An Extended Pythagorean Fuzzy Approach to Group Decision-Making With Incomplete Preferences for Analyzing Balanced Scorecard-Based Renewable Energy Investments

Yizhang Xie · Ye Zhou · Hasan Dınçer · Serhat Yüksel · Ping an Xiang

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Multi-Criteria Decision Making Fuzzy and Soft Set Theory Energy and Environmental Sustainability

Abstract

The aim of this study is to generate appropriate strategies to improve renewable energy investments. Within this framework, a novel model has also been proposed which includes three different stages. Firstly, incomplete preferences of the relation matrixes are calculated. For this purpose, 4 different decision makers evaluate the balanced scorecard-based criteria. In this stage, missing values are estimated by incomplete preferences to complete the relation matrixes. Additionally, the second stage includes the computing the fuzzy preferences by considering the consensus-based group decision-making (CGDM). The final stage is related to the calculation of the weights of the criteria by considering Pythagorean fuzzy decision-making trial and evaluation laboratory (DEMATEL) methodology. Hence, the main motivation of this study is to identify innovative strategies for the renewable energy investments with a novel multi-criteria decision-making (MCDM) model based on incomplete preferences, CGDM and Pythagorean fuzzy sets. The findings indicate that learning and growth is the most important balanced scorecard-based perspective to improve the performance of renewable energy investments. Additionally, the perspective of internal process is identified as another significant factor for this situation. The biggest problem in renewable energy projects is their high initial costs. Hence, technological developments reduce the production costs of renewable energy sources. Additionally, it is also possible to increase the amount of electricity from renewable energy sources owing to the innovative technologies. Thus, renewable energy investors should follow up-to-date technological developments so that it will be possible to reduce the cost of renewable energy investments.

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References

2013Pythagorean Membership Grades in Multicriteria Decision Making 2016A review of multi criteria decision making (MCDM) towards sustainable renewable energy development 2014Extension of TOPSIS to Multiple Criteria Decision Making with Pythagorean Fuzzy Sets 2015Multi-Criteria Inventory Classification Using a New Method of Evaluation Based on Distance from Average Solution (EDAS)1996A model of consensus in group decision making under linguistic assessments 2015Some Results for Pythagorean Fuzzy Sets 2007A Consensus Model for Group Decision Making With Incomplete Fuzzy Preference Relations 2020The effect of renewable energy consumption on economic growth: Evidence from the renewable energy country attractive index

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