Video conferencing software selection based on hybrid MCDM and cumulative prospect theory under a major epidemic

Abstract

The video conferencing software is regarded as a significant tool for social distancing and getting incorporations up and going. Due to the indeterminacy of epidemic evolution and the multiple criteria, this paper proposes a video conferencing software selection method based on hybrid multi-criteria decision making (HMCDM) under risk and cumulative prospect theory (CPT), in which the criteria values are expressed in various mathematical forms (e.g., real numbers, interval numbers, and linguistic terms) and can be changed with natural states of the epidemic. Initially, the detailed description of video conferencing software selection problem under an epidemic are given. Subsequently, a whole procedure for video conferencing software selection is conducted, the approaches for processing and normalizing the multi-format evaluation values are presented. Furthermore, the expectations provided by DMs under different natural states of the epidemic are considered as the corresponding reference points (RP). Based on this, the matrix of gains and losses is constructed. Then, the prospect values of all criteria and the perceived probabilities of natural states are calculated according to the value function and the weighting function in CPT respectively. Finally, the proposed method is illustrated by an empirical case study, and the comparison analysis and the sensitivity analysis for the loss aversion parameter are conducted to prove the effectiveness and robustness. The results show that considering the psychological characteristics of DMs in selection decision is beneficial to avoid the unacceptable and potential loss risks. This study could provide a useful guideline for managers who intend to select appropriate video conferencing software.