Authors: Rakesh Verma, Saroj Koul, Kannan Govindan
Addresses: Operations Management Group, National Institute of Industrial Engineering, NITIE, Mumbai 400087, India. ' Jindal Global Business School, OP Jindal Global University, NCR of Delhi 131001, India. ' Department of Business and Economics, University of Southern Denmark, Campusvej 55, DK-5230 Odense, Denmark
Abstract: Vendor selection is of strategic importance in any industry. This paper uses fuzzy tools for vendor selection to improve decision-making through a more systematic and logical approach. Expert opinion is portrayed by allocating different fuzzy weights to the linguistic data in the form of triangular fuzzy numbers (TFN). The scores are evaluated using fuzzy arithmetic operations and the index of optimism is used to evaluate the vendors. Also, to bring in consistency in the evaluation, results are compared with the fuzzy technique for order preference by similarity to an ideal solution (TOPSIS), another well known multicriteria decision-making (MCDM) approach affected by uncertainty. This concept, if adopted, can be used for any industry where vendor selection is based on a set criteria and linguistic judgement variables.
Keywords: vendor selection; triangular fuzzy numbers; TFN; multi-attribute decision making; MADM; fuzzy TOPSIS; uncertainty; multicriteria decision making; MCDM.
International Journal of Business Performance and Supply Chain Modelling, 2009 Vol.1 No.4, pp.333 - 345
Published online: 30 Jun 2010 *Full-text access for editors Access for subscribers Purchase this article Comment on this article