Abstract
Portfolio selection for effective making decisions on investment is a critical decision and plays considerable role for obtaining the objectives of investing for any stockholders. The fundamental issue for decision making in a stock market is selection of the right stock at the right time. Selecting the appropriate alternatives for investing will be followed by many positive results such as favourable effects on profitability. In order to select superior stocks for investment, a finite number of alternatives have to be ranked considering several and sometimes conflicting criteria that often are ambiguous and have uncertainty conditions. This paper proposes a novel combined approach which utilises group decision making process and ranking the important factors with fuzzy decision making trial and evaluation laboratory (fuzzy DEMATEL) and fuzzy analytic network process (fuzzy ANP). The proposed model is implemented in Tehran Stock Exchange and the results show the efficiency of the model.
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