Evaluation and selection of projects using hybrid MCDM technique under fuzzy environment based on financial factors

Vijayakumar, Sethu; Suresh, P.; Sasikumar, K.; Pasupathi, K.; Yuvaraj, T.; Velmurugan, D.

doi:10.1016/j.matpr.2021.10.138

Cited by 3 publications

(2 citation statements)

References 8 publications

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“…The MCGDM technique is most suitable for solve the problem. Several researchers (Garg, 2019; Rahaman & Ali, 2020; Vijayakumar et al, 2022) worked on investment problems in various fuzzy domain. Viewing this, a real‐life based money investment MCGDM problem has been considered to solve in this paper under DH

q

‐ROF environment.…”

Section: Introductionmentioning

confidence: 99%

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Schweizer‐Sklar operations based hybrid aggregation operator to dual hesitant q‐rung orthopair fuzzy set and its application on MCGDM

2023

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Dual hesitant q-rung orthopair fuzzy (DHq-ROF) set appears as a powerful tool in compare to other variants of fuzzy sets to deal with uncertainties associated with available information in various real-life decision-making cases. In order to make DHq-ROF aggregation information process flexible, at first some operations viz., addition, multiplication, scalar multiplication, exponential laws based on Schweizer-Sklar class of t-conorms and t-norms are defined. Subsequently, using these operations, weighted average and geometric operators and ordered weighted average and geometric operators are introduced. But weighted average or geometric operators and ordered weighted average or geometric operators consider only the weight of the opinions and the weight of the ordered position of each given opinion respectively. To resolve weights of the arguments, hybrid aggregation operators viz., DHq-ROF Schweizer-Sklar hybrid averaging, DHq-ROF Schweizer-Sklar hybrid geometric operators are developed and their properties are discussed. Afterwards, a new method to deal with multicriteria group decision making problems under DHq-ROF environment is framed. To illustrate the proposed method a decision making problem related to investment company selection is considered and solved. To show the advantages of the proposed study, a comparative analysis among the developed and existing studies is discussed.dual hesitant fuzzy set, dual hesitant q-rung orthopair fuzzy set, group decision making, hybrid aggregation operators, Schweizer-Sklar t-conorms and t-norms | INTRODUCTIONMulticriteria decision making (MCDM) refers to the problem for sorting alternatives based on numerous criteria and choosing the best one. In actual decision-making circumstances, it is challenging to resolve MCDM problems having vague information due to the fuzziness of human cognition and the complexity of decision-making environments. Zadeh (1965) proposed the theory of fuzzy sets by introducing membership values only. Importing the concept of non-membership, Atanassov (1986) originated intuitionistic fuzzy (IF) sets (IFSs) and Yagar (2013Yagar ( , 2014 expanded the idea of IFS to create the Pythagorean fuzzy (PF) set (PFS), where the sum of the squares of membership and non-membership degrees is not greater than 1. Sometimes PFS fails to describe evaluation information in multicriteria group decision making (MCGDM problems). For example, PFS cannot consider 0:9,0:7 ð Þas a pair of membership and non-membership values. Because of 0:9 2 þ 0:7 2 > 1. To overcome this situation, Yagar (2017) defined q-rung orthopair fuzzy (q-ROF) set (q-ROFS), which is a generalized version of IFS and PFS satisfying the constraint 0 ≤ μ q þ ν q ≤ 1

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q

‐ROF environment.…”

Section: Introductionmentioning

confidence: 99%

“…Comparison of DHq-ROFS model with published models in the literature , 2020;Vijayakumar et al, 2022) worked on investment problems in various fuzzy domain. Viewing this, a real-life based money investment MCGDM problem has been considered to solve in this paper under DHq-ROF environment.…”

mentioning

confidence: 99%

Schweizer‐Sklar operations based hybrid aggregation operator to dual hesitant q‐rung orthopair fuzzy set and its application on MCGDM

2023

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An integrated AHP-TOPSIS approach for bamboo product evaluation and selection in rural communities

Chanpuypetch,

Niemsakul,

Atthirawong

et al. 2024

Decision Analytics Journal

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An Integrated Fuzzy Structured Methodology for Performance Evaluation of High Schools in a Group Decision-Making Problem

Edalatpanah

Sorourkhah

et al. 2023

Systems

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Evaluating and ranking schools are noteworthy for parents of students and upstream institutions (in Iran, the Ministry of Education). In this process, quantitative criteria, including educational activities, human resources, space and equipment, and administrative-financial indicators, are commonly investigated. This process is carried out only by the upstream institutions and the view of the system from the perspective of another stakeholder, namely, the students’ parents, are ignored and qualitative-judgmental indicators do not involve the school evaluation results. Consequently, in this study, we used the opinions of five parents of students and five experienced school administrators to capture the perspectives of both key system stakeholders. In addition, to perform a more comprehensive analysis, we added three qualitative criteria that are less noticed within the problem (social environment, health, and students), along with their sub-criteria to the criteria obtained from the research background. We eliminated the less influential sub-criteria using the Delphi technique and continued the study with 10 criteria and 53 sub-criteria. Then, using two widely used methods in this field, AHP and TOPSIS, we determined the weight of the sub-criteria and the ranking based on the experts’ views. In addition, to deal with the ambiguity in experts’ judgments, we transformed the crisp data into fuzzy data. We applied the proposed methodology to rank 15 schools in Tehran, Iran. The results showed that the proposed quantitative criteria significantly impact the schools ranking. In addition, according to the sensitivity analysis results, it was found that ignoring the views of the system from another stakeholder can distort the results. Finally, directions for future research were suggested based on current research limitations.

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Evaluation and selection of projects using hybrid MCDM technique under fuzzy environment based on financial factors

Cited by 3 publications

References 8 publications

Schweizer‐Sklar operations based hybrid aggregation operator to dual hesitant q‐rung orthopair fuzzy set and its application on MCGDM

Schweizer‐Sklar operations based hybrid aggregation operator to dual hesitant q‐rung orthopair fuzzy set and its application on MCGDM

An integrated AHP-TOPSIS approach for bamboo product evaluation and selection in rural communities

An Integrated Fuzzy Structured Methodology for Performance Evaluation of High Schools in a Group Decision-Making Problem

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