TOPSIS method for intuitionistic fuzzy multiple-criteria decision making and its application to investment selection
Abstract
Purpose
The purpose of this paper is to present a hybrid intuitionistic fuzzy technique for order preference by similarity to ideal solution (TOPSIS) method, called intuitionistic fuzzy ordered weighted averaging weighted averaging (OWAWA) distance TOPSIS (IFOWAWAD-TOPSIS) method for intuitionistic fuzzy multiple-criteria decision making (MCDM) problems.
Design/methodology/approach
Based on the OWAWA operator, the authors develop the intuitionistic fuzzy OWAWA distance measure, then the IFOWAWAD-TOPSIS method is obtained by using the IFOWAWAD and traditional TOPSIS.
Findings
The developed IFOWAWAD-TOPSIS method can overcome the drawback of traditional TOPSIS method that cannot consider both the subjective information of attributes and the attitudinal character of decision maker.
Research limitations/implications
Clearly, this paper is devoted to the OWA operator, MCDM and intuitionistic fuzzy theory.
Practical implications
The developed method is applicable in a wide range of situations such as decision-making, statistics, engineering and economics. A numerical example concerning investment selection is given to illustrate the practicability and usefulness of the proposed approach.
Originality/value
This paper fulfils an identified need to study how to make a decision considering both the subjective information of attribute and the attitudinal character of decision maker in intuitionistic fuzzy environment.
Keywords
Acknowledgements
The authors are very grateful to the anonymous reviewers and the editor for their valuable comments and constructive suggestions that improve the previous versions of this paper. This paper is supported by National Funds of Social Science of China (No. 15BTJ010), the MOE Project of Humanities and Social Sciences (No. 14YJC910006), Zhejiang Province Natural Science Foundation (No. LQ14G010002), K.C. Wong Magna Fund in Ningbo University and Youth Scholars Foundation of Beijing Normal University.
Citation
Zeng, S. and Xiao, Y. (2016), "TOPSIS method for intuitionistic fuzzy multiple-criteria decision making and its application to investment selection", Kybernetes, Vol. 45 No. 2, pp. 282-296. https://doi.org/10.1108/K-04-2015-0093
Publisher
:Emerald Group Publishing Limited
Copyright © 2016, Emerald Group Publishing Limited