An Extended Pythagorean Fuzzy Approach to Group Decision-Making With Incomplete Preferences for Analyzing Balanced Scorecard-Based Renewable Energy Investments

Abstract

The aim of this study is to generate appropriate strategies to improve renewable energy investments. Within this framework, a novel model has also been proposed which includes three different stages. Firstly, incomplete preferences of the relation matrixes are calculated. For this purpose, 4 different decision makers evaluate the balanced scorecard-based criteria. In this stage, missing values are estimated by incomplete preferences to complete the relation matrixes. Additionally, the second stage includes the computing the fuzzy preferences by considering the consensus-based group decision-making (CGDM). The final stage is related to the calculation of the weights of the criteria by considering Pythagorean fuzzy decision-making trial and evaluation laboratory (DEMATEL) methodology. Hence, the main motivation of this study is to identify innovative strategies for the renewable energy investments with a novel multicriteria decision-making (MCDM) model based on incomplete preferences, CGDM and Pythagorean fuzzy sets. The findings indicate that learning and growth is the most important balanced scorecard-based perspective to improve the performance of renewable energy investments. Additionally, the perspective of internal process is identified as another significant factor for this situation. The biggest problem in renewable energy projects is their high initial costs. Hence, technological developments reduce the production costs of renewable energy sources. Additionally, it is also possible to increase the amount of electricity from renewable energy sources owing to the innovative technologies. Thus, renewable energy investors should follow up-to-date technological developments so that it will be possible to reduce the cost of renewable energy investments.

The Positive Influences of Renewable Energy Consumption on Financial Development and Economic Growth

“…As a result, it will be possible to increase foreign direct investments in the country. In addition, thanks to this positive image of the country, portfolio investors will also prefer to buy the stocks of companies in this country (Xie et al, 2021). As a result, it is expected that the financial development in the country will be ensured thanks to the use of renewable energy (Liu et al, 2021).…”

Golden Cut-Oriented Q-Rung Orthopair Fuzzy Decision-Making Approach to Evaluation of Renewable Energy Alternatives for Microgeneration System Investments

“…In this process, gridconnected system can handle this problem effectively. Singh et al [18]; Xie et al [56] and Weschenfelder et al [19] claimed that grid-connected system should be preferred for the microgeneration energy investments due to having uninterrupted energy. Additionally, Mazzeo et al [17] also discussed that batteries create high costs, and they also need periodical maintenance.…”

Optimized Type-2 Fuzzy Frequency Control for Multi-Area Power Systems

“…Such control method should be considered in early future, because the demand side might be more effective in controlling the system. By increasing the number of consumers, the existence of renewable energy (RE) sources with alternating and variable outputs like wind farms creates large random fluctuations in the balance between generation and load which might affect frequency instability significantly [11], [12].…”