A Novel Fuzzy Modified RAFSI Method and its Applications in Multi-Criteria Decision-Making Problems

Garima Bisht, A. K. Pal

Abstract


In real-life decision-making problems, the constraints may change from time to time. Considering the change of elements of certain decisions which lead to the introduction of new alternative or removal of old alternative to the existing decision causing rank reversal. Rank reversal is the most significant problem that can’t be ignored in the MCDM methods. Ranking of alternatives through functional mapping of criterion subintervals into a single interval (RAFSI) method effectively removes the problem of rank reversal, but there are some limitations like standardized decision matrix is obtained by the assumption of supreme value as at least six times improved than the anti-supreme value, which is not always true. This paper aims to address those limitations by giving a modified form of the RAFSI (MRAFSI) method.  As real-life problems are associated with uncertainty in form of linguistic terms, a fuzzified form of the MRAFSI method has been given using triangular fuzzy numbers (TFNs) to deal with uncertainty. The effectiveness of the presented method is illustrated using a real-time case study to rank five stocks under the National Stock Exchange (NSE) for the year 2021 and is compared with other MCDM methods for validation. The supplier selection problem has been taken as an example to show the application of the Fuzzy Modified RAFSI (FMRAFSI) method.


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DOI: https://doi.org/10.31449/inf.v48i1.4144

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