Development of a novel multiple-attribute decision making model via fuzzy cognitive maps and hierarchical fuzzy TOPSIS

In this paper, a new fuzzy Multiple-Attribute Decision Making (MADM) model is developed by integrating the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and Fuzzy Cognitive Maps (FCMs). The proposed model exhibits some desirable features that enable decision makers to model complex decision-making problems. Providing an effective methodology for problem structuring, the ability to model interdependencies among the problem attributes and the capability of handling uncertainties are some of the main characteristics of the proposed hierarchical MADM model. The proposed model is implemented in a Strengths, Weaknesses, Opportunities, and Threats (SWOT)-based strategy selection problem in order to demonstrate its applicability.