Three-Way Multiattribute Decision-Making Based on Outranking Relations

In contrast to two-way decisions (2WD), three-way decisions (3WD) can effectively reduce decision risks by utilizing a new delayed decision option. This article incorporates 3WD into multiattribute decision-making (MADM) based on an outranking relation. We construct the outranked set for each alternative and introduce a hybrid information table that combines an MADM matrix with a loss function table. We propose three strategies to design a new 3WD model for MADM. The rationality and effectiveness of the proposed 3WD method are demonstrated by solving a problem of enterprise project investment target selections. Finally, we provide the comparative analysis and two experimental evaluations. The results show that the proposed 3WD method is effective and practically useful.