Stock portfolio selection using a new decision-making approach based on the integration of fuzzy CoCoSo with Heronian mean operator


  • Monika Narang Department of Mathematics, Kumaun University, India
  • Mahesh Chandra Joshi Department of Mathematics, Kumaun University, India
  • Kiran Bisht Department of Mathematics, Statistics and Computer science, CBSH, GBPUA&T, Pantnagar, India
  • Arun Pal Department of Mathematics, Statistics and Computer science, CBSH, GBPUA&T, Pantnagar, India



Multi-criteria decision-making (MCDM), Heronian mean (HM), Combined compromise solution (CoCoSo), PSO, Portfolio analysis.


The main objective of stock portfolio selection is to distribute capital to selected stocks to get the most profitable returns at a lower risk. The performance of a stock depends on a number of criteria based on the risk-return measures. Therefore, the selection of shares is subject to fulfilling a number of criteria. In this paper, we have adopted an integrated approach based on the two-stage framework. First, the Heronian mean operator (improved generalized weighted Heronian mean an improved generalized geometric weighted Heronian mean) is combined with the traditional Combined compromise solution (CoCoSo) method to present a new decision-making model for dealing with stock selection problems. Second, the Base-criterion method is used to calculate the relative optimal weights of the specified decision criteria. Despite the uncertainties, the advanced CoCoSo-H model eliminates the efficacy of anomalous data and makes complex decisions more flexible. A case study of stock selection for the portfolio under the National stock exchange (NSE) is discussed to validate the applicability of the proposed model. Different portfolios have been constructed using Particle swarm optimization (PSO). The outcome shows the prominence and stability of the proposed model when compared to previous studies.


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Author Biography

Mahesh Chandra Joshi, Department of Mathematics, Kumaun University, India




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How to Cite

Narang, M., Joshi, M. C., Bisht, K., & Pal, A. (2022). Stock portfolio selection using a new decision-making approach based on the integration of fuzzy CoCoSo with Heronian mean operator. Decision Making: Applications in Management and Engineering, 5(1), 90–112.