A Multi-Criteria Decision Analysis Framework for Evaluating Strategic Alternatives in Complex Business Markets

Abstract

Considering all of the criteria involved in vendor evaluation makes it a difficult Multi-Criteria Decision-Making (MCDM) problem. In this case, they factor in DMs that are knowledgeable about the suppliers and their needs. Rating, a multi-criteria assessment method based on optimum scoring is proposed in this work. To meet the requirements of the decision-making process, this method employs rating-Based Optimal-Point Sorting (RBOP). A tried-and-true MCDM method can consistently find the option that will make the DM happy by first modeling the decision-making process after how humans really behave. Additionally, they create a new subjective scoring mechanism for the MCDM that is based on human behavior; they call it the win-loss-draw (WLD) method. They apply their methods to a case study that is based on actual Iranian cheese company operations in order to find the best possible cheese supplier for a hypermarket in Iran. The WLD approach had an effect on the RBOP strategy’s findings, which differ somewhat from the other MCDM methods. The WLD method increased spread and optimum regions throughout the choosing process.