1. A two-stage group stochastic preference analysis based on best-worst method.
- Author
-
Dai, Ning, Zhou, Ligang, and Wu, Qun
- Subjects
GROUP decision making ,MONTE Carlo method ,STOCHASTIC analysis ,DECISION making ,ALGORITHMS - Abstract
This paper proposes an integrated approach to group decision-making (GDM) by using stochastic preference analysis (SPA) and best-worst method (BWM). BWM preparation algorithm is proposed to obtain the best and worst of experts and the relative importance degree. Meanwhile, expert weights model and expert's priority vector model are proposed. Furthermore, the stochastic composite rank acceptability index, stochastic composite expected priority vector, stochastic composite expected rank and stochastic composite confidence factor are developed based on SPA to describe the ranks of alternatives based on SPA. Finally, a group stochastic preference analysis-best worst method (GSPA-BWM) algorithm is developed by analyzing the judgments space through Monte Carlo simulation. The experts can use this method to choose some of the outcomes which they find most useful to make reliable decisions. Examples and comparison analyses show that the proposed method is effective. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF