An integrated approach for the selection of operation strategy using fuzzy TOPSIS, sensitivity analysis, and MOLP

Abstract

Operation strategy plays an important role in business improvement and calls for many research attention in recent years. This study aims to propose an integrated approach to determine the most appropriate operational strategies in their companies under multi-conflicting objectives with a limited budget. The novel approach is developed by using the combination of Fuzzy Technique for Order Preference by Similarity to Ideal Situation (Fuzzy TOPSIS), Sensitivity Analysis (SA) and Multi-Objective Linear Programming (MOLP) model. The operation strategies are evaluated through five objectives such as Productivity, Quality, Cost, Time and Importance score. The importance scores of all strategies are firstly obtained from the Fuzzy TOPSIS method. The sets of the weight of criteria are then established by using SA while MOLP approach is used to select appropriate strategies under multi-conflicting objectives with limited resources. A case study with 110 possible scenarios of operational strategies from An Giang Fisheries Import Export Joint Stock Company in Vietnam is considered to illustrate the practicability of the proposed approach. The results found that the proposed approach is suitable to make a decision on operation strategy.