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Innovation Management Using Spherical Fuzzy Set-based MADM: A Case in the Turkish Banking Sector

EasyChair Preprint no. 5736

12 pagesDate: June 6, 2021


Innovation is an important instrument for actors in financial sectors, as in many other sectors, to compete in challenging conditions and provide innovative solutions to their clients. Especially for reasons such as improving the products of banking and increasing their financial strength. Since the open innovation method introduces a framework for gathering many different project ideas, there is a need to select the most suitable ones in the context of innovation management. Decision analysts must evaluate various project ideas and determine a proper ranking. In case many attributes should be considered in assessing the alternative innovative ideas, they can be efficiently and effectively ranked via multiple attribute decision-making (MADM) methods. When the decision process needs several experts, the decision process can be very complicated and renamed as Group MADM (G-MADM). In the project idea selection problem, the alternative ideas are required to be evaluated by the decision-makers. To model the uncertainty and vagueness in their judgments, fuzzy-based G-MADM methods are developed as beneficial tools because of their representation power in quantification. A recent fuzzy set concept introduced in the literature is spherical fuzzy sets (SFS) which can simultaneously model the positive and negative opinions as well as the possible hesitancy of the decision-makers. For considering the extensive human judgment representation power of SFSs, Analytic Hierarchy Process (AHP) and Weighted Aggregated Sum Product Assessment (WASPAS) tools are utilized under spherical fuzzy environment. SF-AHP obtains the importance of the attributes which are currently used in real-life innovation management applications maintained in the relevant committees of the bank. Ten alternative innovation ideas are evaluated by SF-WASPAS to select the most appropriate one for the bank and its customers.

Keyphrases: AHP, Banking, Idea Selection, innovation management, linguistic evaluation, Spherical fuzzy sets, WASPAS

BibTeX entry
BibTeX does not have the right entry for preprints. This is a hack for producing the correct reference:
  author = {Senay Demirel and Ünzile Huyut and Sait Gül},
  title = {Innovation Management Using Spherical Fuzzy Set-based MADM: A Case in the Turkish Banking Sector},
  howpublished = {EasyChair Preprint no. 5736},

  year = {EasyChair, 2021}}
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