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Fuzzy extension of the CODAS method for multi-criteria market segment evaluation

Author

Listed:
  • Mehdi Keshavarz Ghorabaee
  • Maghsoud Amiri
  • Edmundas Kazimieras Zavadskas
  • Reyhaneh Hooshmand
  • Jurgita Antuchevičienė

Abstract

One of the important activities of a company that can increase its competitiveness is market segment evaluation and selection (MSE/MSS). We can usually consider MSE/MSS as a multi-criteria decision-making (MCDM) problem, and so we need to use an MCDM method to handle it. Uncertainty is one of the important factors that can affect the process of decision-making. Fuzzy MCDM approached have been designed to deal with the uncertainty of decision-making problems. In this study, a fuzzy extension of the CODAS (COmbinative Distance-based ASsessment) method is proposed to solve multi-criteria group decision-making problems. We use linguistic variables and trapezoidal fuzzy numbers to extend the CODAS method. The proposed fuzzy CODAS method is applied to an example of market segment evaluation and selection problem under uncertainty. To validate the results, a comparison is performed between the fuzzy CODAS and two other MCDM methods (fuzzy EDAS and fuzzy TOPSIS). A sensitivity analysis is also carried out to demonstrate the stability of the results of the fuzz CODAS. For this aim, ten sets of criteria weights are randomly generated and the example is solved using each set separately. The results of the comparison and the sensitivity analysis show that the proposed fuzzy CODAS method gives valid and stable results.

Suggested Citation

  • Mehdi Keshavarz Ghorabaee & Maghsoud Amiri & Edmundas Kazimieras Zavadskas & Reyhaneh Hooshmand & Jurgita Antuchevičienė, 2017. "Fuzzy extension of the CODAS method for multi-criteria market segment evaluation," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 18(1), pages 1-19, January.
    • Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:1-19
    DOI: 10.3846/16111699.2016.1278559
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    Cited by:

    1. Mishra, Arunodaya Raj & Mardani, Abbas & Rani, Pratibha & Kamyab, Hesam & Alrasheedi, Melfi, 2021. "A new intuitionistic fuzzy combinative distance-based assessment framework to assess low-carbon sustainable suppliers in the maritime sector," Energy, Elsevier, vol. 237(C).
    2. KİRACI Kasim & BAKIR Mahmut, 2020. "Evaluation Of Airlines Performance Using An Integrated Critic And Codas Methodology: The Case Of Star Alliance Member Airlines," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(1), pages 83-99, April.
    3. Dilbagh PANCHAL & Prasenjit CHATTERJEE & Rajendra Kumar SHUKLA & Tanupriya CHOUDHURY & Jolanta TAMOSAITIENE, 2017. "Integrated Fuzzy AHP-Codas Framework for Maintenance Decision in Urea Fertilizer Industry," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 51(3), pages 179-196.
    4. Luis Pérez-Dominguez & Sara-Nohemí Almeraz Durán & Roberto Romero López & Iván Juan Carlos Pérez-Olguin & David Luviano-Cruz & Jesús Andrés Hernández Gómez, 2021. "Assessment Urban Transport Service and Pythagorean Fuzzy Sets CODAS Method: A Case of Study of Ciudad Juárez," Sustainability, MDPI, vol. 13(3), pages 1-18, January.
    5. Deveci, Muhammet & Cali, Umit & Kucuksari, Sadik & Erdogan, Nuh, 2020. "Interval type-2 fuzzy sets based multi-criteria decision-making model for offshore wind farm development in Ireland," Energy, Elsevier, vol. 198(C).
    6. Yazdani, Morteza & Torkayesh, Ali Ebadi & Chatterjee, Prasenjit & Fallahpour, Alireza & Montero-Simo, Maria Jose & Araque-Padilla, Rafael A. & Wong, Kuan Yew, 2022. "A fuzzy group decision-making model to measure resiliency in a food supply chain: A case study in Spain," Socio-Economic Planning Sciences, Elsevier, vol. 82(PB).
    7. Fatma Betül Yeni & Gökhan Özçelik, 2019. "Interval-Valued Atanassov Intuitionistic Fuzzy CODAS Method for Multi Criteria Group Decision Making Problems," Group Decision and Negotiation, Springer, vol. 28(2), pages 433-452, April.
    8. Verónica Sansabas-Villalpando & Iván Juan Carlos Pérez-Olguín & Luis Asunción Pérez-Domínguez & Luis Alberto Rodríguez-Picón & Luis Carlos Mendez-González, 2019. "CODAS HFLTS Method to Appraise Organizational Culture of Innovation and Complex Technological Changes Environments," Sustainability, MDPI, vol. 11(24), pages 1-28, December.
    9. Syed Abdul Rehman Khan & Manoj Mathew & P. D. D. Dominic & Muhammad Umar, 2022. "Evaluation and selection strategy for green supply chain using interval-valued q-rung orthopair fuzzy combinative distance-based assessment," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(9), pages 10633-10665, September.
    10. Dragan Pamučar & Ibrahim Badi & Korica Sanja & Radojko Obradović, 2018. "A Novel Approach for the Selection of Power-Generation Technology Using a Linguistic Neutrosophic CODAS Method: A Case Study in Libya," Energies, MDPI, vol. 11(9), pages 1-25, September.

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