Evaluating fuzzy risk based on a new method of ranking fuzzy numbers using centroid of centroids
type: Item
instance of: scholarly article
title: Evaluating fuzzy risk based on a new method of ranking fuzzy numbers using centroid of centroids
zbMATH Open document ID: 1452.91095
author: Phani Bushan Rao Peddi
published in: International Journal of Mathematics in Operational Research
publication date: 2020-10-20T00:00:00Z
review text: Summary: This paper describes a method to rank fuzzy numbers based on centroid of centroids of fuzzy numbers and emphasises the use of the subjectivity of the decision maker's view point, such as optimistic or pessimistic. Using the decision maker's view point and index of modality, a ranking index of each fuzzy number is calculated which serves as a criterion for ranking fuzzy numbers. The proposed fuzzy ranking method is used to analyse the fuzzy risk involved in manufacturing products by different companies, where the probability of failure of a product is represented by a fuzzy number. The proposed method is more flexible than the existing methods as it takes into consideration the degrees of confidence of decision maker's opinion in both the stages.
Mathematics Subject Classification ID: 91B06
Mathematics Subject Classification ID: 90B50
zbMATH DE Number: 7262398
zbMATH Keywords: centroid points
zbMATH Keywords: index of optimism
zbMATH Keywords: index of modality
zbMATH Keywords: fuzzy risk analysis
zbMATH Keywords: fuzzy numbers
MaRDI profile type: Publication
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description: scientific article