A great number of real world problems can be associated with multicriteria decision making. These problems are often characterized by a high degree of uncertainty. Interval-valued intuitionistic fuzzy sets are a generalized form of an ordinal fuzzy set to deal with this natural uncertainty. In this paper, an enhanced version of the ELECTRE method, called ELECTRE III, is extended under the interval-valued intuitionistic fuzzy environment. The advantages and strengths of ELECTRE III as a decision aid technique and interval-valued intuitionistic fuzzy sets as an uncertain framework make the proposed method a suitable choice in solving practical problems. The application of the proposed method is illustrated by the solution of an investment project selection problem.
Bibliographical noteNOTICE: this is the author’s version of a work that was accepted for publication in Applied Mathematical Modelling. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Applied Mathematical Modelling, Vol. 40, no. 2, (2016) DOI: 10.1016/j.apm.2015.08.011
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- Multiple criteria decision making
- ELECTRE III
- Interval-valued intuitionistic fuzzy information
- Investment project selection