Business-oriented Stock Market Decision Analysis Using Circular Complex Picture Fuzzy Sets and Advanced MCDM Based on the CRITIC–WASPAS Method

Kaleem Ullah; Noor Rehman; Abbas Ali

Authors

Kaleem Ullah Department of Mathematics and Statistics, Bacha Khan University, Charsadda Khyber Pakhtunkhawa, Pakistan Author https://orcid.org/0009-0005-6793-9172
Noor Rehman Department of Mathematics and Statistics, Bacha Khan University, Charsadda Khyber Pakhtunkhawa, Pakistan Author https://orcid.org/0000-0002-1272-9988
Abbas Ali Department of Mathematics and Statistics, Riphah International University, Islamabad, Pakistan Author https://orcid.org/0000-0003-4328-8967

Keywords:

Circular complex picture fuzzy set, Fuzzy sets, Complex picture fuzzy set, CRITIC, WASPAS, MCDM, Decision making

Abstract

Multi-criteria evaluation and financial sustainability analysis in stock markets often involve uncertain and imprecise information, which requires advanced decision-making models. In this paper, we discuss the concepts of Circular Complex Picture Fuzzy Sets (CrC-PiFS) for handling uncertainty in financial assessments. The circular complex T-spherical fuzzy set is an extension of the complex picture fuzzy set, complex spherical fuzzy set, and complex T-spherical fuzzy set. We define improved algebraic operations for CrC-PiFS, including direct sum, direct product, and scalar multiplication, based on t-norms and t-conorms. The aim of this study is to enhance the representation of uncertainty in multi-criteria stock-market decision-making. To achieve this, we introduce circular complex picture fuzzy weighted/ordered weighted arithmetic mean and geometric mean aggregation operators under a new class of algebraic circular complex T-spherical fuzzy operational laws, and discuss their properties. Finally, we present a novel decision-making framework incorporating the CRITIC–WASPAS method and highlight its applicability to stock-market analysis, particularly in evaluating and prioritizing market stability factors, investment strategies, and financial sustainability indicators.

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