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This paper proposes fuzzy multi-criteria decision-making approach integrated with fuzzy real option value theory. The applicability of the proposed method was shown on a real-world supermarket location selection problem. Based on the interviews with the experts, the evaluation criteria for retail location selection were identi¯ed. Then the network for fuzzy analytic network process (ANP) method was constructed. The fuzzy real option value for each alternative was calculated and used in the proposed approach as the representative of thē nancial dimension. Finally, the preference ranking of alternatives and the relative importance of the criteria were obtained. The signi¯cant contribution of the proposed approach is that it integrates the¯nancial dimension (FROV) of the location problem methodologically with the multi-criteria characteristic (FANP) of the problem. Another importance of this study is thē rst usage of real options valuation in the area of location selection science.

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In the process of fuzzy decision-making, ranking of fuzzy numbers is a necessity. The types of fuzzy numbers are triangular, trapezoidal, and L-R type. In the literature, there are many methods developed for ranking fuzzy numbers. These methods may produce different ranking results. Many of these methods necessitate graphical representations, complex and tedious calculations. The method developed in this paper has some advantages with respect to the other methods in both graphical representations and calculations. Applicability of the proposed method to multi-criteria decision-making methods, i.e. fuzzy scoring, fuzzy AHP and fuzzy TOPSIS methods, is shown in the paper.