A new hybrid intuitionistic approach for new product selection

Abstract

This paper proposes a new hybrid approach for multi-criteria decision-making problems combining intuitionistic fuzzy analytic hierarchy process and intuitionistic fuzzy multi-objective optimization by ratio analysis. Analytic hierarchy process has an inherent ability for handling intangible problems and implements a simple scale to represent evaluations in the structure of pairwise comparisons. Multi-objective optimization by ratio analysis optimizes the solution of a problem having two or more conflicting objectives, taking into account certain constraints. In real-life decision problems, evaluations of decision makers related to performance of alternatives and criteria weights can be expressed by linguistic terms comprising vagueness and uncertainty. These uncertain, vague and hesitant judgments of decision makers can be described more comprehensively by using intuitionistic fuzzy set theory. The proposed approach is a powerful tool for dealing with information which consists of hesitancy and vagueness. An illustrative example related to new product selection for a company is also presented to demonstrate the implementation of the approach.