In contrast to two-way decisions (2WD), three-way decisions (3WD) can effectively reduce decision risks by utilizing a new delayed decision option. This paper incorporates 3WD into multi-attribute 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 (EPI) 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.

The existing three-way decision (TWD)-making methods cannot effectively handle incomplete multiattribute decision-making (MADM) problems in real life; it is necessary to explore an effective three-way MADM model in incomplete fuzzy decision systems (IFDSs). First, we consider the preference of decision makers for each alternative and introduce the concept of predecisions, thus an IFDS is obtained. Then, the weighted conditional probabilities are calculated with the aid of the defined similarity relation. Subsequently, we introduce the notion of relative utility functions and then present an approach to determine the relative utility function values. Afterward, we construct a TWD model in IFDSs and apply it to the modeling of incomplete MADM (IMADM) problems. Our study not only enriches TWD and MADM theories but also provides a new perspective for realistic IMADM problems. At last, the results of comparative and experimental analyses demonstrate the validity, stability, and superiority of our proposed model.