470
Views
7
CrossRef citations to date
0
Altmetric
Research Articles

A multi-criteria decision-making approach for portfolio selection by using an automatic spherical fuzzy AHP algorithm

ORCID Icon, &
Pages 85-98 | Received 16 Aug 2022, Accepted 30 Dec 2022, Published online: 13 Feb 2023

References

  • Abdel-Basset, M., Mohamed, M., Zhou, Y., & Hezam, I. (2017). Multi-criteria group decision making based on neutrosophic analytic hierarchy process. Journal of Intelligent & Fuzzy Systems, 33(6), 4055–4066. https://doi.org/10.3233/JIFS-17981
  • Abdullah, L., Jaafar, S., & Taib, I. (2013). Intuitionistic fuzzy analytic hierarchy process approach in ranking of human capital indicators. Journal of Applied Sciences, 13(3), 423–429. https://doi.org/10.3923/jas.2013.423.429
  • Abdullah, L., & Najib, L. (2014). A new type-2 fuzzy set of linguistic variables for the fuzzy analytic hierarchy process. Expert Systems with Applications, 41(7), 3297–3305. https://doi.org/10.1016/j.eswa.2013.11.028
  • Akao, Y., & Mazur, G. H. (2003). The leading edge in QFD: Past, present and future. International Journal of Quality & Reliability Management, 20(1), 20–35. https://doi.org/10.1108/02656710310453791
  • Atanassov, K. (2016). Intuitionistic fuzzy sets. International Journal of Bioautomation, 20, 1.
  • Ayd In, S., Aktas, A., & Kabak, M. (2018). Neutrosophic fuzzy analytic hierarchy process approach for safe cities evaluation criteria. International Conference on Theory and Applications of Fuzzy Systems and Soft Computing (pp. 958–965). Springer.
  • Ayyildiz, E., & Gumus, A. T. (2021). Interval-valued Pythagorean fuzzy AHP method-based supply chain performance evaluation by a new extension of SCOR model: SCOR 4.0. Complex & Intelligent Systems, 7(1), 559–576. https://doi.org/10.1007/s40747-020-00221-9
  • Bolturk, E., & Kahraman, C. (2018). Interval-valued neutrosophic AHP with possibility degree method. International Journal of the Analytic Hierarchy Process, 10(3), 431–446. https://doi.org/10.13033/ijahp.v10i3.545
  • Brans, J. P., Vincke, P., & Mareschal, B. (1986). How to select and how to rank projects: The PROMETHEE method. European Journal of Operational Research, 24(2), 228–238. https://doi.org/10.1016/0377-2217(86)90044-5
  • Büyüközkan, G., Göçer, F., & Feyzioğlu, O. (2018). Cloud computing technology selection based on interval-valued intuitionistic fuzzy MCDM methods. Soft Computing, 22(15), 5091–5114. https://doi.org/10.1007/s00500-018-3317-4
  • Celik, E., & Akyuz, E. (2018). An interval type-2 fuzzy AHP and TOPSIS methods for decision-making problems in maritime transportation engineering: The case of ship loader. Ocean Engineering, 155, 371–381. https://doi.org/10.1016/j.oceaneng.2018.01.039
  • Demir, E., Ak, M. F., & Sari, K. (2022). Pythagorean fuzzy based AHP-VIKOR integration to assess rail transportation systems in Turkey. International Journal of Fuzzy Systems, 1–13. https://doi.org/10.1007/s40815-022-01404-x.
  • Fahmi, A., Derakhshan, A., Kahraman, C. (2015). Human resources management using interval valued intuitionistic fuzzy analytic hierarchy process. 2015 IEEE International Conference on Fuzzy Systems (FUZZ-IEEE) (pp. 1–5. IEEE.
  • Faizi, S., Rashid, T., & Zafar, S. (2018). A multicriteria decision-making approach based on fuzzy AHP with intuitionistic 2-tuple linguistic sets. Advances in Fuzzy Systems, 2018, 5789192. https://doi.org/10.1155/2018/5789192
  • Gou, X., Xu, Z., & Liao, H. (2017). Hesitant fuzzy linguistic entropy and cross-entropy measures and alternative queuing method for multiple criteria decision making. Information Sciences, 388, 225–246.
  • Gou, X., Xu, Z., Liao, H., & Herrera, F. (2021). Probabilistic double hierarchy linguistic term set and its use in designing an improved VIKOR method: The application in smart healthcare. Journal of the Operational Research Society, 72(12), 2611–2630. https://doi.org/10.1080/01605682.2020.1806741
  • Gul, M. (2018). Application of Pythagorean fuzzy AHP and VIKOR methods in occupational health and safety risk assessment: The case of a gun and rifle barrel external surface oxidation and colouring unit. International Journal of Occupational Safety and Ergonomics, 26(4), 705–718.
  • Herrera, F., Herrera-Viedma, E., & Chiclana, F. (2001). Multiperson decision-making based on multiplicative preference relations. European Journal of Operational Research, 129(2), 372–385. https://doi.org/10.1016/S0377-2217(99)00197-6
  • Herrera-Viedma, E., Herrera, F., Chiclana, F., & Luque, M. (2004). Some issues on consistency of fuzzy preference relations. European Journal of Operational Research, 154(1), 98–109. https://doi.org/10.1016/S0377-2217(02)00725-7
  • Ilbahar, E., Karaşan, A., Cebi, S., & Kahraman, C. (2018). A novel approach to risk assessment for occupational health and safety using Pythagorean fuzzy AHP & fuzzy inference system. Safety Science, 103, 124–136. https://doi.org/10.1016/j.ssci.2017.10.025
  • İnce, M., Yiğit, T., & Hakan Işik, A. (2020). A novel hybrid fuzzy AHP-GA method for test sheet question selection. International Journal of Information Technology & Decision Making, 19(2), 629–647. https://doi.org/10.1142/S0219622020500054
  • Jun Yi Tey, D., Fei Gan, Y., Selvachandran, G., Gai Quek, S., Smarandache, F., Hoang Son, L., Abdel-Basset, M., & Viet Long, H. (2019). A novel neutrosophic data analytic hierarchy process for multi-criteria decision making method: A case study in Kuala Lumpur stock exchange. IEEE Access, 7, 53687–53697. https://doi.org/10.1109/ACCESS.2019.2912913
  • Kahraman, C., Öztayşi, B., & Onar, S. Ç. (2018). An integrated intuitionistic fuzzy AHP and TOPSIS approach to evaluation of outsource manufacturers. Journal of Intelligent Systems, 29(1), 283–297. https://doi.org/10.1515/jisys-2017-0363
  • Kahraman, C., Oztaysi, B., Onar, S. C., & Dogan, O. (2018). Intuitionistic fuzzy originated interval type-2 fuzzy AHP: An application to damless hydroelectric power plants. International Journal of the Analytic Hierarchy Process, 10(2), 266–292.
  • Kahraman, C., Öztayşi, B., Sari, İ. U., & Turanoğlu, E. (2014). Fuzzy analytic hierarchy process with interval type-2 fuzzy sets. Knowledge-Based Systems, 59, 48–57. https://doi.org/10.1016/j.knosys.2014.02.001
  • Karasan, A. (2019). A novel hesitant intuitionistic fuzzy linguistic AHP method and its application to prioritization of investment alternatives. International Journal of the Analytic Hierarchy Process, 11(1), 127–142. https://doi.org/10.13033/ijahp.v11i1.610
  • Karasan, A., Erdogan, M., & Ilbahar, E. (2018). Prioritization of production strategies of a manufacturing plant by using an integrated intuitionistic fuzzy AHP & TOPSIS approach. Journal of Enterprise Information Management, 31(4), 510–528. https://doi.org/10.1108/JEIM-01-2018-0001
  • Karasan, A., Ilbahar, E., & Kahraman, C. (2019). A novel Pythagorean fuzzy AHP and its application to landfill site selection problem. Soft Computing, 23(21), 10953–10968. https://doi.org/10.1007/s00500-018-3649-0
  • Kaur, P. (2014). Selection of vendor based on intuitionistic fuzzy analytical hierarchy process. Advances in Operations Research, 2014, 1–10. https://doi.org/10.1155/2014/987690
  • Kutlu Gündoğdu, F., & Kahraman, C. (2019). Spherical fuzzy sets and spherical fuzzy TOPSIS method. Journal of Intelligent & Fuzzy Systems, 36(1), 337–352. https://doi.org/10.3233/JIFS-181401
  • Kutlu Gündoğdu, F., & Kahraman, C. (2020). A novel spherical fuzzy analytic hierarchy process and its renewable energy application. Soft Computing, 24(6), 4607–4621. https://doi.org/10.1007/s00500-019-04222-w
  • Liao, H., & Xu, Z. (2014). Automatic procedures for group decision making with intuitionistic fuzzy preference relations. Journal of Intelligent & Fuzzy Systems, 27(5), 2341–2353. https://doi.org/10.3233/IFS-141203
  • Markowitz, H. M. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91.
  • Mohd, W. R. W., & Abdullah, L. (2017). Pythagorean fuzzy analytic hierarchy process to multi-criteria decision making. AIP Conference proceedings (Vol. 1905, No. 1, p. 040020). AIP Publishing LLC.
  • Nirmala, G., & Uthra, G. (2016). Intuitionistic fuzzy analytic hierarchy process based on possibility degree. International Journal of Pure and Applied Mathematics, 109(9), 184–192.
  • Opricovic, S., & Tzeng, G. H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156(2), 445–455. https://doi.org/10.1016/S0377-2217(03)00020-1
  • Oztaysi, B. (2015). A group decision making approach using interval type-2 fuzzy AHP for enterprise information systems project selection. Journal of Multiple-Valued Logic & Soft Computing, 24, 475–500.
  • Öztayşi, B., & Kahraman, C. (2017). Evaluation of renewable energy alternatives using hesitant fuzzy TOPSIS and interval type-2 fuzzy AHP. Renewable and Alternative Energy: Concepts, Methodologies, Tools, and Applications (pp. 1378–1412). IGI Global.
  • Öztaysi, B., Onar, S. C., Boltürk, E., Kahraman, C. (2015). Hesitant fuzzy analytic hierarchy process. In 2015 IEEE International Conference on Fuzzy Systems (FUZZ-IEEE) (pp. 1–7). IEEE.
  • Radwan, N. M., Senousy, M. B., & Riad, A. M. (2017). Neutrosophic AHP multi criteria decision making method applied on the selection of learning management system. International Journal of Advancements in Computing Technology, 8, 95–105.
  • Saaty, T. L. (1977). A scaling method for priorities in hierarchical structures. Journal of Mathematical Psychology, 15(3), 234–281. https://doi.org/10.1016/0022-2496(77)90033-5
  • Saaty, T. L. (1996). Decision making with dependence and feedback: The analytic network process (Vol. 4922, No. 2). RWS Publications.
  • Sadiq, R., & Tesfamariam, S. (2009). Environmental decision-making under uncertainty using intuitionistic fuzzy analytic hierarchy process (IF-AHP). Stochastic Environmental Research and Risk Assessment, 23(1), 75–91. https://doi.org/10.1007/s00477-007-0197-z
  • Tanino, T. (1984). Fuzzy preference orderings in group decision making. Fuzzy Sets and Systems, 12(2), 117–131. https://doi.org/10.1016/0165-0114(84)90032-0
  • Tavana, M., Zareinejad, M., Di Caprio, D., & Kaviani, M. A. (2016). An integrated intuitionistic fuzzy AHP and SWOT method for outsourcing reverse logistics. Applied Soft Computing, 40, 544–557. https://doi.org/10.1016/j.asoc.2015.12.005
  • Tooranloo, H. S., & Iranpour, A. (2017). Supplier selection and evaluation using interval-valued intuitionistic fuzzy AHP method. International Journal of Procurement Management, 10(5), 539–554. https://doi.org/10.1504/IJPM.2017.086399
  • Varma, K., & Kumar, K. S. (2012). Criteria analysis aiding portfolio selection using DEMATEL. Procedia Engineering, 38, 3649–3661. https://doi.org/10.1016/j.proeng.2012.06.421
  • Wang, X., Xu, Z., & Gou, X. (2022). The Interval probabilistic double hierarchy linguistic EDAS method based on natural language processing basic techniques and its application to hotel online reviews. International Journal of Machine Learning and Cybernetics, 13(6), 1517–1534. https://doi.org/10.1007/s13042-021-01463-w
  • Wu, J., Huang, H. B., & Cao, Q. W. (2013). Research on AHP with interval-valued intuitionistic fuzzy sets and its application in multi-criteria decision making problems. Applied Mathematical Modelling, 37(24), 9898–9906. https://doi.org/10.1016/j.apm.2013.05.035
  • Xia, M., & Xu, Z. (2011). On consensus in group decision making based on fuzzy preference relations. Consensual processes (pp. 263–287). Springer.
  • Xu, Z., & Liao, H. (2014). Intuitionistic fuzzy analytic hierarchy process. IEEE Transactions on Fuzzy Systems, 22(4), 749–761. https://doi.org/10.1109/TFUZZ.2013.2272585
  • Yager, R. R. (2013). Pythagorean fuzzy subsets. 2013 Joint IFSA World Congress and NAFIPS Annual Meeting (IFSA/NAFIPS) (pp. 57–61). IEEE.
  • Yoon, K. P., & Hwang, C. L. (1995). Multiple attribute decision making: an introduction. Sage publications.
  • Yücesan, M. (2019). Green supplier selection for plastic industry using integrated model based on Pythagorean fuzzy AHP and fuzzy TOPSIS. İşletme Araşt Irmalar i Dergisi, 11(1), 26–41.
  • Zadeh, L. A. (1965). Fuzzy sets. Information and Control, 8(3), 338–353. https://doi.org/10.1016/S0019-9958(65)90241-X
  • Zhang, R., Xu, Z., & Gou, X. (2022). ELECTRE II method based on the cosine similarity to evaluate the performance of financial logistics enterprises under double hierarchy hesitant fuzzy linguistic environment. Fuzzy Optimization and Decision Making, 1–27.
  • Zopounidis, C. (1993). On the use of the MINORA multicriteria decision aiding system to portfolio selection and management. Journal of Information Science and Technology, 2(2), 150–156.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.