Abstract
Article history: Received 25 October 2011 Received in revised form November, 2, 2011 Accepted February, 3 2012 Available online 16 February 2012 To acquire the competitive advantages in order to survive in the global business scenario, modern companies are now facing the problems of selecting key supply chain strategies. Strategy selection becomes difficult as the number of alternatives and conflicting criteria increases. Multi criteria decision making (MCDM) methodologies help the supply chain managers to take a lead in a complex industrial set-up. The present investigation applies fuzzy MCDM technique entailing multi-objective optimization on the basis of ratio analysis (MOORA) in selection of alternatives in a supply chain. The MOORA method is utilized to three suitable numerical examples for the selection of supply chain strategies (warehouse location selection and vendor/supplier selection). The results obtained by using current approach almost match with those of previous research works published in various open journals. The empirical study has demonstrated the simplicity and applicability of this method as a strategic decision making tool in a supply chain. © 2012 Growing Science Ltd. All rights reserved
Highlights
Companies today are often presented with a number of supply chain strategies
The subjective attributes are assessed by human experience and perception, which is naturally associated with imprecision, vagueness, ambiguity and deserves the application of fuzzy multiple criteria decision-making (FMCDM)
In this regard the application of the MOORA method is recommended for making decisions in a supply chain for the selection of best alternative from a number of alternatives
Summary
Companies today are often presented with a number of supply chain strategies. Better decision making for aligning the right strategies with its needs results in improving efficiency; reduce costs within a supply chain. The subjective attributes are assessed by human experience and perception, which is naturally associated with imprecision, vagueness, ambiguity and deserves the application of fuzzy multiple criteria decision-making (FMCDM). That is why fuzzy multi criteria decision making (FMCDM) has a role to play in order to select the alternative vendors. Classical MCDM (Feng & Wang, 2000), and Fuzzy Multiple Criteria Decision Making (FMCDM) (Wang et al, 2003). This paper attempts to explore the applicability of MOORA, an MCDM approach to solve different selection problems in supply chain environment. Three illustrative examples consisting of warehouse location selection and vendor/supplier selection are considered in this paper The outcome of this algorithm has been compared with those of some works performed by various earlier researchers on the same problems
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