Selection of best investment company with the utilization of novel multi criteria decision making technique using TOPSIS approach under pythagorean fuzzy environment

Abstract The concept of Pythagorean Fuzzy Sets (PFSs) was developed to conduct the hesitation and complexity in a scientific manner for dealing the imprecision in real life circumstances. The PFS expand the area of information with wider coverage by removing the constraints of IFS. The entropy of PFS is a measure of vagueness in relation with the PFS and moreover, in the present research work, we have defined fuzzy entropy of PFSs As a widespread entropy of intuitionist fuzzy sets. We also did a comparative study of the new tests for entropy with the previous existing measure for PFSs in which we found that our new entropy measure is simpler and more significant along with better fuzzy characteristics in respect with the previous measure. An example was also proposed to establish the usefulness and reliability of our proposed entropy due to its better fuzzy traits. In addition to this, we also proposed TOPSIS MCDM technique with the utilization of determined weights of predefined criteria on the phenomenon of new introduced entropy under PFSs. Finally, the defined technique was enforced for ranking the best investment company where, which an investor can spend money according to their best choice. The decorated numerical example indicates that the results determined from the proposed entropy measure gives similar results to the results determined in the existing entropy clearly indicates the usefulness of our introduced entropy with proof validity.