Improved Ahp-Group Decision Making for Investment Strategy Selection

Wu, Wenrui; Kou, Gang; Peng, Yi; Ergu, Daji

doi:10.3846/20294913.2012.680520

Cited by 63 publications

(41 citation statements)

References 78 publications

(80 reference statements)

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“…For example, Wu et al [2] proposed an improved Analytical Hierarchy Process (AHP) approach to select an optimal financial investment strategy. An extended TOPSIS method was provided by Hatami-Marbini and Kangi [3], and applied in the Tehran stock exchange.…”

Section: Introductionmentioning

confidence: 99%

Evaluating Investment Risks of Metallic Mines Using an Extended TOPSIS Method with Linguistic Neutrosophic Numbers

Liang

Zhao

2017

Symmetry

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Abstract:The investment in and development of mineral resources play an important role in the national economy. A good mining project investment can improve economic efficiency and increase social wealth. Faced with the complexity and uncertainty of a mine's circumstances, there is great significance in evaluating investment risk scientifically. In order to solve practical engineering problems, this paper presents an extended TOPSIS method combined with linguistic neutrosophic numbers (LNNs). Firstly, considering that there are several qualitative risk factors of mining investment projects, the paper describes evaluation information by means of LNNs. The advantage of LNNs is that major original information is reserved with linguistic truth, indeterminacy, and false membership degrees. After that, a number of distance measures are defined. Furthermore, a common status is that the decision makers can't determine the importance degrees of every risk factor directly for a few reasons. With respect to this situation, the paper offers a weight model based on maximizing deviation to obtain the criteria weight vector objectively. Subsequently, a decision-making approach through improving classical TOPSIS with LNNs comes into being. Next, a case study of the proposed method applied in metallic mining projects investment is given. Some comparison analysis is also submitted. At last, the discussions and conclusions are finished.

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Section: Introductionmentioning

confidence: 99%

Evaluating Investment Risks of Metallic Mines Using an Extended TOPSIS Method with Linguistic Neutrosophic Numbers

Liang

Zhao

2017

Symmetry

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“…The AHP combines both the quantitative and qualitative sides to receive an alternatives-related priority vector in a numeric scale Wu et al, 2012). The AHP usually involves three basic functions: (1) decomposition, (2) comparative judgments, and (3) synthesis.…”

Section: Methods: Analytic Hierarchy Processmentioning

confidence: 99%

“…Most of the GDM problems are very complex because of the multi-criteria framework related to many subjective and objective factors (Choudhury et al, 2006). The AHP has been considered an important analysis method to deal with the problems arising from GDM (Wu et al, 2012). Besides, decision-making is a complex interdisciplinary process.…”

Section: The Proposed Consensus Model For Group Decision-makingmentioning

confidence: 99%

“…Therefore, in order to decrease decision mistakes as much as possible, the decisions should be made by multiple DMs. The AHP method is considered suitable for GDM because of its role as a synthesis mechanism (Dyer and Forman, 1992;Wu et al, 2012), where a group of DMs can decompose a complex decision-making problem into a hierarchy construction, according to their expertise and experience, and then deal with it according to the traditional steps of the AHP (Kamal, 2001;Wu et al, 2012). In this model, several rounds of discussions are introduced into the AHP to make the real estate investment decision explicit and accurate by quantifying preferences based on the hierarchy structure.…”

Section: Introductionmentioning

confidence: 99%

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A group consensus model for evaluating real estate investment alternatives

Kou

2016

Financ Innov

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Background: Individual decision-making largely influences the effectiveness of decisions and benefits of investments. Methods: In this article, a consensus model for group decision-making (GDM), based on the analytic hierarchy process (AHP), is developed to gather group ideas and analyze the real estate investment environment under multi-criteria problems. Twelve evaluation procedures of the developed model, which increase the convergence of the opinions of multiple experts, are proposed. Results: An empirical case about the real estate investment environment is applied to certify the feasibility of this developed model. Conclusions: the evaluation procedures have been fully observed with several rounds of discussions, and have manifested the experiences of experts. Besides, the evaluation results are in accordance with real-world situations, which demonstrates that our developed model is a feasible analysis tool for real estate investors to obtain better profits and lower risk.

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“…if the two decision makers (DMs) both assign the same value, we can only save one value by the hesitant fuzzy element and lose the other one, which appears to be an information loss problem of HFSs. Further, since generally the DMs have different importance in group decision making [14,15] due to their different social importance, position in the group, previous merits, etc., for example, the loss of information provided by the leading DM may lead to ineffective results.…”

Section: Introductionmentioning

confidence: 99%

Correlation Coefficients of Extended Hesitant Fuzzy Sets and Their Applications to Decision Making

Lü

Liang

2017

Symmetry

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Extended hesitant fuzzy sets (EHFSs), which allow the membership degree of an element to a set represented by several possible value-groups, can be considered as a powerful tool to express uncertain information in the process of group decision making. Therefore, we derive some correlation coefficients between EHFSs, which contain two cases, the correlation coefficients taking into account the length of extended hesitant fuzzy elements (EHFEs) and the correlation coefficients without taking into account the length of EHFEs, as a new extension of existing correlation coefficients for hesitant fuzzy sets (HFSs) and apply them to decision making under extended hesitant fuzzy environments. A real-world example based on the energy policy problem is employed to illustrate the actual need for dealing with the difference of evaluation information provided by different experts without information loss in decision making processes.

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Improved Ahp-Group Decision Making for Investment Strategy Selection

Cited by 63 publications

References 78 publications

Evaluating Investment Risks of Metallic Mines Using an Extended TOPSIS Method with Linguistic Neutrosophic Numbers

Evaluating Investment Risks of Metallic Mines Using an Extended TOPSIS Method with Linguistic Neutrosophic Numbers

A group consensus model for evaluating real estate investment alternatives

Correlation Coefficients of Extended Hesitant Fuzzy Sets and Their Applications to Decision Making

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