Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets
In today’s fast-paced and dynamic business environment, investment decision making is becoming increasingly complex due to the inherent uncertainty and ambiguity of the financial data. Traditional decision-making models that rely on crisp and precise data are no longer sufficient to address these ch...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-03-01
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| Series: | Applied Sciences |
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| Online Access: | https://www.mdpi.com/2076-3417/13/7/4416 |
| _version_ | 1797608321716322304 |
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| author | Wajid Ali Tanzeela Shaheen Hamza Ghazanfar Toor Faraz Akram Md. Zia Uddin Mohammad Mehedi Hassan |
| author_facet | Wajid Ali Tanzeela Shaheen Hamza Ghazanfar Toor Faraz Akram Md. Zia Uddin Mohammad Mehedi Hassan |
| author_sort | Wajid Ali |
| collection | DOAJ |
| description | In today’s fast-paced and dynamic business environment, investment decision making is becoming increasingly complex due to the inherent uncertainty and ambiguity of the financial data. Traditional decision-making models that rely on crisp and precise data are no longer sufficient to address these challenges. Fuzzy logic-based models that can handle uncertain and imprecise data have become popular in recent years. However, they still face limitations when dealing with complex, multi-criteria decision-making problems. To overcome these limitations, in this paper, we propose a novel three-way group decision model that incorporates decision-theoretic rough sets and intuitionistic hesitant fuzzy sets to provide a more robust and accurate decision-making approach for selecting an investment policy. The decision-theoretic rough set theory is used to reduce the information redundancy and inconsistency in the group decision-making process. The intuitionistic hesitant fuzzy sets allow the decision makers to express their degrees of hesitancy in making a decision, which is not possible in traditional fuzzy sets. To combine the group opinions, we introduce novel aggregation operators under intuitionistic hesitant fuzzy sets (IHFSs), including the IHF Aczel-Alsina average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi mathvariant="normal">A</mi></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, the IHF Aczel-Alsina weighted average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>W</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, the IHF Aczel-Alsina ordered weighted average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>O</mi><mi>W</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, and the IHF Aczel-Alsina hybrid average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mo> </mo><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>H</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator. These operators have desirable properties such as idempotency, boundedness, and monotonicity, which are essential for a reliable decision-making process. A mathematical model is presented as a case study to evaluate the effectiveness of the proposed model in selecting an investment policy. The results show that the proposed model is effective and provides more accurate investment policy recommendations compared to existing methods. This research can help investors and financial analysts in making better decisions and achieving their investment goals. |
| first_indexed | 2024-03-11T05:42:49Z |
| format | Article |
| id | doaj.art-58e0a6a2c73042af9f332c0921d08cfd |
| institution | Directory Open Access Journal |
| issn | 2076-3417 |
| language | English |
| last_indexed | 2024-03-11T05:42:49Z |
| publishDate | 2023-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Applied Sciences |
| spelling | doaj.art-58e0a6a2c73042af9f332c0921d08cfd2023-11-17T16:20:04ZengMDPI AGApplied Sciences2076-34172023-03-01137441610.3390/app13074416Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy SetsWajid Ali0Tanzeela Shaheen1Hamza Ghazanfar Toor2Faraz Akram3Md. Zia Uddin4Mohammad Mehedi Hassan5Department of Mathematics, Air University, E-9, Islamabad 44000, PakistanDepartment of Mathematics, Air University, E-9, Islamabad 44000, PakistanBiomedical Engineering Department, Riphah International University, Islamabad 44000, PakistanBiomedical Engineering Department, Riphah International University, Islamabad 44000, PakistanSoftware and Service Innovation, SINTEF Digital, 0373 Oslo, NorwayInformation Systems Department, College of Computer and Information Sciences, King Saud University, Riyadh 11543, Saudi ArabiaIn today’s fast-paced and dynamic business environment, investment decision making is becoming increasingly complex due to the inherent uncertainty and ambiguity of the financial data. Traditional decision-making models that rely on crisp and precise data are no longer sufficient to address these challenges. Fuzzy logic-based models that can handle uncertain and imprecise data have become popular in recent years. However, they still face limitations when dealing with complex, multi-criteria decision-making problems. To overcome these limitations, in this paper, we propose a novel three-way group decision model that incorporates decision-theoretic rough sets and intuitionistic hesitant fuzzy sets to provide a more robust and accurate decision-making approach for selecting an investment policy. The decision-theoretic rough set theory is used to reduce the information redundancy and inconsistency in the group decision-making process. The intuitionistic hesitant fuzzy sets allow the decision makers to express their degrees of hesitancy in making a decision, which is not possible in traditional fuzzy sets. To combine the group opinions, we introduce novel aggregation operators under intuitionistic hesitant fuzzy sets (IHFSs), including the IHF Aczel-Alsina average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi mathvariant="normal">A</mi></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, the IHF Aczel-Alsina weighted average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>W</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, the IHF Aczel-Alsina ordered weighted average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>O</mi><mi>W</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator, and the IHF Aczel-Alsina hybrid average <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mo> </mo><mrow><mo>(</mo><mrow><mi>I</mi><mi>H</mi><mi>F</mi><msub><mi mathvariant="script">A</mi><mi mathvariant="script">A</mi></msub><mi>H</mi><msub><mi>A</mi><mi mathvariant="sans-serif">ϣ</mi></msub></mrow><mo>)</mo></mrow></mrow></semantics></math></inline-formula> operator. These operators have desirable properties such as idempotency, boundedness, and monotonicity, which are essential for a reliable decision-making process. A mathematical model is presented as a case study to evaluate the effectiveness of the proposed model in selecting an investment policy. The results show that the proposed model is effective and provides more accurate investment policy recommendations compared to existing methods. This research can help investors and financial analysts in making better decisions and achieving their investment goals.https://www.mdpi.com/2076-3417/13/7/4416intuitionistic fuzzy setsintuitionistic hesitant fuzzy setsthree-way decisiondecision-theoretic rough setsAczel-Alsina aggregation operatorsdecision making |
| spellingShingle | Wajid Ali Tanzeela Shaheen Hamza Ghazanfar Toor Faraz Akram Md. Zia Uddin Mohammad Mehedi Hassan Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets Applied Sciences intuitionistic fuzzy sets intuitionistic hesitant fuzzy sets three-way decision decision-theoretic rough sets Aczel-Alsina aggregation operators decision making |
| title | Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets |
| title_full | Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets |
| title_fullStr | Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets |
| title_full_unstemmed | Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets |
| title_short | Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets |
| title_sort | selection of investment policy using a novel three way group decision model under intuitionistic hesitant fuzzy sets |
| topic | intuitionistic fuzzy sets intuitionistic hesitant fuzzy sets three-way decision decision-theoretic rough sets Aczel-Alsina aggregation operators decision making |
| url | https://www.mdpi.com/2076-3417/13/7/4416 |
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