Author: Satyapal Kumar
DOI Link: https://doi.org/10.70798/Bijmrd/03100020
Abstract: This paper demonstrates the practical applicability of a unified fuzzy optimization and Multi-Criteria Decision-Making (MCDM) framework in two critical real-world domains: Healthcare and Finance. These sectors involve complex decision environments with multiple conflicting criteria, vague expert assessments, and uncertain data. We illustrate the framework through two detailed case studies: (i) hospital site selection under linguistic expert assessments, applying fuzzy ELECTRE and fuzzy goal programming, and (ii) selection of a multi-asset fund using fuzzy AHP, fuzzy TOPSIS, and fuzzy goal programming. The results highlight how fuzzy MCDM techniques combined with fuzzy optimization provide robust, transparent, and flexible decision support. Spearman rank correlation is used to compare method consistency. These applications validate the real-world utility of the framework for handling uncertainty and linguistic judgments in multi-criteria decision problems.
Keywords: Fuzzy Optimization; Multi-Criteria Decision-Making; Fuzzy AHP; Fuzzy TOPSIS; Fuzzy ELECTRE; Healthcare Decision; Financial Decision; Goal Programming.
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