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Vol. 24 No. 2 (2024)
Inquietud Empresarial 24(2) Julio-Diciembre

DECISION-MAKING

Application of New Fuzzy Measure in Multi-Attribute Decision-Making

https://doi.org/10.19053/uptc.01211048.17901

Published 2024-10-20

  • sonam Chhabra
    • ,
  • Praphull Chhabra

sonam Chhabra
Department of Mathematics and Statistics; University of Engineering and Management, Jaipur, 303807, Rajasthan, India

Praphull Chhabra
Department of Mathematics and Statistics; University of Engineering and Management, Jaipur, 303807, Rajasthan, India

Abstract

The implementation of multi-attribute decision-making (MADM) and the different approaches that facilitate it are addressed in this article. We focus on a recently developed fuzzy divergence measure, which is critical in improving decision accuracy when faced with several conflicting criteria. To highlight its real-world relevance, we present a detailed case study focusing on picking the best market for investment. In this case study, the previously studied Fuzzy divergence measure that is used to evaluate and prioritize various market possibilities based on important characteristics such as risk, return, and market potential. In this example, we demonstrate how this unique measure improves decision-making processes by providing a more precise and comprehensive method to selecting the greatest investment possibilities in uncertain and complicated contexts. The findings highlight the measure's usefulness in guiding investment decisions and enhancing the overall efficacy of MADM applications.

 JEL Codes: C44, D80, D81, D11

Received: 19/07/2024.  Accepted: 06/10/2024.  Published: 20/10/2024.

Keywords

New fuzzy divergence measure, Properties, Multi Attribute Decision Making, Numerical presentation

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