Cumulative prospect theory integrated CRITIC and TOPSIS methods for intuitionistic fuzzy multiple attribute group decision making

Abstract

The purpose of this paper is to provide an efficient multiple attribute group decision making (MAGDM) method to better serve the decision-makers(DMs), considering the real psychological state and preferences of the DMs when facing different risks. In real life, MAGDM is a very complex and uncertain problem, which needs to be considered from many aspects. In view of this, the intuitionistic fuzzy TOPSIS method on the basis of cumulative prospect theory (IF-CPT-TOPSIS) is proposed in this paper, which can effectively solve the above problems, cater to the expectations of DMs, and make the decision results more objective and more reliable. The originality of this paper comes from three aspects. First, the new score function is combined with CRITIC method to calculate the weight of attributes, which eliminates the influence of Subjective preference of DMs and makes the primary information more reasonable. Furthermore, the use of the new score function can effectively avoid the exception conditions in the IFS problems. Secondly, applying the distance measurement formula of IFSs to determine the degree of approaching the ideal solution, so that the decision model can reflect the environmental changes more quickly. Thirdly, calculate the relative profit loss ratio of each scheme. Hence, each scheme is ranked and the optimal one is selected. Finally, in order to demonstrate the effectiveness of the model, a specific example is given and comparative analysis with the existing methods. The results show that the improved IF-CPT-TOPSIS method is useful and can be widely adapted for complex MAGDM problems.