A new fuzzy MADM approach and its application to project selection problem

In this paper, a novel fuzzy MADM model with some specifications that make it distinguished from the available methods. Decision matrix is defined as a full fuzzy structure. The model only uses information on the alternatives i.e. does not require pre-assigned weight values for the attributes. The weights will be achieved through a matching mechanism between the obtainable alternatives' preferences and a fuzzy preference relation of the alternatives stated by decision makers. This is applied using a mathematical programming model. Since the resulted model is non-linear and hard to solve using the classic optimization methods, Simulated Annealing is proposed to find optimum or near optimum weights. Having the weights of attributes, the alternatives' ranking is determined using the statistical measures of their fuzzy values. The model is applied on the project selection problem to study its efficiency and applicability to MADM problems.