EDAS method based on cumulative prospect theory for multiple attribute group decision-making under picture fuzzy environment

Abstract

For the long-term development of shopping mall, the managers of shopping mall tend to build a new store to expand the enterprise’s market share in a new city. After holding a preliminary survey of the city, managers have initially identified five sites for construction. In order to select an optimal site, managers invite four experts who come from university, marking statistics, corporate executives and accounting to score sites. And they choose the best site on the basis of scores. The trait of EDAS method is to select an optimal alternative by using the distance of each alternative from the first-rank value. In this manuscript, we build the picture fuzzy EDAS method based on the cumulative prospect theory (PF-CPT-EDAS) for multiple attribute group decision-making (MAGDM) and it can help managers to choose an optimal alternative effectively. During the procedure of PF-CPT-EDAS means, we take advantage of the entropy means to calculate the original weights of all attributes. Ultimately, we testify the effectiveness of the novel model by comparing the overcome of PF-CPT-EDAS means with the results of PF-EDAS approach and other methods.

Method for Fuzzy Number Intuitionistic Fuzzy Multiple Attribute Decision Making and Its Application to Blended Classroom Teaching Reform Effect Evaluation

“…To extend the FSs, the intuitionistic fuzzy sets (IFSs) [7] were also proposed. Subsequently, FS and its corresponding extension are investigated in more and more decision-making analysis domains [8][9][10][11][12][13][14][15]. At the same time, more and more methods are built to solve the different MADM issues [16][17][18][19][20][21][22] and MAGDM issues [23][24][25][26][27][28].…”

A Multi-Criteria Based Stock Selection Framework in Emerging Market

“…For a competitive bidding purpose Naik et al (2021) applied EDAS method in assessing prior qualifications of the contractors in the construction industry. Jiang et al (2022) utilized EDAS method in conjunction with the CPT for selection of appropriate site for construction of shopping mall. In the context of investment decision-making, in a very recent work Biswas et al (2022c) applied EDAS method for determining the dividend payment capabilities of Indian FMCG and consumer durables organizations.…”

Location Selection of Express Distribution Centre with Probabilistic Linguistic MABAC Method Based on the Cumulative Prospect Theory

“…Additionally, Zhao et al (2021a) introduced the intuitionistic fuzzy MABAC method based on CPT. Furthermore, picture fuzzy sets (Jiang et al, 2021a(Jiang et al, , 2021b were dealt with CPT. Su et al (2021b) built the probabilistic uncertain linguistic EDAS method based on prospect theory for MAGDM.…”