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Ranking Intuitionistic Fuzzy Sets (IFS) using distance-based methods involves calculating the distance between an IFS and a reference point which represents either maximum (positive ideal solution) or minimum (negative ideal solution) value. These methods assume that similarity of an IFSs to the reference point increases as its distance from it decreases. While it is a common practice to use nonlinear distance functions for ranking IFSs, this paper proves that no nonlinear IF distance function can be robust. In this study, the shortcomings of the conventional procedure are demonstrated by providing a mathematical proof and an alternative ranking method based on the hypervolume metric is proposed. In addition, the suggested ranking approach is extended as a new multi-criteria decision making method called Hypervolume-based Evaluation and Ranking Technique (HEART). HEART is applied for multi-criteria assessment of Turkey's energy alternatives. Results are compared with three distance based multi-criteria decision making methods: TOPSIS, VIKOR, and CODAS. • The study uncovers the critical shortcomings of distance-based methods in ranking Intuitionistic Fuzzy Sets (IFS). • An alternative ranking method to distance based approaches, based on the hypervolume metric is proposed. • The hypervolume based ranking approach is extended for use in multi-criteria decision making problems. [ABSTRACT FROM AUTHOR]

Abstract: In recent years, because of the high potential for insurability in Turkey and the rapid improvement of insurance sector, foreign investors are interested in Turkish insurance market. Since insurability rate has reached saturation point in their countries, foreign investors tended to make investments in Turkey and start to purchase local insurance companies in Turkey. In this paper we analyze five Turkish insurance companies for a foreign investor who wants to purchase a local insurance company. For selecting the most appropriate alternative we used the extended VIKOR method which applied to determine the best feasible solution according to the selected criteria. This method was developed to solve multiple criteria decision making problems with conflicting and non-commensurable criteria, assuming that compromising is acceptable for conflict resolution. In this paper, the alternatives are evaluated according to all established criteria with the VIKOR method completely under fuzzy environment with fuzzy sets. [Copyright &y& Elsevier]

Combinative Distance based ASsesment (CODAS) method aims to perform multi-criteria selection process according to the largest Euclidean and Taxicab distance with respect to negative ideal solutions. Recently, several CODAS methods have been applied to multi-criteria decision making problems with interval valued intuitionistic fuzzy sets. This paper demonstrates the weaknesses of using Euclidean and Taxicab distance on interval valued intuitionistic fuzzy sets and provides alternative strategies to model the vagueness and uncertainty in decision maker evaluations more effectively. The contribution of this paper is twofold. First, a new selection metric is defined in order to eliminate the disadvantages of using Euclidean and Taxicab distance in interval valued intuitionistic fuzzy CODAS. Second, a new fuzzy aggregation operator is proposed for aggregating decision maker evaluations by using fuzzy weights rather than using crisp weights. To show the effectiveness of the modified CODAS method, an application is given for multi-criteria selection of renewable energy alternatives in Turkey and the results are compared with two other interval valued intuitionistic fuzzy CODAS methods in the literature. • This paper criticizes the existing IVIF-CODAS methods in the literature. • The drawbacks of using Euclidean and Hamming distance are highlighted. • A new distance metric and fuzzy aggregation operator for IVIF CODAS is proposed. • The proposed IVIF-CODAS method does not have any user-defined parameters. • Results show the difference between existing and proposed IVIF CODAS methods. [ABSTRACT FROM AUTHOR]

Abstract: For manufacturing industries, financial performance evaluation is very important in a highly competitive environment. Therefore, an accurate and appropriate performance evaluation is critical. As financial performance indicators reflect the competitiveness of a company, they must be carefully identified in the evaluation process. Generally, traditional accounting-based financial performance (AFP) measures are used for performance evaluation. However, these measures are not sufficient for performance evaluation solely in the modern industry time. So, value-based financial performance (VFP) measures have recently been introduced to express the company value. In this paper, we propose a new financial performance evaluation approach to rank the companies of each sector in the Turkish manufacturing industry. For this purpose, a hierarchical financial performance evaluation model is structured based on the AFP and VFP main-criteria and their sub-criteria. We use fuzzy analytic hierarchy process (FAHP) to determine the weights of the criteria. The companies are ranked according to their own manufacturing sector by using TOPSIS and VIKOR comparatively. The results show that the obtained ranks of the companies by these methods are almost same with respect to their own sectors. [Copyright &y& Elsevier]

Abstract: Since the correct energy policy affects economic development and environment, the most appropriate energy policy selection is excessively important. Recently some studies have concentrated on selecting the best energy policy and determining the best energy alternatives. In most of these studies, multicriteria and fuzzy approaches to energy policy making are frequently used. The fuzzy set theory is a powerful tool to treat the uncertainty in case of incomplete or vague information. In this paper, a fuzzy multicriteria decision-making methodology is suggested for the selection among energy policies. The methodology is based on the analytic hierarchy process (AHP) under fuzziness. It allows the evaluation scores from experts to be linguistic expressions, crisp or fuzzy numbers. In the application of the proposed methodology, the best energy policy is determined for Turkey. [Copyright &y& Elsevier]