a great deal of extensions to solve multicriteria decision‐making, multiple criteria decision‐making, multiple attribute decision‐making, and group decision‐making . Consequently, within these propositions are introduced extensions in combination with the OWA operator, which are focused on linguistic variables, induced variables, distance measures, hybrid weighted distance and immediate weighted distance, and logarithmic . All these extensions have contributed to create new hybrid methods that configures an aggregation operator family.…”

Section: Introductionmentioning

confidence: 99%

Variances with Bonferroni means and ordered weighted averages

et al. 2019

Self Cite

View full text Add to dashboard Cite

The variance is a statistical measure frequently used for analysis of dispersion in the data. This paper presents new types of variances that use Bonferroni means and ordered weighted averages in the aggregation process of the variance. The main advantage of this approach is that we can underestimate or overestimate the variance according to the attitudinal character of the decisionmaker. The work considers several particular cases including the minimum and the maximum variance and presents some numerical examples. The article also develops some extensions and generalizations by using induced aggregation operators and generalized and quasi-arithmetic means. These approaches provide a more general framework that can consider a lot of other particular cases and a complex attitudinal character that could be affected by a wide range of variables. The study ends with an application of the new approach in a business decision-making problem regarding strategic analysis in enterprise risk management. K E Y W O R D S asymmetric information, Bonferroni means, OWA operator, strategy decision-making, varianceStatistics is a science that collects, organizes, presents, analyzes, and interprets data to provide information to make decisions more effectively. Among its diverse applications is statistics applied to business and the economy, in which studies focus on descriptive statistics and statistical inference. On the one hand, descriptive statistics allows organizing, summarizing, and presenting data in an informative manner. On the other hand, statistical inference uses methods to describe or determine a specific property of a population based on a sample of it. For both approaches, it is important to highlight the origin of the data, which must be measurable and countable to be treated with different methods, allowing filtering to obtain objective information. Thus, statistics allows obtaining specific measures and conjectures about these. Among the most used procedures and measures are the frequency distribution (to organize the data), the average (the central location of a group of numeric data), measures of central tendency and dispersion (to observe the proximity of a set of data around the average) and other more complex measures related to probability and test statistics.However, statistics, although quite useful to describe, explain, and verify various phenomena within business and economic studies, is not able to capture nonnumerical aspects, such as semantics, linguistic meaning, approximate reasoning, intuition, and attitude. This is because these types of data do not follow formal patterns and largely respond to human behavior and subjectivity, which makes them more complex to measure. 1 Perhaps, this is the first difficulty in their mathematical treatment, as they try to measure with high-precision, data that in their nature have a high degree of complexity. According to Zadeh 2 human reasoning is related to possibility and uncertainty, which is different from probability, that is, high complexity is incompatibl...

show abstract

Bonferroni induced heavy operators in ERM decision-making: A case on large companies in Colombia

Cited by 29 publications

References 41 publications

Modelling and Simulation in Business, Economics and Management

Modelling and Simulation in Business, Economics and Management

Induced and Logarithmic Distances With Multi-Region Aggregation Operators

Variances with Bonferroni means and ordered weighted averages

Contact Info

Product

Resources

About