Vendor selection and uncertainty

Verma, Rakesh, Koul, Saroj and Govindan, Kannan (2009) Vendor selection and uncertainty. International Journal of Business Performance and Supply Chain Modelling, 1 (4). pp. 333-345. ISSN 17589401

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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.

Item Type: Article
Keywords: Vendor selection | Triangular fuzzy numbers | TFN | Multi-attribute decision-making | MADM | Fuzzy TOPSIS
Subjects: Social Sciences and humanities > Business, Management and Accounting > Strategy and Management
Social Sciences and humanities > Business, Management and Accounting > Business and International Management
JGU School/Centre: Jindal Global Business School
Depositing User: Mr Sombir Dahiya
Date Deposited: 11 Mar 2022 05:50
Last Modified: 11 Mar 2022 05:50
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