Fuzzy Structural Models and Based Applications in Digital Marketplace

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Author(s): Anil Kumar (ABV-Indian Institute of Information Technology and Management, India)and Manoj Kumar Dash (ABV-Indian Institute of Information Technology and Management, India)
Copyright: 2016
Pages: 12
Source title: Fuzzy Optimization and Multi-Criteria Decision Making in Digital Marketing
Source Author(s)/Editor(s): Anil Kumar (ABV-Indian Institute of Information Technology & Management, India)and Manoj Kumar Dash (ABV-Indian Institute of Information Technology & Management, India)
DOI: 10.4018/978-1-4666-8808-7.ch003

Keywords: Business & Management / Business Science Reference / Marketing

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Abstract

One of the well-known topics of decision making is Multi-Criteria Decision Making (MCDM). Fuzzy set theory helps to provide a useful way to address a MCDM problem. Without models, MCDM methods cannot be practiced effectively, therefore, it is interesting to clarify the structure among criteria. But the shortcoming of MCDM is unable to capture imprecision or vagueness inherent in the information. Fuzzy set theory has great potential to handle such situations and fuzzy structural models have been developed. In this chapter widely used structural models i.e. Interpretive Structural Modeling (ISM), Decision Making Trial and Evaluation Laboratory (DEMATEL), and Cognition Maps (CMs) are first summarized briefly along with their mathematical formulation and then diffusion these models into fuzzy set theory is explained along with a literature review of the based applications of these models in the digital marketplace.

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