Decision risk analysis for an interval TOPSIS method

Decision risk analysis for an interval TOPSIS method

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Article ID: iaor201111915
Volume: 218
Issue: 8
Start Page Number: 4295
End Page Number: 4304
Publication Date: Dec 2011
Journal: Applied Mathematics and Computation
Authors:
Keywords: risk, decision theory: multiple criteria
Abstract:

TOPSIS is a multi‐attribute decision making (MADM) technique for ranking and selection of a number of externally determined alternatives through distance measures. When the collected data for each criterion is interval and the risk attitude for a decision maker is unknown, we present a new TOPSIS method for normalizing the collected data and ranking the alternatives. The results show that the decision maker with different risk attitude ranks the different alternatives.

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