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 journalNot applicablepeer-review

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Author(s)

Detail(s)

Original languageEnglish
Article number012133
Journal / PublicationIOP Conference Series: Materials Science and Engineering
Volume381
Issue number1
Publication statusPublished - 16 Aug 2018

Conference

Title4th Annual International Workshop on Materials Science and Engineering (IWMSE 2018)
PlaceChina
CityXi'an, Shanxi
Period18 - 20 May 2018

Link(s)

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.

Research Area(s)

Citation Format(s)

A New Product Development Concept Selection Approach Based on Cumulative Prospect Theory and Hybrid-Information MADM. / Wang, Yuliang; Li, Yanlai; Ying, Chengshuo; Chin, Kwaisang.

In: IOP Conference Series: Materials Science and Engineering, Vol. 381, No. 1, 012133, 16.08.2018.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review