An improved MULTIMOORA method for multi-valued neutrosophic multi-criteria group decision-making based on prospect theory

At present, there are many subways being constructed in many cities. Constructing subways requires an appropriate scheme that can help to minimize costs while ensuring the quality of the project. This paper places great importance on introducing a Multi-Criteria Group Decision-Making (MCGDM) method for selecting an appropriate construction scheme for subways. The process of selecting the mentioned scheme is subject to high complexity due to a great deal of fuzzy and uncertain information that can be presented by Multi-Valued Neutrosophic Numbers (MVNNs). In addition, in order to handle the interaction of inputs, an Improved Generalized Multi-Valued Neutrosophic Weighted Heronian Mean (IGMVNWHM) operator is introduced. Subsequently, a new distance measure between two MVNNs is defined for deriving the objective criteria weights. Considering that decision-makers are not completely rational, we develop an improved multi-valued neutrosophic MULTIMOORA method based on prospect theory. The paper concludes by providing an example of applying the proposed method for selecting an appropriate construction scheme for a subway, and analyzing the impact of various parameters. Furthermore, a comparative analysis is conducted to demonstrate the validity and advantages of the proposed method. (c) 2023 Sharif University of Technology. All rights reserved.