Evaluating real estate using a fuzzy MCDM approach

Abstract

This paper suggests a fuzzy multiple criteria decision-making (MCDM) approach for the evaluation of real estates. The suggested approach considers both quantitative and qualitative criteria as well as different importance of the criteria. The final evaluation values from the suggested fuzzy MCDM approach are still fuzzy numbers. A ranking method is needed to defuzzify these fuzzy numbers to complete the approach. In this paper, Chen’s maximising set and minimising set is improved to resolve its ranking inconsistencies via numerical comparison. The improved ranking method is then applied to defuzzify the final fuzzy evaluation values to help perform decision making. Formulas for the ranking procedure can be clearly developed, which bridge the fuzzy MCDM model and the defuzzification process to complete the approach. The suggested approach can be regarded as a decision making system, which is flexible and can be customised to the needs and requirements of the interested parties.