A New Product Development Concept Selection Approach Based on Cumulative Prospect Theory and Hybrid-Information MADM

Yuliang Wang; Yanlai Li; Chengshuo Ying; Kwaisang Chin

doi:10.1088/1757-899X/381/1/012133

A New Product Development Concept Selection Approach Based on Cumulative Prospect Theory and Hybrid-Information MADM

Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review

Overview

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Author(s)

Yuliang Wang
Yanlai Li
Chengshuo Ying
Kwaisang Chin

Detail(s)

Original language	English
Article number	012133
Journal / Publication	IOP Conference Series: Materials Science and Engineering
Volume	381
Issue number	1
Publication status	Published - 16 Aug 2018

Conference

Title	4th Annual International Workshop on Materials Science and Engineering (IWMSE 2018)
Place	China
City	Xi'an, Shanxi
Period	18 - 20 May 2018

Link(s)

DOI	DOI https://doi.org/10.1088/1757-899X/381/1/012133 Final Published version
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Attachment(s)	Documents 25599679.pdf Final Published version, 439 KB, PDF Publisher's Copyright Statement This full text is made available under CC-BY 3.0. https://creativecommons.org/licenses/by/3.0/
Link to Scopus	https://www.scopus.com/record/display.uri?eid=2-s2.0-85051863453&origin=recordpage
Permanent Link	https://scholars.cityu.edu.hk/en/publications/publication(3ca825ff-da32-4b8a-b659-8717ec14f4e9).html

Abstract

A risk HI-MADM method based on cumulative prospect theory (CPT) is proposed to select the NPD alternative concepts. Initially, decision information in various formats is normalized and the expectations of the NPDT are set as the corresponding reference points with considering the psychology of the NPDT. Subsequently, the gains and losses matrix relative to the reference points is constructed. Furthermore, the prospect values of concept attributes are calculated based on the value function of CPT. Then, by aggregating prospect values and attribute weights by a simple additive weighting (SAW) method, the comprehensive prospect values of alternative concepts are obtained, and then the ranking order of all concepts can be determined. Finally, a NPD case study of a new automatic dishwasher is used to illustrate the feasibility and validity of the proposed approach.