A simplified description of Fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Situation) is presented. We have adapted the TOPSIS description from existing Fuzzy theory literature and distilled the bare minimum concepts required for understanding and applying TOPSIS. An example has been worked out to illustrate the application of TOPSIS for a multi-criteria group decision maki...

Selection of a project among a set of possible alternatives is a difficult task that the decision maker (DM) has to face. In this paper, by using a fuzzy TOPSIS technique we propose a new method for a project selection problem. After reviewing four common methods of comparing investment alternatives (net present value, rate of return, benefit cost analysis and payback period) we use them as cri...

Previous review papers on analytic hierarchy process (AHP) and TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) mainly focused on the application areas and paid scant attention to the framework development of AHP, TOPSIS and their hybrid methods. The purpose of this paper is to review the literature on analytic hierarchy process (AHP), type of scale used in AHP, modified ...

Accuracy, complexity and interpretability are very important in credit classification. However, most approaches cannot perform well in all the three aspects simultaneously. The objective of this study is to put forward a classification approach named C-TOPSIS that can balance the three aspects well. C-TOPSIS is based on the rationale of TOPSIS (Technique for Order Preference by Similarity to Id...

In this article, by using fuzzy AHP and TOPSIS technique we propose a new method for project selection problem. After reviewing four common methods of comparing alternatives investment (net present value, rate of return, benefit cost analysis and payback period) we use them as criteria in AHP tree. In this methodology by utilizing improved Analytical Hierarchy Process by Fuzzy set theory, first...

One of the techniques used to support decisions in uncertain environments is the Fuzzy TOPSIS method. However, from crisp data, this method considers only one fuzzy set in their analysis, besides being a strictly mathematical optimization technique. This article proposes extensions to the original Fuzzy TOPSIS, exploring two distinct versions: to increase the method with the necessary resources...

An extension of TOPSIS (technique for order performance by similarity to ideal solution), a multi-attribute decision making (MADM) technique, to a group decision environment is investigated. TOPSIS is a practical and useful technique for ranking and selection of a number of externally determined alternatives through distance measures. To get a broad view of the techniques used, we provide a few...

Fuzzy Technique for Order Preference by Similarly to Ideal Solution (TOPSIS) is one of the most commonly used approaches in solving numerous multiple criteria decision making problems. It has been widely used in ranking of multiple alternatives with respect to multiple criteria with the superiority of fuzzy set type-1 and subjective weights. Recently, fuzzy TOPSIS has been merged with interval ...