TOPSIS method for intuitionistic fuzzy multiple-criteria decision making and its application to investment selection

Abstract

Purpose – The purpose of this paper is to present a hybrid intuitionistic fuzzy technique for order preference by similarity to ideal solution (TOPSIS) method, called intuitionistic fuzzy ordered weighted averaging weighted averaging (OWAWA) distance TOPSIS (IFOWAWAD-TOPSIS) method for intuitionistic fuzzy multiple-criteria decision making (MCDM) problems. Design/methodology/approach – Based on the OWAWA operator, the authors develop the intuitionistic fuzzy OWAWA distance measure, then the IFOWAWAD-TOPSIS method is obtained by using the IFOWAWAD and traditional TOPSIS. Findings – The developed IFOWAWAD-TOPSIS method can overcome the drawback of traditional TOPSIS method that cannot consider both the subjective information of attributes and the attitudinal character of decision maker. Research limitations/implications – Clearly, this paper is devoted to the OWA operator, MCDM and intuitionistic fuzzy theory. Practical implications – The developed method is applicable in a wide range of situations such as decision-making, statistics, engineering and economics. A numerical example concerning investment selection is given to illustrate the practicability and usefulness of the proposed approach. Originality/value – This paper fulfils an identified need to study how to make a decision considering both the subjective information of attribute and the attitudinal character of decision maker in intuitionistic fuzzy environment.