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The weight fuzzy judgment method for benchmarking sustainability of oil companies

In today’s complicated world, decision-making has become significantly more difficult, especially as it relates to evaluating oil companies. Multi-criteria decision-making (MCDM) techniques have become more common in recent years because they offer a systematic approach to weighting criteria in the...

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Main Authors:	Muhsen, Yousif Raad, Zubaidi, Salah L., Husin, Nor Azura, Alnoor, Alhamzah, Božanić, Darko, Hashim, Khalid S.
Format:	Article
Language:	English
Published:	Elsevier 2024
Online Access:	http://psasir.upm.edu.my/id/eprint/113340/1/113340.pdf http://psasir.upm.edu.my/id/eprint/113340/ https://www.sciencedirect.com/science/article/pii/S1568494624005398
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spelling	my.upm.eprints.1133402024-11-19T08:38:30Z http://psasir.upm.edu.my/id/eprint/113340/ The weight fuzzy judgment method for benchmarking sustainability of oil companies Muhsen, Yousif Raad Zubaidi, Salah L. Husin, Nor Azura Alnoor, Alhamzah Božanić, Darko Hashim, Khalid S. In today’s complicated world, decision-making has become significantly more difficult, especially as it relates to evaluating oil companies. Multi-criteria decision-making (MCDM) techniques have become more common in recent years because they offer a systematic approach to weighting criteria in the assessment process. However, classical MCDM techniques have problems related to inconsistency because of the subjective nature of pairwise comparison. The purpose of this study is to develop an MCDM model. The weight fuzzy judgment method (WFJM) can determine the weight coefficients of criteria with zero consistency. This new method combines both criteria values and expert judgment for decision-making; thus, it can be considered halfway between the mathematical approach and the human approach. The five phases of the WFJM method include an input unit containing exploration and definition, normalization technique determination, selecting experts and forms for evaluation, filling up data transformation, and applying a fuzzy membership function to compute the final weight. 9 main criteria and 11 alternative integrations with VIKOR and evaluation statistics have been presented in a case study to determine the effectiveness of the proposed approach WFJM. As the outcomes showed, WFJM had managed to cope with the problem related to inconsistency and provide stable weight values for each criterion while shortening the time spent on making decisions. In addition, the results of this study indicate that the proposed method is more effective and precise than the traditional MCDM approach. Moreover, results from the correlation analysis revealed that it was 72% in two scenarios only, and others were at a count of 98%. In summary, the WFJM technique is a unique approach to solving complicated decision-making problems, and its influence can be significant. Furthermore, this method can be applied in other sectors besides energy, including banking, medical services, and engineering, where decision-making is not straightforward and requires a systematic approach. Elsevier 2024 Article PeerReviewed text en cc_by_nc_nd_4 http://psasir.upm.edu.my/id/eprint/113340/1/113340.pdf Muhsen, Yousif Raad and Zubaidi, Salah L. and Husin, Nor Azura and Alnoor, Alhamzah and Božanić, Darko and Hashim, Khalid S. (2024) The weight fuzzy judgment method for benchmarking sustainability of oil companies. Applied Soft Computing, 161. art. no. 111765. pp. 1-13. ISSN 1568-4946 https://www.sciencedirect.com/science/article/pii/S1568494624005398 10.1016/j.asoc.2024.111765
institution	Universiti Putra Malaysia
building	UPM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Putra Malaysia
content_source	UPM Institutional Repository
url_provider	http://psasir.upm.edu.my/
language	English
description	In today’s complicated world, decision-making has become significantly more difficult, especially as it relates to evaluating oil companies. Multi-criteria decision-making (MCDM) techniques have become more common in recent years because they offer a systematic approach to weighting criteria in the assessment process. However, classical MCDM techniques have problems related to inconsistency because of the subjective nature of pairwise comparison. The purpose of this study is to develop an MCDM model. The weight fuzzy judgment method (WFJM) can determine the weight coefficients of criteria with zero consistency. This new method combines both criteria values and expert judgment for decision-making; thus, it can be considered halfway between the mathematical approach and the human approach. The five phases of the WFJM method include an input unit containing exploration and definition, normalization technique determination, selecting experts and forms for evaluation, filling up data transformation, and applying a fuzzy membership function to compute the final weight. 9 main criteria and 11 alternative integrations with VIKOR and evaluation statistics have been presented in a case study to determine the effectiveness of the proposed approach WFJM. As the outcomes showed, WFJM had managed to cope with the problem related to inconsistency and provide stable weight values for each criterion while shortening the time spent on making decisions. In addition, the results of this study indicate that the proposed method is more effective and precise than the traditional MCDM approach. Moreover, results from the correlation analysis revealed that it was 72% in two scenarios only, and others were at a count of 98%. In summary, the WFJM technique is a unique approach to solving complicated decision-making problems, and its influence can be significant. Furthermore, this method can be applied in other sectors besides energy, including banking, medical services, and engineering, where decision-making is not straightforward and requires a systematic approach.
format	Article
author	Muhsen, Yousif Raad Zubaidi, Salah L. Husin, Nor Azura Alnoor, Alhamzah Božanić, Darko Hashim, Khalid S.
spellingShingle	Muhsen, Yousif Raad Zubaidi, Salah L. Husin, Nor Azura Alnoor, Alhamzah Božanić, Darko Hashim, Khalid S. The weight fuzzy judgment method for benchmarking sustainability of oil companies
author_facet	Muhsen, Yousif Raad Zubaidi, Salah L. Husin, Nor Azura Alnoor, Alhamzah Božanić, Darko Hashim, Khalid S.
author_sort	Muhsen, Yousif Raad
title	The weight fuzzy judgment method for benchmarking sustainability of oil companies
title_short	The weight fuzzy judgment method for benchmarking sustainability of oil companies
title_full	The weight fuzzy judgment method for benchmarking sustainability of oil companies
title_fullStr	The weight fuzzy judgment method for benchmarking sustainability of oil companies
title_full_unstemmed	The weight fuzzy judgment method for benchmarking sustainability of oil companies
title_sort	weight fuzzy judgment method for benchmarking sustainability of oil companies
publisher	Elsevier
publishDate	2024
url	http://psasir.upm.edu.my/id/eprint/113340/1/113340.pdf http://psasir.upm.edu.my/id/eprint/113340/ https://www.sciencedirect.com/science/article/pii/S1568494624005398
_version_	1817844625816158208
score	13.235362

The weight fuzzy judgment method for benchmarking sustainability of oil companies

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