An extended compromise ratio method for fuzzy group multi-attribute decision making with SWOT analysis

Date

2013

Advisors

Journal Title

Journal ISSN

ISSN

Volume Title

Publisher

Elsevier

Type

Article

Peer reviewed

Yes

Abstract

The technique for order preference by similarity to ideal solution (TOPSIS) is a well-known multi-attribute decision making (MADM) method that is used to identify the most attractive alternative solution among a finite set of alternatives based on the simultaneous minimization of the distance from an ideal solution (IS) and the maximization of the distance from the nadir solution (NS). We propose an alternative compromise ratio method (CRM) using an efficient and powerful distance measure for solving the group MADM problems. In the proposed CRM, similar to TOPSIS, the chosen alternative should be simultaneously as close as possible to the IS and as far away as possible from the NS. The conventional MADM problems require well-defined and precise data; however, the values associated with the parameters in the real-world are often imprecise, vague, uncertain or incomplete. Fuzzy sets provide a powerful tool for dealing with the ambiguous data. We capture the decision makers’ (DMs’) judgments with linguistic variables and represent their importance weights with fuzzy sets. The fuzzy group MADM (FGMADM) method proposed in this study improves the usability of the CRM. We integrate the FGMADM method into a strengths, weaknesses, opportunities and threats (SWOT) analysis framework to show the applicability of the proposed method in a solar panel manufacturing firm in Canada.

Description

Keywords

Multi-attribute decision making, Compromise ratio method, Fuzzy distance measure, Fuzzy ranking method, SWOT analysis

Citation

Hatami-Marbini, A. et al. (2013) An extended compromise ratio method for fuzzy group multi-attribute decision making with SWOT analysis. Applied Soft Computing, 13 (8), pp. 3459-3472

Rights

Research Institute

Centre for Enterprise and Innovation (CEI)