Research Article Extended VIKOR Method for Intuitionistic Fuzzy Multiattribute Decision-Making Based on a New Distance Measure

Size: px
Start display at page:

Download "Research Article Extended VIKOR Method for Intuitionistic Fuzzy Multiattribute Decision-Making Based on a New Distance Measure"

Transcription

1 Hidawi Mathematical Problems i Egieerig Volume 017, Article ID , 16 pages Research Article Exteded VIKOR Method for Ituitioistic Fuzzy Multiattribute Decisio-Makig Based o a New Distace Measure Xiao Luo 1 ad Xuazi Wag 1 School of Air ad Missile Defese, Air Force Egieerig Uiversity, Xi a , Chia School of Maagemet, Xi a Jiaotog Uiversity, Xi a , Chia Correspodece should be addressed to Xiao Luo; xiao hgz@163.com Received 4 Jue 017; Revised 18 September 017; Accepted 7 September 017; Published 9 October 017 Academic Editor: Aa M. Gil-Lafuete Copyright 017 Xiao Luo ad Xuazi Wag. This is a ope access article distributed uder the Creative Commos Attributio Licese, which permits urestricted use, distributio, ad reproductio i ay medium, provided the origial work is properly cited. A ituitioistic fuzzy VIKOR (IF-VIKOR) method is proposed based o a ew distace measure cosiderig the waver of ituitioistic fuzzy iformatio. The method aggregates all idividual decisio-makers assessmet iformatio based o ituitioistic fuzzy weighted averagig operator (IFWA), determies the weights of decisio-makers ad attributes objectively usig ituitioistic fuzzy etropy, calculates the group utility ad idividual regret by the ew distace measure, ad the reaches a compromise solutio. It ca be effectively applied to multiattribute decisio-makig (MADM) problems where the weights of decisio-makers ad attributes are completely ukow ad the attribute values are ituitioistic fuzzy umbers (IFNs). The validity ad stability of this method are verified by example aalysis ad sesitivity aalysis, ad its superiority is illustrated by the compariso with the existig method. 1. Itroductio Multiattribute decisio-makig (MADM), which has bee icreasigly studied ad is of cocer to researchers ad admiistrators, is oe of the most importat parts of decisio theory. It aims to provide a comprehesive solutio by evaluatig ad rakig alteratives based o coflictig attributes with respect to decisio-makers (DMs ) prefereces ad has widely bee used i egieerig, ecoomics, ad maagemet. Several classical MADM methods have bee proposed by researchers i literature, such as the TOPSIS (Techique for Order Preferece by Similarity to Ideal Solutio) method [1], the VIKOR (VIseKriterijumska Optimizacija I Kompromiso Reseje i Serbia, meaig multiattribute optimizatio ad compromise solutio) method [], the PROMETHEE (Preferece Rakig Orgaizatio Method for Erichmet Evaluatios) method [3], ad theelectre(elimiatioadchoicetraslatigreality) method [4]. Amog these methods, VIKOR is show to have some advatages over others by several researchers. I [5], Opricovic ad Tzeg compared VIKOR method ad TOPSIS method from the perspective of aggregatio fuctio ad foud that although both methods calculate the distace of a alterative to the ideal solutio, the former method provides a compromise solutio by mutual cocessios, while the latter method obtais a solutio with the farthest distace from the egative-ideal solutio ad the shortest distace from the positive ideal solutio without cosiderig the relative importace degrees of these distaces. Furthermore, Opricovic ad Tzeg compared a extesio of the VIKOR method comprehesively with the TOPSIS, ELECTRE, ad PROMETHEE method ad revealed that the VIKOR method is superior i meetig coflictig ad ocommesurable attributes [6]. At preset, the VIKOR method has wide applicatio i may areas, such as desig, mechaical egieerig, ad maufacturig [7 9], logistics ad supply chai maagemet [10, 11], structural, costructio, ad trasportatio egieerig [1, 13], ad busiess maagemet [14]. Sice Zadah put forward the cocept of fuzzy sets i 1965, fuzzy sets, especially fuzzy umbers (e.g., triagular fuzzy umbers ad trapezoidal fuzzy umbers), have bee widely researched ad applied i MADM problems to deal

2 Mathematical Problems i Egieerig with ucertaity i actual decisio-makig process. Sayadi et al. exteded the cocept of VIKOR method to solve MADM problems with iterval fuzzy umbers [15]. Kaya ad Kahrara developed a itegrated VIKOR-AHP method based o triagular fuzzy umbers i forestatio district selectio sceario [16]. Ashtiai ad Abdollahi Azgomi costructed a trust modelig based o a combiatio of fuzzy aalytic hierarchy process ad VIKOR method with triagular fuzzy umbers [17]. Liu et al. applied the VIKOR method to fid a compromise priority rakig of failure modes accordig to the risk factors, i which the weights of attributes ad ratigs of alteratives are liguistic variables represeted by trapezoidal or triagular fuzzy umbers [18]. Ju ad Wag proposed a ew method to solve multiattribute group decisio-makig (MAGDM) problems based o the traditioal idea of VIKOR method with trapezoidal fuzzy umbers [19]. However, oe of the above-metioed studies cosidered hesitacy. Due to the icreasig complexity ad ucertaity of ecoomic eviromet, decisio-makers perceptio of thigs ivolves ot oly affirmatio ad egatio, butalsohesitatio.therefore,hesitatio,asoeofthemost importat pieces of ucertai iformatio, may have great impact o the fial decisio ad should be cosidered i decisio-makig process. To deal with this, Ataassov exteded traditioal fuzzy sets to ituitioistic fuzzy sets (IFSs) which cosider membership, omembership, ad degree of hesitacy at the same time. I practical applicatio, the use of IFSs ca depict the fuzziess ad ospecificity ofproblemsbyemployigbothmembershipfuctioad omembership fuctio. Therefore, it is cosidered to be more effective tha classical FSs with merely a membership fuctio. Recetly, ituitioistic fuzzy VIKOR (IF- VIKOR) method becomes a popular research topic because it aims to deal with the widespread ucertaity i decisiomakig process, ad some researchers focus o the IF- VIKOR method to solve MADM problems. For istace, Devi [0] first exteded VIKOR method i ituitioistic fuzzy eviromet to deal with robot selectio problem, i which the weights of attributes ad ratigs of alteratives are represeted by triagular ituitioistic fuzzy sets (TIFSs). Lu ad Tag [1] employed the VIKOR method to evaluate auto parts supplier based o IFSs. Roostaee et al. exteded VIKOR method for group decisio-makig to solve the supplier selectio problem uder ituitioistic fuzzy eviromet [].Waetal.putforwardaewVIKORmethodfor MADM problem with TIFSs [3], i which the weights of attributes ad DMs are completely ukow. Park et al. exteded VIKOR method for dyamic ituitioistic fuzzy MADM cocerig uiversity faculty evaluatio problem [4]. Based o similarity measure betwee IFSs, Peg et al. proposed a ovel IF-VIKOR method to deal with multirespose optimizatio problem, i which the importace of eachresposeisgivebyaegieerasifss[5].hashemi et al. proposed a ew compromise method based o classical VIKOR model with iterval-valued ituitioistic fuzzy sets (IVIFSs), illustrated by a applicatio i reservoir flood cotrol operatio [6]. Mousavi et al. preseted a ew group decisio-makig method for MADM problems based o IF- VIKOR, i which the ratigs of alteratives cocerig each attribute ad the weights of criterios provided by DMs are represeted as liguistic variables, characterized by IFSs with multijudge [7]. Distace is a importat fudametal cocept of IFSs adplaysasigificatroleivikormethod.theclassical compromise programig is based o the distace measure which is determied by the closeess of a specific solutio to the ideal/ifeasible solutio, maximizig the group utility ad miimizig the idividual regret simultaeously [8, 9]. Although some existig methods employ ituitioistic fuzzy subtractio ad divisio operator to calculate group utility ad idividual regret, the result is i IFSs form ad eeds to be further sorted accordig to IFSs rakig rule. To some extet, the amout of computatio is icreased, ad the results are ot cocise as the crisp value obtaied by distace measure. Also, some researchers [30 3] reviewed existig distace ad similarity measures betwee IFSs ad tested them with a artificial bechmark. The result showed that may existig distace measures geerate couterituitive cases ad fail to capture waver, the lack of kowledge, whichshouldhavebeeaadvatageofifss.otheoe had, existig distace measures are show to have some limitatios with hidered effectiveess, while, o the other had, the measure choice is crucial to IF-VIKOR method due to its sigificat ifluece o the result. Therefore, this paper s objective is to costruct a ew distace measure, which ca capture IFS iformatio effectively. Based o this, a IF-VIKOR method is further proposed to solve MADM problems with completely ukow weights of DMs ad attributes. The mai features ad ovelties of this paper are as follows: (1) Differet from the VIKOR method based o classical fuzzy sets, such as iterval fuzzy umbers [15], triagular fuzzy umbers [16 18], ad trapezoidal fuzzy umbers [18, 19],themethodproposedithispaperisbasedoIFSs, which adds a omembership o the basis of the traditioal membership ad is able to describe support, oppositio, ad eutrality i huma cogitio. Such a exteded defiitio helps more adequately to represet situatios whe decisio maker abstais or hesitates from expressig their assessmets. () Compared with the method [0, 7] employig ituitioistic fuzzy operator to calculate group utility ad idividual regret, our method geerates crisp value result i a more ituitive way with less computatio. Although Roostaee et al. [] exteded the VIKOR method to ituitioistic fuzzy eviromet based o hammig distace, the method sometimes geerates couterituitive cases ad takes o cosideratio of waver i IFSs. Istead, our method basedoaewdistacemeasurecouldreflectituitioistic fuzzy iformatio effectively. Also, the ew distace does ot geerate couterituitive cases i the artificial bechmark test proposed by [30]. (3) Compared with the VIKOR method [0, 3, 6] based o those extesios of IFSs, IFSs possess soud theoretical foudatio such as basic defiitio ad operatios, compariso rules, iformatio fusio method, ad measures of IFS.

3 Mathematical Problems i Egieerig 3 The proposed IF-VIKOR method ca take advatage of these theories i costructio ad verificatio, which is favorable to practical applicatio. (4) Although IFSs have the advatage of beig able to cosider waver, most of existig IF-VIKOR methods are applied to eviromet with less ospecificity iformatio [7, 33]. Through a example of ERP system selectio, our paper illustrates the effectiveess of proposed method i such situatio. Moreover, a example of material hadlig selectio idicates that our method ca obtai desired rakig result, superior i eviromet with low specificity. (5) I the MADM problem with ituitioistic fuzzy umbers (IFNs), subjective radomess exists because the weights of DMs or attributes are usually give artificially [, 7]. To avoid this issue, these weights are determied objectively usig ituitioistic fuzzy etropy i the proposed method. (6) Compared with similar methods used for MADM [1, 3, 4], the proposed method based o the decisio priciple of the classical VIKOR method ca maximize the group utility ad miimize the idividual regret simultaeously, makig the decisio result more reasoable. Also, the coefficiet of decisio mechaism ca be chaged accordig to actual requiremets to balace group utility ad idividual regret, which ca icrease the flexibility of decisio-makig. The remaider of this paper is orgaized as follows. Sectio reviews some basic cocepts of IFSs. I Sectio 3, a ewdistacemeasureforifssisproposedadacomparative aalysis is coducted. I Sectio 4, a ew distace based IF- VIKOR method is developed to deal with MADM problem. I Sectio 5, two applicatio examples are demostrated to highlight the applicability ad superiority of proposed IF- VIKOR method. The fial sectio summarizes the mai work of this paper with a discussio of implicatios for future research.. Prelimiaries I this sectio, we briefly review some basic otios ad theories related to IFSs..1. Ituitioistic Fuzzy Set Defiitio 1. A ituitioistic fuzzy set A itheuiverseof discourse X is defied as follows [34]: A={ x, u A (x), V A (x) x X}, (1) where u A : X [0, 1] ad V A : X [0,1] are called membership fuctio ad omembership fuctio of x to A, respectively.u A (x) represets the lowest boud of degree of membership derived from proofs of supportig x while V A (x) represets the lowest boud of degree of omembership derived from proofs of opposig x.foray x X, 0 u A +V A 1.Thefuctioπ A (x) = 1 u A (x) V A (x) is called hesitace idex, ad π A (x) [0, 1] represets the degree of hesitacy of x to A. Specially,ifπ A (x) = 0, where x X iskowabsolutely,theituitioisticfuzzyseta degeerates ito a fuzzy set. Defiitio. For coveiece of computatio, let a =(u a, V a ) be a ituitioistic fuzzy umber (IFN). The the score fuctio of a is defied as follows [35]: s ( a) = (u a V a ). () Ad the accuracy fuctio of a is defied as follows [36]: h ( a) =(u a + V a ). (3) Let a 1 ad a be two IFNs; the Xu ad Yager [37] proposed the followig rules for rakig of IFNs: (1) s( a 1 )<s( a ),the a 1 is smaller tha a, deoted by a 1 < a ; () s( a 1 )>s( a ),the a is smaller tha a 1, deoted by a 1 > a ; (3) s( a 1 )=s( a ),the (i) h( a 1 )=h( a ),the a 1 is equal to a, deoted by a 1 = a ; (ii) h( a 1 ) < h( a ),the a 1 is smaller tha a, deoted by a 1 < a ; (iii) h( a 1 ) > h( a ),the a is smaller tha a 1, deoted by a 1 > a. Defiitio 3. Let a i (i = 1,,...,)be the set of IFNs, where a i = (u ai, V ai ). The ituitioistic fuzzy weighted averagig (IFWA) operator ca be defied as follows [33]: IFWA w ( a 1, a,..., a )=w 1 a 1 w a w a =(1 (1 u ai ) w i, V ai w i ), where w i is the weight of a i (i = 1,,...,), w i [0, 1], ad w i =1. Defiitio 4. Let A be a ituitioistic fuzzy set i the uiverse of discourse X. Ituitioistic fuzzy etropy is give as follows [38]: (4) E (A) = 1 mi (u A (x i ),V A (x))+π A (x) max (u A (x i ),V A (x))+π A (x). (5).. Distace Measure betwee IFSs Defiitio 5. For ay A, B, C IFSs(X),letd be a mappig d: IFSs(X) IFSs(X) [0, 1]. If d(a, B) satisfies the followig properties [39]: (DP1) 0 d(a, B) 1; (DP) d(a, B) = 0 if ad oly if A=B; (DP3) d(a, B) = d(b, A);

4 4 Mathematical Problems i Egieerig (DP4) if A B C,thed(B, C) d(a, C) ad d(a, B) d(a, C), the d(a, B) is a distace measure betwee IFSs A ad B. Let X be the uiverse of discourse, where X={x 1,x,...,x },adletaad B be two IFSs i the uiverse of discourse X, wherea = { x i,u A (x i ), V A (x i ) x i X} ad B={ x i,u B (x i ), V B (x i ) x i X}. Several widely used distace measures are reviewed as follows. I [40], Szmidt ad Kacprzyk proposed four distaces betwee IFSs usig the well-kow hammig distace, Euclidea distace, ad their ormalized couterparts as follows: d H (A, B) = 1 [ u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + π A (x i ) π B (x i ) ], d H (A, B) = 1 [ u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + π A (x i ) π B (x i ) ], d E (A, B) = 1 [(u A (x i ) u B (x i )) +(V A (x i ) V B (x i )) +(π A (x i ) π B (x i )) ], (6) d E (A, B) = 1 [(u A (x i ) u B (x i )) +(V A (x i ) V B (x i )) +(π A (x i ) π B (x i )) ]. Wag ad Xi [39] poited out that Szmidt ad Kacprzyk s distace measures [40] have some good geometric properties, but there are some limitatios i the applicatio. Therefore, they proposed several ew distaces as follows. betwee IFSs, ad these suggested distaces are also geeralizatios of the well-kow hammig distace, Euclidea distace, ad their ormalized couterparts. d h (A, B) d 1 (A, B) = 1 = max { u A (x i ) u B (x i ), V A (x i ) V B (x i ) }, d P [ u A (x i ) u B (x i ) + V A (x i ) V B (x i ) 4 + max ( u A (x i ) u B (x i ), V A (x i ) V B (x i ) ) ], (A, B) = 1 p (7) l h (A, B) = 1 e h (A, B) = max { u A (x i ) u B (x i ), V A (x i ) V B (x i ) }, max {(u A (x i ) u B (x i )),(V A (x i ) V B (x i )) }, (8) q h (A, B) p ( u A (x i ) u B (x i ) + V p A (x i ) V B (x i ) ). = 1 max {(u A (x i ) u B (x i )),(V A (x i ) V B (x i )) }. O the basis of the Hausdorff metric, Grzegorzewski [41] put forward some approaches for computig distaces Yag ad Chiclaa [4] suggested that the 3D iterpretatio of IFSs could provide differet cotradistictio results to the oes obtaied with their D couterparts [41] ad itroduced several exteded 3D Hausdorff based distaces. d eh (A, B) = l eh (A, B) = 1 max { u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) }, max { u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) },

5 Mathematical Problems i Egieerig 5 e eh (A, B) = max {(u A (x i ) u B (x i )),(V A (x i ) V B (x i )),(π A (x i ) π B (x i )) }, q eh (A, B) = 1 max {(u A (x i ) u B (x i )),(V A (x i ) V B (x i )),(π A (x i ) π B (x i )) }. (9) 3. New Distace Measure betwee IFSs 3.1. Aalysis o Existig Distace Measures betwee IFSs. Although various types of distace measures betwee IFSs were proposed over the past several years ad most of them satisfies the distace axioms (Defiitio 5), some ureasoable cases ca still be foud [31, 3]. For example, cosider three sigle-elemet IFSs A = (x, 0.4, 0.), B = (x, 0.5, 0.3), ad C = (x, 0.5, 0.).Ithiscase,thedistacebetweeAad B calculated by some existig measures (e.g., d H, d E, l h, l eh, d 1, d P ) is equal to or greater tha that betwee A ad C,which does ot seem to be reasoable sice IFSs A, B, adc are ordered as C>B>Aaccordig to the score fuctio ad accuracy fuctio give i Defiitio, idicatig that the distace betwee A ad B is smaller tha that betwee A ad C. For oe reaso, differet distace measures have differet focus, which may be suitable for differet applicatios. For aother, this could mea the defiitio of distace measures is too weak. Specifically, the defiitio may be more complete adreasoableifithascosideredthefollowigtwoaspects. First, Defiitio 5 just provides the value costraits whe d(a, B) = 0, ad the other edpoit d(a, B) = 1 has ot bee discussed. Secod, the distace measure betwee IFSs could be better coviced if it satisfies the requiremet of the triagle iequality. Aother poit worth otig is that there are two facets of ucertaity of ituitioistic fuzzy iformatio, oe of which isrelatedtofuzziesswhiletheotherisrelatedtolackof kowledge or ospecificity [43]. First, IFSs are a extesio of FSs ad hece are associated with fuzziess. This fuzziess is the first kid of ucertaity that maily reflects two types of distict ad specific iformatio: degree of membership ad degree of omembership. I IFSs there exists aother kid of ucertaity that ca be called lack of kowledge or ospecificity ad might also be called waver [30]. This kid of ucertaity reflects a type of ospecific iformatio: degree of hesitacy, idicatig how much we do ot kow about membership ad omembership. These two kids of ucertaity are obviously differet, the degree of hesitacy with its ow ucertaity because it represets a state of both this ad that. However, most of the existig distace measures oly cosider the differeces betwee umerical values of the IFS parameters ad igore the waver of ituitioistic fuzzy iformatio. As a illustratio, cosider two patters represeted by IFSs A = (x, 0.1, 0.) ad B = (x, 0.1, 0.), i which both hesitace idexes of A ad B are equal to 0.7. I this case, the distace betwee IFSs A ad B calculated by all aforemetioed measures is equal to zero, deotig that the twopattersarethesame.thisistruefromtheperspective of umerical value because the three parameters of IFSs A ad B have the same value. However, from the perspective of ituitioistic fuzzy iformatio, the coclusio draw is ureasoable. The hesitace idex π(x) = 1 u(x) V(x) i both IFSs A ad B is equal to 0.7, but it just meas that i IFSs A ad B theproportiooflackofkowledgeis0.7,ad it caot represet that the patters A ad B are the same. Iotherwords,sicewehavealackofkowledge,weshould ot draw the coclusio that the two patters are the same. As a powerful tool i modelig ucertai iformatio, IFSs have the advatage of beig able to cosider waver mailybecausethehesitatidexcabeusedtodescribea eutrality state of both this ad that. Moreover, it should be oted that the ultimate goal of distace measure is to measure the differece of iformatio carried by IFSs, rather tha the umerical value of IFSs themselves. Therefore, i ourviewthedistacemeasureshouldtakeitoaccout the characteristics of ituitioistic fuzzy iformatio, both fuzziess ad ospecificity, ad have its ow target. 3.. Ituitive Distace for IFSs. Ispired by the characteristics of ituitioistic fuzzy iformatio, we itroduce a otio called ituitive distace to compare the iformatio betwee two IFSs ad compute the degree of differece, ad the axiomatic defiitio of ituitive distace is as follows. Defiitio 6. For ay A, B, C, D IFSs(X),letd be a mappig d : IFSs(X) IFSs(X) [0, 1]. d(a, B) is said to be a ituitive distace betwee A ad B if d(a, B) satisfies the followig properties: (P1) 0 d(a, B) 1; (P) d(a, B) = 0 if ad oly if A=Bad π A (x) = π B (x) = 0; (P3) d(a, B) = 1 if ad oly if both A ad B are crisp sets ad A=B C ; (P4) d(a, B) = d(b, A); (P5) d(a, C) d(a, B)+d(B, C) for ay A, B, C IFSs(X); (P6) if A B C,thed(B, C) d(a, C) ad d(a, B) d(a, C); (P7) if A=Bad C=D,the (i) d(a, B) > d(c, D) whe π A (x) + π B (x) > π C (x) + π D (x); (ii) d(a, B) < d(c, D) whe π A (x) + π B (x) < π C (x) + π D (x);

6 6 Mathematical Problems i Egieerig (iii) d(a, B) = d(c, D) whe π A (x) + π B (x) = π C (x) + π D (x). The above defiitio is a developmet for Defiitio 5. O the oe had, some properties are itroduced to make the defiitio stroger: (P3) is a more precise coditio for the edpoit of distace d(a, B) = 1; (P5)isaewstrog property coditio, which requires distace to meet triagle iequality. O the other had, the defiitio highlights the characteristics of ituitioistic fuzzy iformatio by reiforcig the existig property coditio (P), as well as addig a ew property coditio (P7). The ituitive distace ot oly meets the most geeral properties of traditioal distace, but also satisfies a special property: as log as the hesitat idex is ot zero, eve if two IFSs are equal i value, the distace betwee them is ot zero. Ad the higher the hesitat idex, the greater the distace. The, we propose a ew distace measure. Let A = x, u A (x), V A (x), B = x,u B (x), V B (x) betwoifssithe uiverse of discourse X, ad deote X={x 1,x,...,x }. d L (A, B) = 1 [θ 3 1 (x i )+θ (x i )+θ 3 (x i )], θ 1 (x i )= u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + (u A (x i )+1 V A (x i )) (u B (x i )+1 V B (x i )), θ (x i )= π A (x i )+π B (x i ), (10) θ 3 (x i )=max ( u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) ). The structure of d L (A, B) is maily related to two aspects. Oe is to take the differeces of IFS parameters ito accout, which is similar to the traditioal distace. It icludes differeces betwee memberships u A (x i ) ad u B (x i ), omemberships V A (x i ) ad V B (x i ), hesitace idexes π A (x i ) ad π B (x i ), ad the differeces betwee media values of itervals (u A (x i )+1 V A (x i ))/ ad (u B (x i )+1 V B (x i ))/.The secod is to satisfy the ew requiremets of ituitive distace, takig the degree of hesitacy ito accout. θ (x i ) aims to reflect the waver of ucertai iformatio. The higher the degree of ospecificity of ituitioistic fuzzy iformatio, the greater the possibility of existig differeces betwee them. The, we have the followig theorem. Theorem 7. d L (A, B) is a ituitive distace betwee IFSs A ad B itheuiverseofdiscoursex={x 1,x,...,x }. Proof. It is easy to see that d L (A, B) satisfies (P4) ad (P7) of Defiitio 6. Therefore, we shall prove that d L (A, B) satisfies (P1), (P), (P3), (P5), ad (P6). (P1) Let A ad B be two IFSs; we ca write the relatioal expressio as follows: 0 θ 1 (x i )+θ (x i )=( u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + (u A (x i )+1 V A (x i )) (u B (x i )+1 V B (x i )) +π A (x i )+π B (x i )) () 1 =( u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + (u A (x i ) u B (x i )) (V A (x i ) V B (x i )) + u A (x i ) u B (x i ) V A (x i ) V B (x i )) () 1 ( u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + u A (x i ) u B (x i ) V A (x i ) V B (x i )) () 1 =( u A (x i ) u B (x i ) (u A (x i )+u B (x i )) + V A (x i ) V B (x i ) (V A (x i )+V B (x i )) + ) () 1 ((u A (x i )+u B (x i )) (u A (x i )+u B (x i )) + (V A (x i )+V B (x i )) (V A (x i )+V B (x i )) + ) () 1 = u A (x i )+u B (x i )+V A (x i )+V B (x i )+ = (u A (x i )+V A (x i )) + (u B (x i )+V B (x i )) It is kow that =. 0 θ 3 (x i )=max ( u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) ) 1. (11) (1)

7 Mathematical Problems i Egieerig 7 Takig (11) ad (1) ito accout, it is ot difficult to fid that Ad therefore we have 0 θ 1 (x i ) +θ (x i ) +θ 3 (x i ) 3. (13) 0 d L (A, B) = 1 [θ 3 1 (x i )+θ (x i )+θ 3 (x i )] (14) 3 3 =1. (P) Let A ad B be two IFSs; the followig relatioal expressio ca be writte: d L (A, B) =0 u A (x i )=u B (x i ), V A (x i )=V B (x i ), π A (x i )+π B (x i )=0 A (x) =B(x), π A (x) =π B (x) =0. Thus, d L (A, B) satisfies (P) of Defiitio 6. (15) (P3) Let A ad B be two IFSs. Takig (11) ad (1) ito accout, the followig relatioal expressios ca be writte: d L (A, B) =1 θ 1 (x i )+θ (x i )=, θ 3 (x i )=1 u A (x i )+u B (x i )+V A (x i )+V B (x i )+ =, max ( u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) )=1 A (x) = (1, 0, 0), B (x) = (0, 1, 0) or A (x) = (0, 1, 0), B (x) = (1, 0, 0). Thus, d L (A, B) satisfies (P3) of Defiitio 6. (16) (P5) Let A, B, adc be three IFSs; the distaces betwee A ad B, B ad C,adA ad C are the followig: d L (A, B) = 1 [ u A (x i ) u B (x i ) + V A (x i ) V B (x i ) + (u A (x i )+1 V A (x i )) (u B (x i )+1 V B (x i )) 3 + π A (x i )+π B (x i ) + max ( u A (x i ) u B (x i ), V A (x i ) V B (x i ), π A (x i ) π B (x i ) )], d L (B, C) = 1 [ u B (x i ) u C (x i ) + V B (x i ) V C (x i ) + (u B (x i )+1 V B (x i )) (u C (x i )+1 V C (x i )) 3 + π B (x i )+π C (x i ) d L (A, C) = max ( u B (x i ) u C (x i ), V B (x i ) V C (x i ), π B (x i ) π C (x i ) )], (17) [ u A (x i ) u C (x i ) + V A (x i ) V C (x i ) + (u A (x i )+1 V A (x i )) (u C (x i )+1 V C (x i )) +π A (x i )+π C (x i ) + max ( u A (x i ) u C (x i ), V A (x i ) V C (x i ), π A (x i ) π C (x i ) )].

8 8 Mathematical Problems i Egieerig It is obvious that u A (x i ) u B (x i ) + u B (x i ) u C (x i ) u A (x i ) u B (x i )+u B (x i ) u C (x i ) = u A (x i ) u C (x i ), V A (x i ) V B (x i ) + V B (x i ) V C (x i ) V A (x i ) V B (x i )+V B (x i ) V C (x i ) = V A (x i ) V C (x i ), (u A (x i )+1 V A (x i )) (u B (x i )+1 V B (x i )) + (u B (x i )+1 V B (x i )) (u C (x i )+1 V C (x i )) = u A (x i )+V B (x i ) u B (x i ) V A (x i ) + u B (x i )+V C (x i ) u C (x i ) V A (x i )+V C (x i ) u C (x i ) = (u A (x i )+1 V A (x i )) (u C (x i )+1 V C (x i )), π A (x i ) π B (x i ) + π B (x i ) π C (x i ) π A (x i ) π B (x i )+π B (x i ) π C (x i ) = π A (x i ) π C (x i ), π A (x i )+π B (x i )+π B (x i )+π C (x i ) π A +π C. Therefore, we have d L (A, B) + d L (B, C) d L (A, C). (18) V B (x i ) u A (x i )+V B (x i ) u B (x i ) V A (x i ) +u B (x i )+V C (x i ) u C (x i ) V B (x i ) = u A (x i ) (P6) Let A, B, adc be three IFSs; if A B C,the we have u A (x i ) u B (x i ) u C (x i ), V A (x i ) V B (x i ) V C (x i ). The followig equatios are give out: d L (A, B) = 1 [ u B (x i ) u A (x i )+V A (x i ) V B (x i )+u B (x i ) u A (x i )+V A (x i ) V B (x i )+π A (x i )+π B (x i ) 3 + max (u B (x i ) u A (x i ),V A (x i ) V B (x i ), π A (x i ) π B (x i ) )] = 1 3 [ u B (x i ) u A (x i )+V A (x i ) V B (x i )+u B (x i ) u A (x i )+V A (x i ) V B (x i )+ u A (x i ) u B (x i ) V A (x i ) V B (x i ) + max (u B (x i ) u A (x i ),V A (x i ) V B (x i ), u B (x i ) u A (x i )+V B (x i ) V A (x i ) )] = 1 3 [ u B (x i ) 3u A (x i )+V A (x i ) 3V B (x i ) + max (u B (x i ) u A (x i ),V A (x i ) V B (x i ))], d L (A, C) = 1 [ u C (x i ) u A (x i )+V A (x i ) V C (x i )+u C (x i ) u A (x i )+V A (x i ) V C (x i )+π A (x i )+π C (x i ) 3 + max (u C (x i ) u A (x i ),V A (x i ) V C (x i ), π A (x i ) π C (x i ) )] = 1 3 (19) [ u C (x i ) u A (x i )+V A (x i ) V C (x i )+u C (x i ) u A (x i )+V A (x i ) V C (x i )+ u A (x i ) u C (x i ) V A (x i ) V C (x i ) + max (u C (x i ) u A (x i ),V A (x i ) V C (x i ), [ u C (x i ) 3u A (x i )+V A (x i ) 3V C (x i ) u C (x i ) u A (x i )+V C (x i ) V A (x i ) )] = max (u C (x i ) u A (x i ),V A (x i ) V C (x i ))]. We kow that u C (x i ) 3V C (x i ) u B (x i ) 3V B (x i ), u C (x i ) u A (x i ) u B (x i ) u A (x i ), V A (x i ) V C (x i ) V A (x i ) V B (x i ). It meas that (0) d L (A, B) d L (A, C). (1) Similarly, it is easy to prove that d L (B, C) d L (A, C). () Thus, d L (A, B) satisfies (P6) of Defiitio 6.

9 Mathematical Problems i Egieerig 9 Table 1: Test ituitioistic fuzzy sets (IFSs). Test IFSs A=(u A, V A ) (1, 0) (0, 0) (0.4, 0.) (0.3, 0.3) (0.3, 0.4) (0.1, 0.) (0.4, 0.) B=(u B, V B ) (0, 0) (0.5, 0.5) (0.5, 0.3) (0.4, 0.4) (0.4, 0.3) (0.1, 0.) (0.5, 0.) Table : The compariso of distace measures (couterituitive cases are i bold italic type). Test IFSs d L (A, B) d H (A, B) d E (A, B) l h (A, B) l eh (A, B) d 1 (A, B) (A, B), p = d P That is to say, d L (A, B) is a ituitive distace betwee IFSs A ad B sice it satisfies (P1) (P7) A Compariso of Distace Measures for IFSs Based o a Artificial Bechmark. Whe a ew distace measure is proposed, it is always accompaied with explaatios of overcomig couterituitive cases of other methods ad these cases are usually illustrated by sigle-elemet IFSs. I [30], Li et al. summarized couterituitive cases proposed by previous literature ad costituted a artificial bechmark with six differet pairs of sigle-elemet IFSs, which has bee widely used i the test of distace ad similarity measures [31, 44 49]. Although these cases caot represet all couterituitive situatios, they are typical ad represetative. I [31], Papakostas et al. suggested that ay proposed measures should be tested by the artificial bechmark to avoid couterituitive cases. To illustrate the effectiveess of theproposeddistacemeasure,allthetestifssoftheartificial bechmark are applied to compare the proposed distace measure to the widely used distace measures. I additio, i order to reflect the characteristics of ituitioistic fuzzy iformatio, a ew pair of sigle-elemet IFSs as illustrated i Sectio 3.1 is added to the artificial bechmark test set. Table 1 shows the test IFSs of exteded artificial bechmark. Table provides a comprehesive compariso of the distace measures for IFSs with couterituitive cases. It is apparet that the property coditio (P3) is ot met by d H, d E, l h, l eh, because the distaces calculated by these measures are equal to 1 whe {A = (x, 1, 0), B = (x, 0, 0)}. Similarly, the property coditio (P3) is also ot satisfied by d H, l eh whe {A = (x, 0, 0), B = (x, 0.5, 0.5)}.Thedistacemeasures d H, l eh,add P, p = 1, idicate that the distaces of the 1st test IFSs ad the d test IFSs are idetical, which does ot seem to be reasoable. Distace measures l h, d 1,ad d P, p = 1, claim that the distaces of the 4th test IFSs ad the 5th test IFSs show the same value of 0.1, which idicates that there are ot sufficiet abilities to distiguish positive differece from egative differece. The distace of 3rd test IFSs is equal to or greater tha the distace of the 7th test IFSs whe d H, d E, l h, l eh, d 1,add P, p = 1,areused, which does ot seem to be reasoable sice IFSs A, B, ad C are ordered as C>B>Aaccordig to the score fuctio ad accuracy fuctio give i Defiitio, idicatig that the distace betwee A ad B is smaller tha that betwee A ad C. Furthermore, all of these existig distaces claim that the distace of the 6th test IFSs is equal to zero, which does otseemtobereasoable.asamathematicaltool,ifssca describe the ucertai iformatio greatly, because it adds a hesitat idex to describe the state of both this ad that. I this case, we ideed caot cofirm that there is o differece betwee the iformatio carried by IFSs A ad B, because the hesitace idex icludes some ospecificity iformatio ad the proportio of support ad oppositio is ot sure. BasedoaalysisiTable,itisdeducedthattheexistig distace measures with their ow measurig focus ca meet all or most of properties coditio of distace measure betwee IFSs; however, most distace measures show couterituitive cases ad may fail to distiguish IFSs accurately i some practical applicatios. Besides, the proposed distace measure is the oly oe that has o aforemetioed couterituitivecasesasillustrateditable.furthermore,the proposed distace coforms to all the property requiremets of the ituitive distace ad the potetial differece brought by hesitace idex is cosidered. 4. IF-VIKOR Method for MADM O the basis of ew distace measure, this sectio preset stepwise algorithm for proposed IF-VIKOR method. For a MADM problem with alteratives A i (i = 1,,...,m), the performace of the alterative A i cocerig the attribute C j (j=1,,...,)is assessed by a decisio orgaizatio with several decisio-makers D q (q = 1,,...,l). The correspodig weights of attributes are deoted by w j (j=1,,...,), 0 w j 1, j=1 w j =1,adtheweights of DMs are deoted by λ q (q = 1,,...,l), 0 λ q 1,

10 10 Mathematical Problems i Egieerig l q=1 λ q = 1.IspiredbytheclassicalVIKORmethodad its extesios, the ituitive distace based VIKOR method ca be give for MADM problem with ituitioistic fuzzy iformatio; it icludes seve steps. Step 1. Geerate assessmet iformatio. Assume that DMs D q (q = 1,,...,l)provide their opiio of the alteratives A i cocerig each attribute C j by usig IFNs x q ij = (u q ij, Vq ij,πq ij ) or liguistic values represeted by IFNs. The, the assessmets give by D q ca be expressed as x (q) 11 x (q) 1 x (q) 1 x (q) D (q) 1 x (q) x (q) =.. d.. (3). [ ] [ x (q) m1 x(q) m x(q) m] Step. Acquire the weights of DMs. Accordig to the degree of fuzziess ad ospecificity of assessmets provided by DMs, i this step, DM weight λ q (q = 1,,...,l) ca be acquired by ituitioistic fuzzy etropy measure objectively. The lower the degree of fuzziess ad ospecificity is, the smallertheetropyisadthebiggertheweightofdmis, ad vice versa. By usig (5), the ituitioistic fuzzy etropy of assessmets provided by D q cabeobtaiedasfollows: m E q = j=1 mi (u (q) ij, V(q) ij )+π(q) ij max (u (q) ij, V(q) ij )+π(q) ij. (4) The, the weight of DM D q cabedefiedasfollows: where l is the umber of DMs. 1 E q λ q = l l q=1 E, (5) q Step 3. Establish the aggregated ituitioistic fuzzy decisio matrix. By usig (4), all idividual decisio matrixes D (q) ca becoverteditoaaggregateddecisiomatrixasfollows: x 11 x 1 x 1 x 1 x x D=.. [.. d., (6). ] [ x m1 x m x m ] where x ij = (u ij, V ij,π ij ), u ij = 1 l q=1 (1 uq ij )λ q, V ij = l q=1 (Vq ij )λ q, π ij =1 u ij V ij. Step 4. Acquire the weights of attributes. Similar to Step, the ukow weight of attribute w j (j = 1,,...,) ca be determied by etropy measure to effectively reduce the subjective radomess. By usig (5), we ca obtai the etropy with respect to C j : E j = 1 m mi (u ij, V ij )+π ij. (7) m max (u ij, V ij )+π ij The, the weight of attribute C j cabedefiedasfollows: where is the umber of attributes. 1 E j w j = j=1 E, (8) j Step 5. Fid the best ad worst value. The best value x + j ad the worst value x j for each attribute C j cabedefiedas follows: x + j = { max x ij, for beefit attribute C j,,...,m { mi { x ij, for cos t attribute C j,,,...,m x j = { mi x ij, for beefit attribute C j,,...,m { max { x ij, for cos t attribute C j,,,...,m (j=1,,...,). (j=1,,...,) (9) Step 6. Compute the values S i, R i,adq i.threekeyvaluesof IF-VIKOR method, the group utility value S i,theidividual regret value R i, ad the compromise value Q i,arecomputed i light of the ituitive distace measure for each alterative: S i = j=1 w j ( d(x+ j,x ij) d(x j +,x j ) ), R i = max w j ( d(x+ j,x ij) j d(x j +,x j ) ), Q i =γ( S i S S S )+(1 γ)(r i R R R ), (30) where S = max i S i,s = mi i S i,r = max i R i,r = mi i R i. γ is the coefficiet of decisio mechaism. The compromise solutio ca be elected by majority (γ > 0.5), cosesus (γ = 0.5), or veto (γ < 0.5). Step 7. Rak the alteratives ad derive the compromise solutio. Sort S i, R i,adq i i ascedig order ad geerate three rakig lists S [ ], R [ ],adq [ ].The,thealterativeA (1) that raks the best i Q [ ] (miimum value) ad fulfills followig two coditios simultaeously would be the compromise solutio. Coditio 1 (acceptable advatage). Oe has Q(A () ) Q(A (1) ) 1 m 1, (31) where A (1) ad A () are the top two alteratives i Q i.

11 Mathematical Problems i Egieerig 11 Coditio (acceptable stability). The alterative A (1) should alsobethebestrakedbys i ad R i. If the above coditios caot be satisfied simultaeously, there exist multiple compromise solutios: (1) alteratives A (1) ad A () if oly Coditio is ot satisfied; () alteratives A (1),A (),...,A (u) if Coditio 1 is ot satisfied, where A (u) is established by the relatio Q(A (u) ) Q(A (1) ) < 1/(m 1) for the maximum. Table 3: Liguistic terms for ratig the alteratives with IFNs. Liguistic variables IFNs Extremely poor (EP) (0.05, 0.95, 0.00) Poor (P) (0.0, 0.70, 0.10) Medium poor (MP) (0.35, 0.55, 0.10) Medium (M) (0.50, 0.40, 0.10) Medium good (MG) (0.65, 0.5, 0.10) Good (G) (0.80, 0.10, 0.10) Extremely good (EG) (0.95, 0.05, 0.00) 5. Applicatio Examples 5.1. ERP Selectio Problem. I recet years, eterprise resource plaig (ERP) system has become a powerful tool for eterprises to improve their operatig performace ad competitiveess. However, ERP projects report a uusually high failure rate ad sometimes imperil implemeters core operatio due to their high costs ad wide rage of cofiguratio. Cosequetly, selectig the ERP system which fit the eterprise would be a critical step to success. Cosiderig a situatio that oe high-tech maufacturig eterprise is tryig to implemet ERP system with four alteratives A 1, A, A 3,adA 4,threeDMsofD 1, D, D 3 are employed to evaluate these alteratives from five mai aspects as follows: C 1 : Fuctioality ad reliability, which ivolve suitability, accuracy, security, fuctioality compliace, maturity, recoverability, fault tolerace, ad reliability compliace. C : Usability ad efficiecy, which ivolve uderstadability, learability, operability, attractiveess, usability compliace, time behavior, resource behavior, ad efficiecy compliace. C 3 : Maitaiability ad portability, which ivolve aalyzability, chageability, testability, coexistece, iteroperatio, maitaiability, ad portability compliace. C 4 : Supplier services, which ivolve the quality of traiig staff, techical support ad follow-up services, the level of implemetatio ad stadardizatio, customer satisfactio, supplier credibility, ad stregth. C 5 : The eterprise characteristics, which ivolve eterprise maagemet, employee support, comprehesive ivestmet cost, iteral rate of retur, beefit cost ratio, ad dyamic payback period. Sice the weights of attributes ad DMs are completely ukow, the best alterative would be selected with the iformatio give above. I the followig, the proposed IF-VIKOR method is applied to solve this problem. The operatio process accordig to the algorithm developed i Sectio 4 is give below. Step 1. Each DM assesses alterative A i cocerig attribute C j with liguistic ratig variables i Table 3. Table 4 shows the assessmets by three decisio-makers. Step. By usig (4) ad (5), the weights of DMs ca be obtaied as λ 1 = 0.30, λ = 0.344, λ 3 = Step 3. By usig (6), we ca establish the aggregated decisio matrix as follows. (0.6689, 0.193) (0.8000, ) (0.3500, ) (0.7081, ) (0.559, ) (0.606, 0.717) (0.6495, 0.331) (0.6071, 0.91) (0.5000, ) (0.756, ) D=. (3) (0.554, ) (0.7308, ) (0.8355, 0.13) (0.8465, ) (0.718, ) [ ] [(0.6495, 0.331) (0.6719, 0.168) (0.6074, 0.908) (0.5546, ) (0.543, ) ] Step 4. By usig (7) ad (8), the weights of attributes are obtaied as w 1 = , w = 0.19, w 3 = , w 4 = , w 5 = Step 5. By usig (9), the best ad the worst values of all attribute ratigs ca be calculated ad we have x + 1 =(0.6689, 0.193), x + = (0.8000, ), x+ 3 = (0.8355, 0.13), x+ 4 = (0.8465, ), x + 5 = (0.756, ), x 1 =(0.554,0.3438), x =(0.6495,0.331),x 3 = (0.3500, ), x 4 = (0.5000, ), x 5 =(0.543,0.3491). Step 6. Without loss of geerality, let γ = 0.5. By usig (30), the values of S i, R i,adq i foreachalterativecabeobtaied as listed i Table 5. Step 7. From Table 5, we have Q 3 < Q 1 < Q 4 < Q, which meas A 3 (miimum value) raks best i terms of Q. I additio, Q 1 Q 3 = ad A 3 is also the best raked by S i ad R i, which shows that A 3 is the uique compromise solutio for this problem.

12 1 Mathematical Problems i Egieerig Table4:RatigofthealterativesfromDMs. Attributes DM1 DM3 DM4 A 1 A A 3 A 4 A 1 A A 3 A 4 A 1 A A 3 A 4 C 1 MG M MG MP G MP M MG M G M G C G MP G G G MG M M G G G MG C 3 MP MG M M MP M G MG MP MG EG MG C 4 MG M EG M G M MG MG MG M G M C 5 M G MG MG M G MG P MG MG G MG Table 5: The values ofs, R,ad Q for all alteratives by the proposed IF-VIKOR method. Value A 1 A A 3 A 4 S R Q Table 6: Liguistic terms for ratig the alteratives with trapezoidal fuzzy umbers. Liguistic variables Trapezoidal fuzzy umbers Extremelypoor(EP) (0,0,1,) Poor (P) (1,,, 3) Medium poor (MP) (, 3, 4, 5) Medium (M) (4, 5, 5, 6) Medium good (MG) (5, 6, 7, 8) Good (G) (7, 8, 8, 9) Extremely good (EG) (8, 9, 10, 10) Liu et al. [18] developed the VIKOR method for MADM problem based o trapezoidal fuzzy umbers, which is oe of the most commoly used fuzzy umbers. I this method, the weights of DMs or attributes are give artificially ad the liguistic variables are represeted by trapezoidal fuzzy umbers show i Table 6. A trapezoidal fuzzy umber A ca be deoted as (a 1, a, a 3, a 4 ), where a 1 ad a 4 are called lower ad upper limits of A ad a ad a 3 are two most promisig values. Whe a ad a 3 are the same value, the trapezoidal fuzzy umber degeerated a triagular fuzzy umber. We applythemethod[18]itheerpselectioproblemtoexplai the differece betwee the proposed method ad traditioal VIKOR method with trapezoidal fuzzy umbers. Assume that the weights of DMs ad attributes are λ 1 = 0.30, λ = 0.344, λ 3 = ad w 1 = , w = 0.19, w 3 = , w 4 = , w 5 = , respectively. Through calculatio of liguistic assessmet iformatio ad trapezoidal fuzzy umbers show i Tables 4 ad 6, the values of S, R,adQ for all alteratives are obtaied as i Table 7. The result shows that the rakig order of alteratives obtaied by the method [18] is A 3 A 1 A 4 A,which is i harmoy with our proposed method. Although the results obtaied from the two VIKOR methods are cosistet, the trapezoidal fuzzy umbers are oly characterized by a membership fuctio, while IFNs are characterized by a membership fuctio ad a omembership fuctio, which closely resembles the thikig habit of huma beigs uder the situatio of beig ucertai ad hesitat. Furthermore, the trapezoidal fuzzy umbers eed four values to determie the membership distributio, while the IFNs oly eed two values: membership ad omembership, ad the degree of hesitacy ca be automatically geerated by 1 mius membership ad omembership. I geeral, the computatio of trapezoidal fuzzy umbers is large, ad the applicatio of IFNs is relatively simple. I additio, the method preseted by [18] eeds the weight iformatio of DMs ad attributes predetermied, whereas these weights are determied objectively usig ituitioistic fuzzy etropy i the proposed method, which avoids subjective radomess to some extet. I [], Roostaee et al. put forward a hammig distace based IF-VIKOR method. To further illustrate its effectiveess, the proposed method is compared to the IF-VIKOR method preseted by []. Computatioal results for the hammig distace based IF-VIKOR method are show i Table 8. The result idicates that these two methods reach a cosesus that the third ERP system should be implemeted by the high-tech maufacturig eterprise. I this example, it should be oted that the assessmets provided by DMs are i low degree of hesitacy. As show i Tables 3 ad 4, the maximum hesitace idex with respect to liguistic values is 0.1, deotig the low degree of ospecificity (lack of kowledge) for assessmets. I this case, both methods ca effectively evaluate ad sort the alteratives. However, the hammig distace based IF- VIKOR method is ot always capable of obtaiig valid results especially i MADM problem with high degree of ospecificity. It might geerate some couterituitive cases so that ureasoable results might be obtaied. The followig example further illustrates such cases. 5.. Material Hadlig Selectio Problem. To illustrate the superiority of the proposed methods, a compariso betwee the proposed IF-VIKOR method ad the hammig distace basedif-vikormethodiamaterialhadligselectio problem is made.

13 Mathematical Problems i Egieerig 13 Table 7: The values ofs, R, ad Q for all alteratives by the trapezoidal fuzzy umbers based VIKOR method. Value A 1 A A 3 A 4 S R Q Table 8: The values of S, R,adQ for all alteratives by the hammig distace based IF-VIKOR method. Value A 1 A A 3 A 4 S R Q Table 9: Ratig of the alteratives from decisio orgaizatio. C 1 C C 3 C 4 A 1 (0.1, 0.) (0.4, 0.) (0.5, 0.) (0., 0.4) A (0., 0.1) (0.3, 0.3) (0.3, 0.5) (0.5, 0.5) A 3 (0.0, 0.3) (0.3, 0.4) (0., 0.3) (0.5, 0.) A 4 (0.4, 0.4) (0.5, 0.) (0.5, 0.) (0., 0.4) Table 10: The compromise values ad rakig results obtaied by the hammig distace based IF-VIKOR method ad the proposed method i this paper. Alterative Hammig distace based IF-VIKOR method The method proposed i this paper The values of Q i Rakig orders The values of Q i Rakig orders A A A A Suppose that a maufacturig compay is cosiderig implemetig a material hadlig system. After prelimiary screeig, four alteratives of A 1, A, A 3,adA 4 remai to be further evaluated. Several DMs from the compay s techical committee are arraged to evaluate ad select the appropriate alterative. They assess the four alteratives accordig to four coflictig attributes, icludig ivestmet cost C 1, operatio time C, expasio possibility C 3,ad closeess to market demad C 4. Due to the lack of experiece, time costraits, ad other factors, the ratigs of alteratives cocerig each attribute provided by DMs are represeted as IFNs with high degree of hesitacy, listed i Table 9. By usig (7) ad (8), the weights of attributes are obtaied as w 1 = 0.46, w = 0.490, w 3 = 0.593, w 4 = Without losig geerality, let γ = 0.5. The, the values of S i, R i,adq i for each alterative ca be calculated. Computatioal results obtaied by the hammig distace basedif-vikormethodadtheproposedmethodithis paper are listed i Table 10. The rakig of alteratives calculatedbythehammigdistacebasedif-vikormethod is A 1 A A 3 A 4, reachig a coclusio that A 1 (miimum value) is the best choice ad A 4 is the worst choice for the material hadlig selectio problem. However, accordig to the score fuctio ad accuracy fuctio, each attribute ratig of A 1 is lower tha or equal to that of A 4, idicatig that A 4 is superior to A 1,whichiscotradictedto the rakig results obtaied by hammig distace based IF- VIKORmethod.Istead,ourproposedmethodcaovercome the drawback of traditioal method ad obtai a valid rakig result as A 4 A 1 A A 3,whichmeas that material hadlig system A 4 is the best choice for the maufacturig compay Sesitivity Aalysis. I ituitioistic fuzzy VIKOR method, γ, the coefficiet of decisio mechaism is critical to the rakig results. Hece, a sesitivity aalysis is coducted i order to assess the stability of our method i these examples. For each γ from 0 to 1 at 0.1 itervals, we calculate the correspodig compromise solutio to ivestigate the ifluece of differet γ o the rakig result. Table 11 shows the sesitivity aalysis of ERP selectio example. For all the tested values of γ, three differet rakig results are geerated icludig A 3 A 4 A 1 A, A 3 A 1 A 4 A,adA 3 A 1 A A 4. While the rakig result is ideed affected by γ, A 3 is always the optimal solutio. Table 1 shows the sesitivity aalysis of material hadlig system selectio example. For all the tested values of γ, the rakig result remais A 4 A 1 A A 3 ad

14 14 Mathematical Problems i Egieerig Table 11: Ratig of the alteratives for differet γ values (ERP selectio example). γ Q 1 Q Q 3 Q 4 Rakig Optimal solutio A 3 A 4 A 1 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A 4 A A A 3 A 1 A A 4 A A 3 A 1 A A 4 A 3 Table 1: Ratig of the alteratives for differet γ values (material hadlig selectio example). γ Q 1 Q Q 3 Q 4 Rakig Optimal solutio A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A A 4 A 1 A A 3 A 4 the optimal solutio is A 4. The sesitivity aalysis illustrates how the decisio-makig strategy would affect the result, ad also it idicates that the coclusio arrived from our method is stable ad effective. 6. Coclusio Sice the VIKOR method is a effective MADM method to reach a compromise solutio, ad IFSs are a effective tool to depict fuzziess ad ospecificity i assessmet iformatio, we combie them ad develop a ew ituitive distace based IF-VIKOR method. This ew method aims at MADM problems with ukow weights of both the DMs ad attributes i ituitioistic fuzzy eviromet. It aggregates assessmet iformatio by ituitioistic fuzzy weighted averagig operator, geerates weights of DMs ad attributes by ituitioistic fuzzy etropy objectively, calculates the group utility ad idividual regret based o ituitive distace measure,adfiallyreachesthecompromisesolutio.two applicatio examples of ERP ad material hadig selectio problem further illustrate each step of this method. Comparedwiththehammigdistacemeasureuseditraditioal IF-VIKOR method, the ew ituitive distace measure i this method focuses o the fuzziess ad ospecificity of ituitioistic fuzzy iformatio, reflectig ot oly the differece amog the values of ituitioistic fuzzy sets, but also the waver of ituitioistic fuzzy sets. Both the artificial bechmark test ad applicatio examples demostrate its effectiveess ad superiority to traditioal method. Also, the determiatio of weights of DMs ad attributes usig ituitioistic fuzzy etropy ca avoid subjective radomess, ad sesitivity aalysis shows the stability of the proposed method. For future work, the compariso of the proposed VIKOR method with other MADM methods uder ituitioistic fuzzy eviromet, such as the TOPSIS method, the PROMETHEE method, ad the ELECTRE method, is worthy of further study ad exploratio. It would also be iterestig to apply the proposed VIKOR method to other MADM problems, such as ivestmet decisio ad supplier selectio. Coflicts of Iterest The authors declare that they have o coflicts of iterest. Ackowledgmets This work was supported by the Natioal Natural Sciece Foudatio of Chia uder Grat

15 Mathematical Problems i Egieerig 15 Refereces [1] C. L. Hwag ad K. Yoo, Multiple Attribute Decisio Makig: Methods ad Applicatios, Spriger, Germay, Berli, [] S. Opricovic, Multicriteria Optimizatio of Civil Egieerig Systems, Faculty of Civil Egieerig, Belgrade, Serbia, [3] B. Mareschal ad J. P. Vicke, PROMETHEE: a ew family of outrakig methods i multi criteria aalysis, Bras J.p.operatioal Research, vol. 84, pp , [4] R. Beayou, B. Roy, ad B. Sussma, ELECTRE: Ue méthode pour guider le choix e présece de poits de vue multiples, Rev.Fraaise Iformat.Recherche Opératioelle,vol. 3, pp , [5] S. Opricovic ad G. H. Tzeg, Compromise solutio by MCDM methods: a comparative aalysis of VIKOR ad TOP- SIS, Europea Joural of Operatioal Research, vol. 156, o., pp ,004. [6] S. Opricovic ad G. Tzeg, Exteded VIKOR method i compariso with outrakig methods, Europea Joural of Operatioal Research,vol.178,o.,pp ,007. [7] L. Aojkumar, M. Ilagkumara, ad V. Sasirekha, Comparative aalysis of MCDM methods for pipe material selectio i sugar idustry, Expert Systems with Applicatios, vol. 41,o. 6, pp , 014. [8] P. P. Mohaty ad S. Mahapatra, A compromise solutio by vikor method for ergoomically desiged product with optimal set of desig characteristics, Procedia Materials Sciece,vol.6, pp ,014. [9] G. Vats ad R. Vaish, Piezoelectric material selectio for trasducers uder fuzzy eviromet, Joural of Advaced Ceramics,vol.,o.,pp ,013. [10] K.-H. Peg ad G.-H. Tzeg, A hybrid dyamic MADM model for problem-improvemet i ecoomics ad busiess, Techological ad Ecoomic Developmet of Ecoomy, vol.19, o. 4, pp , 013. [11] G. Akma, Evaluatig suppliers to iclude gree supplier developmet programs via fuzzy c-meas ad VIKOR methods, Computers & Idustrial Egieerig, vol.86,pp.69 8, 015. [1] B. Vahdai, S. M. Mousavi, H. Hashemi, M. Mousakhai, ad R. Tavakkoli-Moghaddam, A ew compromise solutio method for fuzzy group decisio-makig problems with a applicatio to the cotractor selectio, Egieerig Applicatios of Artificial Itelligece, vol. 6, o., pp , 013. [13] F. Mohammadi, M. K. Sadi, F. Nateghi, A. Abdullah, ad M. Skitmore, A hybrid quality fuctio deploymet ad cyberetic aalytic etwork process model for project maager selectio, Joural of Civil Egieerig ad Maagemet,vol.0,o. 6, pp , 014. [14] W.-H. Tsai, W. Hsu, ad T. W. Li, New fiacial service developmet for baks i Taiwa based o customer eeds ad expectatios, The Service Idustries Joural, vol. 31, o., pp , 011. [15]M.K.Sayadi,M.Heydari,adK.Shahaaghi, Extesioof VIKOR method for decisio makig problem with iterval umbers, Applied Mathematical Modellig: Simulatio ad Computatio for Egieerig ad Evirometal Systems, vol. 33,o.5,pp.57 6,009. [16] T. Kaya ad C. Kahrara, Fuzzy multiple criteria forestry decisio makig based o a itegrated VIKOR ad AHP approach, Expert Systems with Applicatios, vol. 38, o. 6, pp , 011. [17] M. Ashtiai ad M. Abdollahi Azgomi, Trust modelig based o a combiatio of fuzzy aalytic hierarchy process ad fuzzy VIKOR, Soft Computig, vol. 0,o. 1, pp , 016. [18]H.-C.Liu,L.Liu,N.Liu,adL.-X.Mao, Riskevaluatioi failure mode ad effects aalysis with exteded VIKOR method uder fuzzy eviromet, Expert Systems with Applicatios, vol. 39, o. 17, pp , 01. [19] Y. Ju ad A. Wag, Extesio of VIKOR method for multicriteria group decisio makig problem with liguistic iformatio, Applied Mathematical Modellig: Simulatio ad Computatio for Egieerig ad Evirometal Systems,vol.37,o. 5, pp , 013. [0] K. Devi, Extesio of VIKOR method i ituitioistic fuzzy eviromet for robot selectio, Expert Systems with Applicatios,vol.38,o.11,pp ,011. [1] S.LuadJ.Tag, Researchoevaluatioofautopartssuppliers by VIKOR method based o ituitioistic laguage multicriteria, Key Egieerig Materials,vol ,pp.31 35,011. [] R. Roostaee, M. Izadikhah, F. H. Lotfi, ad M. Rostamy- Malkhalifeh, A multi-criteria ituitioistic fuzzy group decisio makig method for supplier selectio with vikor method, Iteratioal Joural of Fuzzy System Applicatios,vol.,o.1, pp. 1 17, 01. [3] S.-P. Wa, Q.-Y. Wag, ad J.-Y. Dog, The exteded VIKOR method for multi-attribute group decisio makig with triagular ituitioistic fuzzy umbers, Kowledge-Based Systems, vol. 5, pp , 013. [4] J.H.Park,H.J.Cho,adY.C.Kwu, ExtesiooftheVIKOR method to dyamic ituitioistic fuzzy multiple attribute decisio makig, Computers & Mathematics with Applicatios. A Iteratioal Joural,vol.65,o.4,pp ,013. [5] J.-P. Peg, W.-C. Yeh, T.-C. Lai, ad C.-P. Hsu, Similarity-based method for multirespose optimizatio problems with ituitioistic fuzzy sets, Proceedigs of the Istitutio of Mechaical Egieers, Part B: Joural of Egieerig Maufacture,vol.7, o. 6, pp , 013. [6]H.Hashemi,J.Bazarga,S.M.Mousavi,adB.Vahdai, A exteded compromise ratio model with a applicatio to reservoir flood cotrol operatio uder a iterval-valued ituitioistic fuzzy eviromet, Applied Mathematical Modellig: Simulatio ad Computatio for Egieerig ad Evirometal Systems,vol.38,o.14,pp ,014. [7] S. M. Mousavi, B. Vahdai, ad S. Sadigh Behzadi, Desigig a model of ituitioistic fuzzy VIKOR i multi-attribute group decisio-makig problems, Iraia Joural of Fuzzy Systems, vol.13,o.1,pp.45 65,016. [8] M. Gul, E. Celik, N. Aydi, A. Taski Gumus, ad A. F. Gueri, A state of the art literature review of VIKOR ad its fuzzy extesios o applicatios, Applied Soft Computig,vol.46,pp , 016. [9] H. Liao ad Z. Xu, A VIKOR-based method for hesitat fuzzy multi-criteria decisio makig, Fuzzy Optimizatio ad Decisio Makig. A Joural of Modelig ad Computatio Uder Ucertaity, vol. 1, o. 4, pp , 013. [30] Y. Li, D. L. Olso, ad Z. Qi, Similarity measures betwee ituitioistic fuzzy (vague) sets: a comparative aalysis, Patter Recogitio Letters, vol. 8, o., pp , 007. [31] G. A. Papakostas, A. G. Hatzimichailidis, ad V. G. Kaburlasos, Distace ad similarity measures betwee ituitioistic fuzzy sets: a comparative aalysis from a patter recogitio poit of view, Patter Recogitio Letters,vol.34,o.14,pp , 013.

16 16 Mathematical Problems i Egieerig [3] Z. S. Xu ad J. Che, A overview of distace ad similarity measures of ituitioistic fuzzy sets, Iteratioal Joural of Ucertaity, Fuzziess ad Kowledge-Based Systems,vol.16,o. 4, pp , 008. [33] Z. Xu, Ituitioistic fuzzy aggregatio operators, IEEE Trasactios o Fuzzy Systems,vol.15,o.6,pp ,007. [34] K. T. Ataassov, Ituitioistic fuzzy sets, Fuzzy Sets ad Systems,vol.0,o.1,pp.87 96,1986. [35] S. M. Che ad J. M. Ta, Hadlig multicriteria fuzzy decisio-makig problems based o vague set theory, Fuzzy Sets ad Systems,vol.67,o.,pp ,1994. [36] D. H. Hog ad C.-H. Choi, Multicriteria fuzzy decisiomakig problems based o vague set theory, Fuzzy Sets ad Systems,vol.114,o.1,pp ,000. [37] Z. Xu ad R. R. Yager, Some geometric aggregatio operators based o ituitioistic fuzzy sets, Iteratioal Joural of Geeral Systems,vol.35,o.4,pp ,006. [38] E. Szmidt ad J. Kacprzyk, Etropy for ituitioistic fuzzy sets, Fuzzy Sets ad Systems,vol.118,o.3,pp ,001. [39] W. Q. Wag ad X. L. Xi, Distace measure betwee ituitioistic fuzzy sets, Patter Recogitio Letters, vol. 6, o. 13, pp , 005. [40] E. Szmidt ad J. Kacprzyk, Distaces betwee ituitioistic fuzzy sets, Fuzzy Sets ad Systems, vol. 114, o. 3, pp , 000. [41] P. Grzegorzewski, Distaces betwee ituitioistic fuzzy sets ad/or iterval-valued fuzzy sets based o the Hausdorff metric, Fuzzy Sets ad Systems, vol. 148, o., pp , 004. [4] Y. Yag ad F. Chiclaa, Cosistecy of D ad 3D distaces of ituitioistic fuzzy sets, Expert Systems with Applicatios, vol. 39, o. 10, pp , 01. [43] G. Beliakov, M. Pagola, ad T. Wilki, Vector valued similarity measures for Ataassov s ituitioistic fuzzy sets, Iformatio Scieces,vol.80,pp ,014. [44] S.-M. Che ad C.-H. Chag, A ovel similarity measure betwee Ataassov s ituitioistic fuzzy sets based o trasformatio techiques with applicatios to patter recogitio, Iformatio Scieces,vol.91,pp ,015. [45] F. E. Bora ad D. Akay, A biparametric similarity measure o ituitioistic fuzzy sets with applicatios to patter recogitio, Iformatio Scieces, vol. 55, pp , 014. [46] P. Itarapaiboo, A hierarchy-based similarity measure for ituitioistic fuzzy sets, Soft Computig,vol.0,o.5,pp , 016. [47] Y.Sog,X.Wag,L.Lei,W.Qua,adW.Huag, Aevidetial view of similarity measure for Ataassov s ituitioistic fuzzy sets, Joural of Itelliget & Fuzzy Systems: Applicatios i Egieerig ad Techology,vol.31,o.3,pp ,016. [48] S. Nga, A activatio detectio based similarity measure for ituitioistic fuzzy sets, Expert Systems with Applicatios, vol. 60, pp. 6 80, 016. [49] Y. Sog, X. Wag, L. Lei, ad A. Xue, A ovel similarity measure o ituitioistic fuzzy sets with its applicatios, Applied Itelligece, vol. 4, o., pp. 5 61, 015.

17 Advaces i Operatios Research Hidawi Publishig Corporatio Volume 014 Advaces i Decisio Scieces Hidawi Publishig Corporatio Volume 014 Joural of Applied Mathematics Algebra Hidawi Publishig Corporatio Hidawi Publishig Corporatio Volume 014 Joural of Probability ad Statistics Volume 014 The Scietific World Joural Hidawi Publishig Corporatio Hidawi Publishig Corporatio Volume 014 Iteratioal Joural of Differetial Equatios Hidawi Publishig Corporatio Volume 014 Volume 014 Submit your mauscripts at Iteratioal Joural of Advaces i Combiatorics Hidawi Publishig Corporatio Mathematical Physics Hidawi Publishig Corporatio Volume 014 Joural of Complex Aalysis Hidawi Publishig Corporatio Volume 014 Iteratioal Joural of Mathematics ad Mathematical Scieces Mathematical Problems i Egieerig Joural of Mathematics Hidawi Publishig Corporatio Volume 014 Hidawi Publishig Corporatio Volume 014 Volume 014 Hidawi Publishig Corporatio Volume 014 #HRBQDSDĮ,@SGDL@SHBR Joural of Volume 01 Hidawi Publishig Corporatio Discrete Dyamics i Nature ad Society Joural of Fuctio Spaces Hidawi Publishig Corporatio Abstract ad Applied Aalysis Volume 014 Hidawi Publishig Corporatio Volume 014 Hidawi Publishig Corporatio Volume 014 Iteratioal Joural of Joural of Stochastic Aalysis Optimizatio Hidawi Publishig Corporatio Hidawi Publishig Corporatio Volume 014 Volume 014

Statistics for Economics & Business

Statistics for Economics & Business Statistics for Ecoomics & Busiess Cofidece Iterval Estimatio Learig Objectives I this chapter, you lear: To costruct ad iterpret cofidece iterval estimates for the mea ad the proportio How to determie

More information

CAPITAL PROJECT SCREENING AND SELECTION

CAPITAL PROJECT SCREENING AND SELECTION CAPITAL PROJECT SCREEIG AD SELECTIO Before studyig the three measures of ivestmet attractiveess, we will review a simple method that is commoly used to scree capital ivestmets. Oe of the primary cocers

More information

A New Approach to Obtain an Optimal Solution for the Assignment Problem

A New Approach to Obtain an Optimal Solution for the Assignment Problem Iteratioal Joural of Sciece ad Research (IJSR) ISSN (Olie): 231-7064 Idex Copericus Value (2013): 6.14 Impact Factor (2015): 6.31 A New Approach to Obtai a Optimal Solutio for the Assigmet Problem A. Seethalakshmy

More information

Linear Programming for Portfolio Selection Based on Fuzzy Decision-Making Theory

Linear Programming for Portfolio Selection Based on Fuzzy Decision-Making Theory The Teth Iteratioal Symposium o Operatios Research ad Its Applicatios (ISORA 2011 Duhuag, Chia, August 28 31, 2011 Copyright 2011 ORSC & APORC, pp. 195 202 Liear Programmig for Portfolio Selectio Based

More information

The ROI of Ellie Mae s Encompass All-In-One Mortgage Management Solution

The ROI of Ellie Mae s Encompass All-In-One Mortgage Management Solution The ROI of Ellie Mae s Ecompass All-I-Oe Mortgage Maagemet Solutio MAY 2017 Legal Disclaimer All iformatio cotaied withi this study is for iformatioal purposes oly. Neither Ellie Mae, Ic. or MarketWise

More information

On the Methods of Decision Making under Uncertainty with Probability Information

On the Methods of Decision Making under Uncertainty with Probability Information http://www.paper.edu.c O the Methods of Decisio Makig uder Ucertaity with Probability Iformatio Xiwag Liu* School of Ecoomics ad Maagemet, Southeast Uiversity, Najig 210096, Chia By cosiderig the decisio

More information

Neighboring Optimal Solution for Fuzzy Travelling Salesman Problem

Neighboring Optimal Solution for Fuzzy Travelling Salesman Problem Iteratioal Joural of Egieerig Research ad Geeral Sciece Volume 2, Issue 4, Jue-July, 2014 Neighborig Optimal Solutio for Fuzzy Travellig Salesma Problem D. Stephe Digar 1, K. Thiripura Sudari 2 1 Research

More information

Subject CT1 Financial Mathematics Core Technical Syllabus

Subject CT1 Financial Mathematics Core Technical Syllabus Subject CT1 Fiacial Mathematics Core Techical Syllabus for the 2018 exams 1 Jue 2017 Subject CT1 Fiacial Mathematics Core Techical Aim The aim of the Fiacial Mathematics subject is to provide a groudig

More information

The material in this chapter is motivated by Experiment 9.

The material in this chapter is motivated by Experiment 9. Chapter 5 Optimal Auctios The material i this chapter is motivated by Experimet 9. We wish to aalyze the decisio of a seller who sets a reserve price whe auctioig off a item to a group of bidders. We begi

More information

Overlapping Generations

Overlapping Generations Eco. 53a all 996 C. Sims. troductio Overlappig Geeratios We wat to study how asset markets allow idividuals, motivated by the eed to provide icome for their retiremet years, to fiace capital accumulatio

More information

The Time Value of Money in Financial Management

The Time Value of Money in Financial Management The Time Value of Moey i Fiacial Maagemet Muteau Irea Ovidius Uiversity of Costata irea.muteau@yahoo.com Bacula Mariaa Traia Theoretical High School, Costata baculamariaa@yahoo.com Abstract The Time Value

More information

Mine Closure Risk Assessment A living process during the operation

Mine Closure Risk Assessment A living process during the operation Tailigs ad Mie Waste 2017 Baff, Alberta, Caada Mie Closure Risk Assessmet A livig process durig the operatio Cristiá Marambio Golder Associates Closure chroology Chilea reality Gov. 1997 Evirometal basis

More information

43. A 000 par value 5-year bod with 8.0% semiaual coupos was bought to yield 7.5% covertible semiaually. Determie the amout of premium amortized i the 6 th coupo paymet. (A).00 (B).08 (C).5 (D).5 (E).34

More information

Chapter 8. Confidence Interval Estimation. Copyright 2015, 2012, 2009 Pearson Education, Inc. Chapter 8, Slide 1

Chapter 8. Confidence Interval Estimation. Copyright 2015, 2012, 2009 Pearson Education, Inc. Chapter 8, Slide 1 Chapter 8 Cofidece Iterval Estimatio Copyright 2015, 2012, 2009 Pearso Educatio, Ic. Chapter 8, Slide 1 Learig Objectives I this chapter, you lear: To costruct ad iterpret cofidece iterval estimates for

More information

Subject CT5 Contingencies Core Technical. Syllabus. for the 2011 Examinations. The Faculty of Actuaries and Institute of Actuaries.

Subject CT5 Contingencies Core Technical. Syllabus. for the 2011 Examinations. The Faculty of Actuaries and Institute of Actuaries. Subject CT5 Cotigecies Core Techical Syllabus for the 2011 Examiatios 1 Jue 2010 The Faculty of Actuaries ad Istitute of Actuaries Aim The aim of the Cotigecies subject is to provide a groudig i the mathematical

More information

Where a business has two competing investment opportunities the one with the higher NPV should be selected.

Where a business has two competing investment opportunities the one with the higher NPV should be selected. Where a busiess has two competig ivestmet opportuities the oe with the higher should be selected. Logically the value of a busiess should be the sum of all of the projects which it has i operatio at the

More information

Optimizing of the Investment Structure of the Telecommunication Sector Company

Optimizing of the Investment Structure of the Telecommunication Sector Company Iteratioal Joural of Ecoomics ad Busiess Admiistratio Vol. 1, No. 2, 2015, pp. 59-70 http://www.aisciece.org/joural/ijeba Optimizig of the Ivestmet Structure of the Telecommuicatio Sector Compay P. N.

More information

A New Constructive Proof of Graham's Theorem and More New Classes of Functionally Complete Functions

A New Constructive Proof of Graham's Theorem and More New Classes of Functionally Complete Functions A New Costructive Proof of Graham's Theorem ad More New Classes of Fuctioally Complete Fuctios Azhou Yag, Ph.D. Zhu-qi Lu, Ph.D. Abstract A -valued two-variable truth fuctio is called fuctioally complete,

More information

DESCRIPTION OF MATHEMATICAL MODELS USED IN RATING ACTIVITIES

DESCRIPTION OF MATHEMATICAL MODELS USED IN RATING ACTIVITIES July 2014, Frakfurt am Mai. DESCRIPTION OF MATHEMATICAL MODELS USED IN RATING ACTIVITIES This documet outlies priciples ad key assumptios uderlyig the ratig models ad methodologies of Ratig-Agetur Expert

More information

Anomaly Correction by Optimal Trading Frequency

Anomaly Correction by Optimal Trading Frequency Aomaly Correctio by Optimal Tradig Frequecy Yiqiao Yi Columbia Uiversity September 9, 206 Abstract Uder the assumptio that security prices follow radom walk, we look at price versus differet movig averages.

More information

Chapter 5: Sequences and Series

Chapter 5: Sequences and Series Chapter 5: Sequeces ad Series 1. Sequeces 2. Arithmetic ad Geometric Sequeces 3. Summatio Notatio 4. Arithmetic Series 5. Geometric Series 6. Mortgage Paymets LESSON 1 SEQUENCES I Commo Core Algebra I,

More information

TIME VALUE OF MONEY 6.1 TIME VALUE OF MONEY

TIME VALUE OF MONEY 6.1 TIME VALUE OF MONEY C h a p t e r TIME VALUE O MONEY 6. TIME VALUE O MONEY The idividual s preferece for possessio of give amout of cash ow, rather tha the same amout at some future time, is called Time preferece for moey.

More information

Combining imperfect data, and an introduction to data assimilation Ross Bannister, NCEO, September 2010

Combining imperfect data, and an introduction to data assimilation Ross Bannister, NCEO, September 2010 Combiig imperfect data, ad a itroductio to data assimilatio Ross Baister, NCEO, September 00 rbaister@readigacuk The probability desity fuctio (PDF prob that x lies betwee x ad x + dx p (x restrictio o

More information

New Distance and Similarity Measures of Interval Neutrosophic Sets

New Distance and Similarity Measures of Interval Neutrosophic Sets New Distace ad Similarity Measures of Iterval Neutrosophic Sets Said Broumi Abstract: I this paper we proposed a ew distace ad several similarity measures betwee iterval eutrosophic sets. Keywords: Neutrosophic

More information

Models of Asset Pricing

Models of Asset Pricing APPENDIX 1 TO CHAPTER 4 Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see

More information

Research Article The Probability That a Measurement Falls within a Range of n Standard Deviations from an Estimate of the Mean

Research Article The Probability That a Measurement Falls within a Range of n Standard Deviations from an Estimate of the Mean Iteratioal Scholarly Research Network ISRN Applied Mathematics Volume 0, Article ID 70806, 8 pages doi:0.540/0/70806 Research Article The Probability That a Measuremet Falls withi a Rage of Stadard Deviatios

More information

Appendix 1 to Chapter 5

Appendix 1 to Chapter 5 Appedix 1 to Chapter 5 Models of Asset Pricig I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy a asset, we are

More information

Decision Science Letters

Decision Science Letters Decisio Sciece Letters 3 (214) 35 318 Cotets lists available at GrowigSciece Decisio Sciece Letters homepage: www.growigsciece.com/dsl Possibility theory for multiobective fuzzy radom portfolio optimizatio

More information

Monetary Economics: Problem Set #5 Solutions

Monetary Economics: Problem Set #5 Solutions Moetary Ecoomics oblem Set #5 Moetary Ecoomics: oblem Set #5 Solutios This problem set is marked out of 1 poits. The weight give to each part is idicated below. Please cotact me asap if you have ay questios.

More information

Estimating Proportions with Confidence

Estimating Proportions with Confidence Aoucemets: Discussio today is review for midterm, o credit. You may atted more tha oe discussio sectio. Brig sheets of otes ad calculator to midterm. We will provide Scatro form. Homework: (Due Wed Chapter

More information

Models of Asset Pricing

Models of Asset Pricing APPENDIX 1 TO CHAPTER4 Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see

More information

of Asset Pricing R e = expected return

of Asset Pricing R e = expected return Appedix 1 to Chapter 5 Models of Asset Pricig EXPECTED RETURN I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy

More information

Estimating Forward Looking Distribution with the Ross Recovery Theorem

Estimating Forward Looking Distribution with the Ross Recovery Theorem roceedigs of the Asia acific Idustrial Egieerig & Maagemet Systems Coferece 5 Estimatig Forward Lookig Distributio with the Ross Recovery Theorem Takuya Kiriu Graduate School of Sciece ad Techology Keio

More information

BUSINESS PLAN IMMUNE TO RISKY SITUATIONS

BUSINESS PLAN IMMUNE TO RISKY SITUATIONS BUSINESS PLAN IMMUNE TO RISKY SITUATIONS JOANNA STARCZEWSKA, ADVISORY BUSINESS SOLUTIONS MANAGER RISK CENTER OF EXCELLENCE EMEA/AP ATHENS, 13TH OF MARCH 2015 FINANCE CHALLENGES OF MANY FINANCIAL DEPARTMENTS

More information

A random variable is a variable whose value is a numerical outcome of a random phenomenon.

A random variable is a variable whose value is a numerical outcome of a random phenomenon. The Practice of Statistics, d ed ates, Moore, ad Stares Itroductio We are ofte more iterested i the umber of times a give outcome ca occur tha i the possible outcomes themselves For example, if we toss

More information

Productivity depending risk minimization of production activities

Productivity depending risk minimization of production activities Productivity depedig risk miimizatio of productio activities GEORGETTE KANARACHOU, VRASIDAS LEOPOULOS Productio Egieerig Sectio Natioal Techical Uiversity of Athes, Polytechioupolis Zografou, 15780 Athes

More information

Chapter 8: Estimation of Mean & Proportion. Introduction

Chapter 8: Estimation of Mean & Proportion. Introduction Chapter 8: Estimatio of Mea & Proportio 8.1 Estimatio, Poit Estimate, ad Iterval Estimate 8.2 Estimatio of a Populatio Mea: σ Kow 8.3 Estimatio of a Populatio Mea: σ Not Kow 8.4 Estimatio of a Populatio

More information

of Asset Pricing APPENDIX 1 TO CHAPTER EXPECTED RETURN APPLICATION Expected Return

of Asset Pricing APPENDIX 1 TO CHAPTER EXPECTED RETURN APPLICATION Expected Return APPENDIX 1 TO CHAPTER 5 Models of Asset Pricig I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy a asset, we are

More information

Models of Asset Pricing

Models of Asset Pricing 4 Appedix 1 to Chapter Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see

More information

Unbiased estimators Estimators

Unbiased estimators Estimators 19 Ubiased estimators I Chapter 17 we saw that a dataset ca be modeled as a realizatio of a radom sample from a probability distributio ad that quatities of iterest correspod to features of the model distributio.

More information

Fuzzy MADM Approach of Stock Ranking and Portfolio Selection in Tehran Stock Exchange

Fuzzy MADM Approach of Stock Ranking and Portfolio Selection in Tehran Stock Exchange Huma Resource Maagemet Research 2016, 6(3): 55-64 DOI: 10.5923/j.hrmr.20160603.01 Fuzzy MADM Approach of Stock Rakig ad Portfolio Selectio i Tehra Stock Exchage Ebrahim Abbasi 1,*, Sajad Pishghadam 2,

More information

Forecasting bad debt losses using clustering algorithms and Markov chains

Forecasting bad debt losses using clustering algorithms and Markov chains Forecastig bad debt losses usig clusterig algorithms ad Markov chais Robert J. Till Experia Ltd Lambert House Talbot Street Nottigham NG1 5HF {Robert.Till@uk.experia.com} Abstract Beig able to make accurate

More information

APPLICATION OF GEOMETRIC SEQUENCES AND SERIES: COMPOUND INTEREST AND ANNUITIES

APPLICATION OF GEOMETRIC SEQUENCES AND SERIES: COMPOUND INTEREST AND ANNUITIES APPLICATION OF GEOMETRIC SEQUENCES AND SERIES: COMPOUND INTEREST AND ANNUITIES Example: Brado s Problem Brado, who is ow sixtee, would like to be a poker champio some day. At the age of twety-oe, he would

More information

An Empirical Study of the Behaviour of the Sample Kurtosis in Samples from Symmetric Stable Distributions

An Empirical Study of the Behaviour of the Sample Kurtosis in Samples from Symmetric Stable Distributions A Empirical Study of the Behaviour of the Sample Kurtosis i Samples from Symmetric Stable Distributios J. Marti va Zyl Departmet of Actuarial Sciece ad Mathematical Statistics, Uiversity of the Free State,

More information

5. Best Unbiased Estimators

5. Best Unbiased Estimators Best Ubiased Estimators http://www.math.uah.edu/stat/poit/ubiased.xhtml 1 of 7 7/16/2009 6:13 AM Virtual Laboratories > 7. Poit Estimatio > 1 2 3 4 5 6 5. Best Ubiased Estimators Basic Theory Cosider agai

More information

Institute of Actuaries of India Subject CT5 General Insurance, Life and Health Contingencies

Institute of Actuaries of India Subject CT5 General Insurance, Life and Health Contingencies Istitute of Actuaries of Idia Subject CT5 Geeral Isurace, Life ad Health Cotigecies For 2017 Examiatios Aim The aim of the Cotigecies subject is to provide a groudig i the mathematical techiques which

More information

An Empirical Study on the Contribution of Foreign Trade to the Economic Growth of Jiangxi Province, China

An Empirical Study on the Contribution of Foreign Trade to the Economic Growth of Jiangxi Province, China usiess, 21, 2, 183-187 doi:1.4236/ib.21.2222 Published Olie Jue 21 (http://www.scirp.org/joural/ib) 183 A Empirical Study o the Cotributio of Foreig Trade to the Ecoomic Growth of Jiagxi Provice, Chia

More information

Monopoly vs. Competition in Light of Extraction Norms. Abstract

Monopoly vs. Competition in Light of Extraction Norms. Abstract Moopoly vs. Competitio i Light of Extractio Norms By Arkadi Koziashvili, Shmuel Nitza ad Yossef Tobol Abstract This ote demostrates that whether the market is competitive or moopolistic eed ot be the result

More information

STRAND: FINANCE. Unit 3 Loans and Mortgages TEXT. Contents. Section. 3.1 Annual Percentage Rate (APR) 3.2 APR for Repayment of Loans

STRAND: FINANCE. Unit 3 Loans and Mortgages TEXT. Contents. Section. 3.1 Annual Percentage Rate (APR) 3.2 APR for Repayment of Loans CMM Subject Support Strad: FINANCE Uit 3 Loas ad Mortgages: Text m e p STRAND: FINANCE Uit 3 Loas ad Mortgages TEXT Cotets Sectio 3.1 Aual Percetage Rate (APR) 3.2 APR for Repaymet of Loas 3.3 Credit Purchases

More information

This article is part of a series providing

This article is part of a series providing feature Bryce Millard ad Adrew Machi Characteristics of public sector workers SUMMARY This article presets aalysis of public sector employmet, ad makes comparisos with the private sector, usig data from

More information

A Technical Description of the STARS Efficiency Rating System Calculation

A Technical Description of the STARS Efficiency Rating System Calculation A Techical Descriptio of the STARS Efficiecy Ratig System Calculatio The followig is a techical descriptio of the efficiecy ratig calculatio process used by the Office of Superitedet of Public Istructio

More information

SUPPLEMENTAL MATERIAL

SUPPLEMENTAL MATERIAL A SULEMENTAL MATERIAL Theorem (Expert pseudo-regret upper boud. Let us cosider a istace of the I-SG problem ad apply the FL algorithm, where each possible profile A is a expert ad receives, at roud, a

More information

1 Estimating sensitivities

1 Estimating sensitivities Copyright c 27 by Karl Sigma 1 Estimatig sesitivities Whe estimatig the Greeks, such as the, the geeral problem ivolves a radom variable Y = Y (α) (such as a discouted payoff) that depeds o a parameter

More information

Bayes Estimator for Coefficient of Variation and Inverse Coefficient of Variation for the Normal Distribution

Bayes Estimator for Coefficient of Variation and Inverse Coefficient of Variation for the Normal Distribution Iteratioal Joural of Statistics ad Systems ISSN 0973-675 Volume, Number 4 (07, pp. 7-73 Research Idia Publicatios http://www.ripublicatio.com Bayes Estimator for Coefficiet of Variatio ad Iverse Coefficiet

More information

On the Set-Union Budget Scenario Problem

On the Set-Union Budget Scenario Problem 22d Iteratioal Cogress o Modellig ad Simulatio, Hobart, Tasmaia, Australia, 3 to 8 December 207 mssaz.org.au/modsim207 O the Set-Uio Budget Sceario Problem J Jagiello ad R Taylor Joit Warfare Mathematical

More information

EU ETS Hearing, European Parliament Xavier Labandeira, FSR Climate (EUI)

EU ETS Hearing, European Parliament Xavier Labandeira, FSR Climate (EUI) EU ETS Hearig, Europea Parliamet Xavier Labadeira, FSR Climate (EUI) 0. Thaks Chairma, MEPs. Thak you very much for ivitig me here today. I am hoored to participate i the work of a Committee whose previous

More information

Maximum Empirical Likelihood Estimation (MELE)

Maximum Empirical Likelihood Estimation (MELE) Maximum Empirical Likelihood Estimatio (MELE Natha Smooha Abstract Estimatio of Stadard Liear Model - Maximum Empirical Likelihood Estimator: Combiatio of the idea of imum likelihood method of momets,

More information

Inferential Statistics and Probability a Holistic Approach. Inference Process. Inference Process. Chapter 8 Slides. Maurice Geraghty,

Inferential Statistics and Probability a Holistic Approach. Inference Process. Inference Process. Chapter 8 Slides. Maurice Geraghty, Iferetial Statistics ad Probability a Holistic Approach Chapter 8 Poit Estimatio ad Cofidece Itervals This Course Material by Maurice Geraghty is licesed uder a Creative Commos Attributio-ShareAlike 4.0

More information

point estimator a random variable (like P or X) whose values are used to estimate a population parameter

point estimator a random variable (like P or X) whose values are used to estimate a population parameter Estimatio We have oted that the pollig problem which attempts to estimate the proportio p of Successes i some populatio ad the measuremet problem which attempts to estimate the mea value µ of some quatity

More information

14.30 Introduction to Statistical Methods in Economics Spring 2009

14.30 Introduction to Statistical Methods in Economics Spring 2009 MIT OpeCourseWare http://ocwmitedu 430 Itroductio to Statistical Methods i Ecoomics Sprig 009 For iformatio about citig these materials or our Terms of Use, visit: http://ocwmitedu/terms 430 Itroductio

More information

Application of AHP Method and TOPSIS Method in Comprehensive Economic Strength Evaluation of Major Cities in Guizhou Province

Application of AHP Method and TOPSIS Method in Comprehensive Economic Strength Evaluation of Major Cities in Guizhou Province 2017 Iteratioal Coferece o Computer Sciece ad Applicatio Egieerig (CSAE 2017) ISBN: 978-1-60595-505-6 Applicatio of AHP Method ad TOPSIS Method i Comprehesive Ecoomic Stregth Evaluatio of Major Cities

More information

Optimal Allocation of Mould Manufacturing Resources Under Manufacturing Network Environments based on a Bi-Level Programming Model

Optimal Allocation of Mould Manufacturing Resources Under Manufacturing Network Environments based on a Bi-Level Programming Model Available olie at www.ipe-olie.com Vol. 13, No. 7, November 2017, pp. 1147-1158 DOI: 10.23940/ipe.17.07.p18.11471158 Optimal Allocatio of Mould Maufacturig Resources Uder Maufacturig Network Eviromets

More information

5 Statistical Inference

5 Statistical Inference 5 Statistical Iferece 5.1 Trasitio from Probability Theory to Statistical Iferece 1. We have ow more or less fiished the probability sectio of the course - we ow tur attetio to statistical iferece. I statistical

More information

Calculation of the Annual Equivalent Rate (AER)

Calculation of the Annual Equivalent Rate (AER) Appedix to Code of Coduct for the Advertisig of Iterest Bearig Accouts. (31/1/0) Calculatio of the Aual Equivalet Rate (AER) a) The most geeral case of the calculatio is the rate of iterest which, if applied

More information

Risk Assessment for Project Plan Collapse

Risk Assessment for Project Plan Collapse 518 Proceedigs of the 8th Iteratioal Coferece o Iovatio & Maagemet Risk Assessmet for Project Pla Collapse Naoki Satoh 1, Hiromitsu Kumamoto 2, Norio Ohta 3 1. Wakayama Uiversity, Wakayama Uiv., Sakaedai

More information

CHAPTER 2 PRICING OF BONDS

CHAPTER 2 PRICING OF BONDS CHAPTER 2 PRICING OF BONDS CHAPTER SUARY This chapter will focus o the time value of moey ad how to calculate the price of a bod. Whe pricig a bod it is ecessary to estimate the expected cash flows ad

More information

EXERCISE - BINOMIAL THEOREM

EXERCISE - BINOMIAL THEOREM BINOMIAL THOEREM / EXERCISE - BINOMIAL THEOREM LEVEL I SUBJECTIVE QUESTIONS. Expad the followig expressios ad fid the umber of term i the expasio of the expressios. (a) (x + y) 99 (b) ( + a) 9 + ( a) 9

More information

Optimal Risk Classification and Underwriting Risk for Substandard Annuities

Optimal Risk Classification and Underwriting Risk for Substandard Annuities 1 Optimal Risk Classificatio ad Uderwritig Risk for Substadard Auities Nadie Gatzert, Uiversity of Erlage-Nürberg Gudru Hoerma, Muich Hato Schmeiser, Istitute of Isurace Ecoomics, Uiversity of St. Galle

More information

Math 312, Intro. to Real Analysis: Homework #4 Solutions

Math 312, Intro. to Real Analysis: Homework #4 Solutions Math 3, Itro. to Real Aalysis: Homework #4 Solutios Stephe G. Simpso Moday, March, 009 The assigmet cosists of Exercises 0.6, 0.8, 0.0,.,.3,.6,.0,.,. i the Ross textbook. Each problem couts 0 poits. 0.6.

More information

Game Theory. Lecture Notes By Y. Narahari. Department of Computer Science and Automation Indian Institute of Science Bangalore, India July 2012

Game Theory. Lecture Notes By Y. Narahari. Department of Computer Science and Automation Indian Institute of Science Bangalore, India July 2012 Game Theory Lecture Notes By Y. Narahari Departmet of Computer Sciece ad Automatio Idia Istitute of Sciece Bagalore, Idia July 01 Chapter 4: Domiat Strategy Equilibria Note: This is a oly a draft versio,

More information

Cost Benefit Analysis for Public E-services Investment Projects

Cost Benefit Analysis for Public E-services Investment Projects Cost Beefit Aalysis for Public E-services Ivestmet Projects DRD. LUCIAN PĂUNA Departmet of Ecoomic Cyberetics Academy of Ecoomic Studies Bucharest, Adria Carstea 75, bl. 35, ap. 39, sector 3 paualucia@yahoo.com

More information

Chapter 4 - Consumer. Household Demand and Supply. Solving the max-utility problem. Working out consumer responses. The response function

Chapter 4 - Consumer. Household Demand and Supply. Solving the max-utility problem. Working out consumer responses. The response function Almost essetial Cosumer: Optimisatio Chapter 4 - Cosumer Osa 2: Household ad supply Cosumer: Welfare Useful, but optioal Firm: Optimisatio Household Demad ad Supply MICROECONOMICS Priciples ad Aalysis

More information

A Direct Finance Deposit and Borrowing Method Built Upon the Web Implemented Bidding ROSCA Model

A Direct Finance Deposit and Borrowing Method Built Upon the Web Implemented Bidding ROSCA Model A Direct Fiace Deposit ad Borrowig Method Built Upo the Web Implemeted Biddig ROSCA Model Adjuct Professor Kue-Bao (Frak) Lig, Natioal Taiwa Uiversity, Taiwa Presidet Yug-Sug Chie, SHACOM.COM INC., Taiwa

More information

CAPITAL ASSET PRICING MODEL

CAPITAL ASSET PRICING MODEL CAPITAL ASSET PRICING MODEL RETURN. Retur i respect of a observatio is give by the followig formula R = (P P 0 ) + D P 0 Where R = Retur from the ivestmet durig this period P 0 = Curret market price P

More information

Department of Mathematics, S.R.K.R. Engineering College, Bhimavaram, A.P., India 2

Department of Mathematics, S.R.K.R. Engineering College, Bhimavaram, A.P., India 2 Skewess Corrected Cotrol charts for two Iverted Models R. Subba Rao* 1, Pushpa Latha Mamidi 2, M.S. Ravi Kumar 3 1 Departmet of Mathematics, S.R.K.R. Egieerig College, Bhimavaram, A.P., Idia 2 Departmet

More information

Comparing alternatives using multiple criteria

Comparing alternatives using multiple criteria Comparig alteratives usig multiple criteria Des L. Bricker Dept of Mechaical & Idustrial Egieerig The Uiversity of Ioa AHP 9/4/00 page of 9 AHP 9/4/00 page 3 of 9 Whe a decisio-maker has multiple objectives,

More information

Country Portfolio Model Considering Market Uncertainties in Construction Industry

Country Portfolio Model Considering Market Uncertainties in Construction Industry CCC 2018 Proceedigs of the Creative Costructio Coferece (2018) Edited by: Miroslaw J. Skibiewski & Miklos Hajdu Creative Costructio Coferece 2018, CCC 2018, 30 Jue - 3 July 2018, Ljubljaa, Sloveia Coutry

More information

A Bayesian perspective on estimating mean, variance, and standard-deviation from data

A Bayesian perspective on estimating mean, variance, and standard-deviation from data Brigham Youg Uiversity BYU ScholarsArchive All Faculty Publicatios 006--05 A Bayesia perspective o estimatig mea, variace, ad stadard-deviatio from data Travis E. Oliphat Follow this ad additioal works

More information

Sampling Distributions and Estimation

Sampling Distributions and Estimation Cotets 40 Samplig Distributios ad Estimatio 40.1 Samplig Distributios 40. Iterval Estimatio for the Variace 13 Learig outcomes You will lear about the distributios which are created whe a populatio is

More information

When you click on Unit V in your course, you will see a TO DO LIST to assist you in starting your course.

When you click on Unit V in your course, you will see a TO DO LIST to assist you in starting your course. UNIT V STUDY GUIDE Percet Notatio Course Learig Outcomes for Uit V Upo completio of this uit, studets should be able to: 1. Write three kids of otatio for a percet. 2. Covert betwee percet otatio ad decimal

More information

We learned: $100 cash today is preferred over $100 a year from now

We learned: $100 cash today is preferred over $100 a year from now Recap from Last Week Time Value of Moey We leared: $ cash today is preferred over $ a year from ow there is time value of moey i the form of willigess of baks, busiesses, ad people to pay iterest for its

More information

AUTOMATIC GENERATION OF FUZZY PAYOFF MATRIX IN GAME THEORY

AUTOMATIC GENERATION OF FUZZY PAYOFF MATRIX IN GAME THEORY AUTOMATIC GENERATION OF FUZZY PAYOFF MATRIX IN GAME THEORY Dr. Farha I. D. Al Ai * ad Dr. Muhaed Alfarras ** * College of Egieerig ** College of Coputer Egieerig ad scieces Gulf Uiversity * Dr.farha@gulfuiversity.et;

More information

Portfolio selection problem: a comparison of fuzzy goal programming and linear physical programming

Portfolio selection problem: a comparison of fuzzy goal programming and linear physical programming A Iteratioal Joural of Optimizatio ad Cotrol: Theories & Applicatios Vol.6, No., pp.-8 (6) IJOCTA ISSN: 46-957 eissn: 46-573 DOI:./ijocta..6.84 http://www.ijocta.com Portfolio selectio problem: a compariso

More information

Control Charts for Mean under Shrinkage Technique

Control Charts for Mean under Shrinkage Technique Helderma Verlag Ecoomic Quality Cotrol ISSN 0940-5151 Vol 24 (2009), No. 2, 255 261 Cotrol Charts for Mea uder Shrikage Techique J. R. Sigh ad Mujahida Sayyed Abstract: I this paper a attempt is made to

More information

This paper provides a new portfolio selection rule. The objective is to minimize the

This paper provides a new portfolio selection rule. The objective is to minimize the Portfolio Optimizatio Uder a Miimax Rule Xiaoiag Cai Kok-Lay Teo Xiaoi Yag Xu Yu Zhou Departmet of Systems Egieerig ad Egieerig Maagemet, The Chiese Uiversity of Hog Kog, Shati, NT, Hog Kog Departmet of

More information

Structuring the Selling Employee/ Shareholder Transition Period Payments after a Closely Held Company Acquisition

Structuring the Selling Employee/ Shareholder Transition Period Payments after a Closely Held Company Acquisition Icome Tax Isights Structurig the Sellig Employee/ Shareholder Trasitio Period Paymets after a Closely Held Compay Acquisitio Robert F. Reilly, CPA Corporate acquirers ofte acquire closely held target compaies.

More information

Parametric Density Estimation: Maximum Likelihood Estimation

Parametric Density Estimation: Maximum Likelihood Estimation Parametric Desity stimatio: Maimum Likelihood stimatio C6 Today Itroductio to desity estimatio Maimum Likelihood stimatio Itroducto Bayesia Decisio Theory i previous lectures tells us how to desig a optimal

More information

Proceedings of the 5th WSEAS Int. Conf. on SIMULATION, MODELING AND OPTIMIZATION, Corfu, Greece, August 17-19, 2005 (pp )

Proceedings of the 5th WSEAS Int. Conf. on SIMULATION, MODELING AND OPTIMIZATION, Corfu, Greece, August 17-19, 2005 (pp ) Proceedigs of the 5th WSEAS It. Cof. o SIMULATION, MODELING AND OPTIMIZATION, Corfu, Greece, August 7-9, 005 (pp488-49 Realized volatility estimatio: ew simulatio approach ad empirical study results JULIA

More information

Lecture 4: Probability (continued)

Lecture 4: Probability (continued) Lecture 4: Probability (cotiued) Desity Curves We ve defied probabilities for discrete variables (such as coi tossig). Probabilities for cotiuous or measuremet variables also are evaluated usig relative

More information

1 Random Variables and Key Statistics

1 Random Variables and Key Statistics Review of Statistics 1 Radom Variables ad Key Statistics Radom Variable: A radom variable is a variable that takes o differet umerical values from a sample space determied by chace (probability distributio,

More information

We analyze the computational problem of estimating financial risk in a nested simulation. In this approach,

We analyze the computational problem of estimating financial risk in a nested simulation. In this approach, MANAGEMENT SCIENCE Vol. 57, No. 6, Jue 2011, pp. 1172 1194 iss 0025-1909 eiss 1526-5501 11 5706 1172 doi 10.1287/msc.1110.1330 2011 INFORMS Efficiet Risk Estimatio via Nested Sequetial Simulatio Mark Broadie

More information

Sequences and Series

Sequences and Series Sequeces ad Series Matt Rosezweig Cotets Sequeces ad Series. Sequeces.................................................. Series....................................................3 Rudi Chapter 3 Exercises........................................

More information

. (The calculated sample mean is symbolized by x.)

. (The calculated sample mean is symbolized by x.) Stat 40, sectio 5.4 The Cetral Limit Theorem otes by Tim Pilachowski If you have t doe it yet, go to the Stat 40 page ad dowload the hadout 5.4 supplemet Cetral Limit Theorem. The homework (both practice

More information

FINM6900 Finance Theory How Is Asymmetric Information Reflected in Asset Prices?

FINM6900 Finance Theory How Is Asymmetric Information Reflected in Asset Prices? FINM6900 Fiace Theory How Is Asymmetric Iformatio Reflected i Asset Prices? February 3, 2012 Referece S. Grossma, O the Efficiecy of Competitive Stock Markets where Traders Have Diverse iformatio, Joural

More information

A Fuzzy Cost-based FMEA Model

A Fuzzy Cost-based FMEA Model Proceedigs of the 00 Iteratioal oferece o Idustrial Egieerig ad Operatios Maagemet Dhaka, agladesh, Jauary 0, 00 Fuzzy ost-based FME Model fshi Jamshidi Departmet of Idustrial Egieerig Payame Noor iversity,

More information

Research Article The Average Lower Connectivity of Graphs

Research Article The Average Lower Connectivity of Graphs Applied Mathematics, Article ID 807834, 4 pages http://dx.doi.org/10.1155/2014/807834 Research Article The Average Lower Coectivity of Graphs Ersi Asla Turgutlu Vocatioal Traiig School, Celal Bayar Uiversity,

More information

Solution to Tutorial 6

Solution to Tutorial 6 Solutio to Tutorial 6 2012/2013 Semester I MA4264 Game Theory Tutor: Xiag Su October 12, 2012 1 Review Static game of icomplete iformatio The ormal-form represetatio of a -player static Bayesia game: {A

More information

Topic-7. Large Sample Estimation

Topic-7. Large Sample Estimation Topic-7 Large Sample Estimatio TYPES OF INFERENCE Ò Estimatio: É Estimatig or predictig the value of the parameter É What is (are) the most likely values of m or p? Ò Hypothesis Testig: É Decidig about

More information

Hopscotch and Explicit difference method for solving Black-Scholes PDE

Hopscotch and Explicit difference method for solving Black-Scholes PDE Mälardale iversity Fiacial Egieerig Program Aalytical Fiace Semiar Report Hopscotch ad Explicit differece method for solvig Blac-Scholes PDE Istructor: Ja Röma Team members: A Gog HaiLog Zhao Hog Cui 0

More information

Research on the Risk Management Model of Development Finance in China

Research on the Risk Management Model of Development Finance in China 486 Proceedigs of the 8th Iteratioal Coferece o Iovatio & Maagemet Research o the Ris Maagemet Model of Developmet Fiace i Chia Zou Huixia, Jiag Ligwei Ecoomics ad Maagemet School, Wuha Uiversity, Wuha,

More information