Business-oriented Stock Market Decision Analysis Using Circular Complex Picture Fuzzy Sets and Advanced MCDM Based on the CRITIC–WASPAS Method

Multi-criteria evaluation and financial sustainability analysis in stock markets often involve uncertain and imprecise information, which requires advanced decision-making models. In this paper, we discuss the concepts of Circular Complex Picture Fuzzy Sets (CrC-PiFS) for handling uncertainty in financial assessments. The circular complex T-spherical fuzzy set is an extension of the complex picture fuzzy set, complex spherical fuzzy set, and complex T-spherical fuzzy set. We define improved algebraic operations for CrC-PiFS, including direct sum, direct product, and scalar multiplication, based on t-norms and t-conorms. The aim of this study is to enhance the representation of uncertainty in multi-criteria stock-market decision-making. To achieve this, we introduce circular complex picture fuzzy weighted/ordered weighted arithmetic mean and geometric mean aggregation operators under a new class of algebraic circular complex T-spherical fuzzy operational laws, and discuss their properties. Finally, we present a novel decision-making framework incorporating the CRITIC–WASPAS method and highlight its applicability to stock-market analysis, particularly in evaluating and prioritizing market stability factors, investment strategies, and financial sustainability indicators.