Combined Compromise for Ideal Solution (CoCoFISo): a multi-criteria decision-making based on the CoCoSo method algorithm

TL;DR

This paper introduces CoCoFISo, an improved multi-criteria decision-making method based on CoCoSo, validated through a real case study, demonstrating enhanced stability and applicability over existing methods like PROMETHEE, WSM, and TOPSIS.

Contribution

The paper presents the first implementation of CoCoFISo, an original enhancement of CoCoSo, addressing its limitations and providing a more reliable decision-making tool for complex real-world problems.

Findings

CoCoFISo delivers more stable outcomes than CoCoSo.

Application of CoCoFISo is effective in practical decision-making scenarios.

CoCoFISo outperforms other MCDMs like PROMETHEE, WSM, and TOPSIS.

Abstract

Each decision-making tool should be tested and validated in real case studies to be practical and fit to global problems. The application of multi-criteria decision-making methods (MCDM) is currently a trend to rank alternatives. In the literature, there are several multi-criteria decision-making methods according to their classification. During our experimentation on the Combined Compromise Solution (CoCoSo) method, we encountered its limits for real cases. The authors examined the applicability of the CoCoFISo method (improved version of combined compromise solution), by a real case study in a university campus and compared the obtained results to other MCDMs such as Preference Ranking Organisation Method for Enrichment Evaluations (PROMETHEE), Weighted Sum Method (WSM) and Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS). Our research finding indicates that CoCoSo is an applied method that has been developed to solve complex multi variable assessment problems, while CoCoFISo can improve the shortages observed in CoCoSo and deliver stable outcomes compared to other developed tools. The findings imply that application of CoCoFISo is suggested to decision makers, experts and researchers while they are facing practical challenges and sensitive questions regarding the utilization of a reliable decision-making method. Unlike many prior studies, the current version of CoCoSo is unique, original and is presented for the first time. Its performance was approved using several strategies and examinations.