Ranking alternatives via maximizing set and minimizing set based fuzzy MCDM approach

Abstract

This work suggests a maximizing set and minimizing set based fuzzy multiple criteria decision‐making (MCDM) model, where criteria are classified into cost and benefit criteria. The final fuzzy evaluation value of each alternative is developed based on the concept of subtracting the summation of weighted normalized benefit ratings from that of weighted normalized cost ratings. Using interval arithmetic of fuzzy numbers can develop the membership functions for the final fuzzy evaluation values. Chen's maximizing set and minimizing set is then applied to defuzzify all the final fuzzy numbers for ranking alternatives. Formulas for the membership functions and ranking procedure of the final fuzzy numbers are clearly presented. The suggested method provides an extension to the fuzzy MCDM techniques available. A numerical example demonstrates the computational process of the proposed method.