Hesitant and uncertain linguistics based executive decision making using risk and regret aversion: Methods, implementation and analysis

Abstract

Presence of globally-affecting issues, such as the recent COVID-19 pandemic is a major factor impacting the operation of services provided by high-stake companies. These factors create huge hindrances in the regular and proper operations of companies in staying relevant in market while catering to the services they provide. In such cases, in order to maintain and achieve their internal goals should any possible losses that the grave situation might incur, relevant experts within these firms must arrive at optimal decisions taking into account human cognition as well as all possibilities of risk and regrets. A suitable regret theory based linguistic decision-making model called THREAD which computes with inherent hesitancy using interval type-2 fuzzy sets (IT2 FS) and hesitant fuzzy linguistic term sets-based techniques is introduced in this paper.

Keywords: COVID-19; Hesitant fuzzy linguistic term sets; Interval type-2 fuzzy sets; Linguistic decision making; Linguistic uncertainty; Multi-criteria decision making; Regret theory; THREAD stading for Type-2 fuzzy sets, Hesitancy and Regret thEory bAsed linguistic Decision making.