Fuzzy TOPSIS technique for multi-criteria group decision-making: A study of crude oil price
Year: 2025
Type: article
Abstract: • MCDM method: TOPSIS and Fuzzy TOPSIS techniques. • MCGDM method: extension of fuzzy TOPSIS technique. • Pentagonal fuzzy numbers applied for final ranking of alternatives. • Proposed methodology is successfully implemented for WTI crude oil price. Understanding the state of the world economy is improved by forecasting the price from oil industry. The field of crude oil price forecasting have recently heard about the technique for order preference by similarity to ideal solution (TOPSIS) and fuzzy TOPSIS (FTOPSIS) techniques; while choosing the crude oil that counteract in global oil spill reactions. A multi-criteria decision-making (MCDM) challenge has to weight several options according to various criteria. The present study, initially describes type-1 FTOPSIS technique. Secondly, it describes its extension to handle the uncertain data, known as type-1 FTOPSIS technique in multi-criteria group decision making (MCGDM). Thirdly, it also describes type-1 FTOPSIS for group decision-making (DM) to rating the response choices to a simulated crude oil price, which is one of the biggest crude oil reservoirs in the world. The outcome demonstrates the type-1 fuzzy TOPSIS framework for determining the optimal solution by considering the crude oil globally.
Institution: C.V. Raman Global University
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $1,470
OpenAlex ID: W4409306977