Analysis on extensions of multi-expert decision making model with respect to OWA-based aggregation processes

Abstract

In this paper, an analysis on extensions of multi-expert decision making model based on ordered weighted averaging (OWA) operators is presented. The focus is on the aggregation of criteria and the aggregation of individual judgment of experts. First, soft majority concept based on induced OWA (IOWA) and generalized quantifiers to aggregate the experts’ judgments is analyzed, in which concentrated on both classical and alternative schemes of decision making model. Secondly, analysis on the weighting methods related to unification of weighted average (WA) and OWA is conducted. An alternative weighting technique is proposed which is termed as alternative OWA-WA (AOWAWA) operator. The multi-expert decision making model then is developed based on both aggregation processes and a comparison is made to see the effect of different schemes for the fusion of soft majority opinions of experts and distinct weighting techniques in aggregating the criteria. A numerical example in the selection of investment strategy is provided for the comparison purpose.