Multi-Criteria Decision Analysis by Using Fuzzy VIKOR

Wang, Tien-Chin; Liang, Jialing; Ho, Chun-Yen

doi:10.1109/icsssm.2006.320751

Cited by 44 publications

(19 citation statements)

References 14 publications

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“…The Technique for Order Preference by Similarity to the Ideal Solution Method (TOPSIS) is one of the many MADA methods. For a good review on this see Wang (2005). It has been pointed out by Deng et al (2000) that (i) the concept of TOPSIS is rational, (ii) the computation involved is easy, and (iii) it allows objective weights to be incorporated into the comparison process.…”

Section: Multi-attribute Decision Analysismentioning

confidence: 99%

Domestic open-end equity mutual fund performance evaluation using extended TOPSIS method with different distance approaches

Chang

Lin

et al. 2010

Expert Systems with Applications

108

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The most commonly used measures for evaluating the competing mutual funds are "Treynor Ratio", "Sharpe Ratio" and "Jensen's Alpha". One also uses another measure called the "Information Ratio". However, it is not clear which measure is the most robust. The purpose of our study is to evaluate the performance of mutual funds under the broad framework of Multi-Attribute Decision Analysis approach where each criterion can be taken into consideration in making a final ranking of the mutual funds. In this paper we adopt the concepts of "Ideal" and "Anti-Ideal" solutions as suggested by Hwang and Yoon (1981), and study the extended TOPSIS (Technique for Order Preference by Similarity to the Ideal Solution) method using two different "distance" ideas, namely -"Minkowski's L λ metric" and "Mahalanobis" distances. The broad framework with the two aforementioned distances is then applied to evaluate the performance of 82 Taiwanese mutual funds for consecutive 34 months. The empirical results show that using TOPSIS methods incorporated Minkowski's distance measure to evaluate the mutual funds' performance perform well.

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Section: Multi-attribute Decision Analysismentioning

confidence: 99%

Domestic open-end equity mutual fund performance evaluation using extended TOPSIS method with different distance approaches

Chang

Lin

et al. 2010

Expert Systems with Applications

108

View full text Add to dashboard Cite

show abstract

“…VIKOR method is based on the compromise programming of MCDM. The method works on the principle that each alternative is evaluated by each criterion function; the compromise ranking is presented by comparing the degree of closeness to the ideal alternative 17 . In fuzzy VIKOR, it is suggested that decision makers use linguistic variables to evaluate the ratings of alternatives with respect to the criteria.…”

Section: Fuzzy Multicriteria Assessmentmentioning

confidence: 99%

Fuzzy Multicriteria Risk Assessment for Hazardous Waste Management: The Case of Istanbul

Yanık¹,

Kahraman²

2011

JRACR

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A hazardous waste is waste that poses substantial or potential threats to public health or the environment. Hazardous waste management is an area of the waste management field concerned with the proper containment, management, and disposal of wastes which could be considered hazardous. In this paper, we use a multicriteria evaluation method, namely VIKOR, for various hazardous waste treatment alternatives under fuzzy environment. These alternatives are physical treatment processes, chemical treatment processes, thermal treatment processes, and biological treatment processes. Under the main criteria, economic, risks, and technical, we consider 11 sub-criteria. The fuzzy set theory let us use linguistic evaluations for the alternatives.

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“…Varieties of methods are developed based upon MADM approach such as technique for order preference by similarity to ideal solution (TOPSIS) [7][8][9], VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) [10][11][12][13], Elimination Et Choix Traduisant la REalite (ELECTRE), [14][15][16], Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) [17], complex proportional assessment (COPRAS) [18,19] and COPRAS-G [20], graph theory and matrix approach [21], preference selection index (PSI) method [22], and linear assignment method [23].…”

Section: Introductionmentioning

confidence: 99%

Material Selection for Dye Sensitized Solar Cells Using Multiple Attribute Decision Making Approach

Baghel

Jha

Jindal

2014

Journal of Renewable Energy

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Dye sensitized solar cells (DSCs) provide a potential alternative to conventional p-n junction photovoltaic devices. The semiconductor thin film plays a crucial role in the working of DSC. This paper aims at formulating a process for the selection of optimum semiconductor material for nanostructured thin film using multiple attribute decision making (MADM) approach. Various possible available semiconducting materials and their properties like band gap, cost, mobility, rate of electron injection, and static dielectric constant are considered and MADM technique is applied to select the best suited material. It was found that, out of all possible candidates, titanium dioxide (TiO 2 ) is the best semiconductor material for application in DSC. It was observed that the proposed results are in good agreement with the experimental findings.

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Multi-Criteria Decision Analysis by Using Fuzzy VIKOR

Cited by 44 publications

References 14 publications

Domestic open-end equity mutual fund performance evaluation using extended TOPSIS method with different distance approaches

Domestic open-end equity mutual fund performance evaluation using extended TOPSIS method with different distance approaches

Fuzzy Multicriteria Risk Assessment for Hazardous Waste Management: The Case of Istanbul

Material Selection for Dye Sensitized Solar Cells Using Multiple Attribute Decision Making Approach

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