Stock Reordering Decision Making under Interval Valued Picture Fuzzy Knowledge

Abstract

Symmetrical and asymmetrical information plays a critical role in resolving many issues. The implications of symmetry and asymmetry in interval-valued picture fuzzy decision-making, lie in their ability to represent and manage complex data. Decision makers approach the problem of information asymmetry through various methods. Integrating symmetric and asymmetric data in the context of a specific physical phenomenon poses significant challenges. To address these challenges, interval-valued picture fuzzy (IVPF) sets have emerged as an effective tool for managing complex data. In decision-making processes, it is essential to consider the complementary and conflicting nature of the analyzed data. This article aims to refine the shortcomings of the existing score function for Multiple Criteria Decision-Making (MCDM) problems in an IVPF environment, and present an improved score function. The IVPF sets are leveraged to propose IVPF weighted arithmetic operators, IVPF ordered weighted arithmetic operators, IVPF weighted geometric operators, and IVPF ordered weighted geometric operators, which are analyzed in terms of their key features. To demonstrate the effectiveness of the proposed score function and newly defined operators, a case study involving the selection of the best food item for manufacturing, is conducted. Additionally, a comparative analysis is established to investigate the significance of the newly defined techniques in solving decision-making problems under IVPF knowledge.