Grey relational analysis method based on cumulative prospect theory for intuitionistic fuzzy multi-attribute group decision making

Abstract

The Multi-attribute group decision making (MAGDM) problem is an interesting everyday problem full of complexity and ambiguity. As an extended form of fuzzy sets, intuitionistic fuzzy sets (IFSs) can provide decision-makers (DMs) with a wider range of preferences for MAGDM. The grey relational analysis (GRA) is an effective method for dealing with MAGDM problems. However, in view of the incomplete and asymmetric information and the influence of DMs’ psychological factors on the decision result, we develop a new model that GRA method based on cumulative prospect theory (CPT) under the intuitionistic fuzzy environment. Moreover, the weight of attribute is calculated by entropy weight, so as to distinguish the importance level of attributes, which greatly improves the credibility of the selected scheme. simultaneously, the proposed method is used to the selection of optimal green suppliers for testifying the availability of this new model and the final comparison between this new method and the existing methods further verify the reliability. In addition, the proposed method provides some references for other selection problems.