An Integrated Hybrid MCDM Approach for Vendor Selection Problem (Case Study: Iran Khodro)

Kassaee, Massoud; Farrokh, Mojtaba; Nia, Hassan Hosseini

doi:10.5296/bmh.v1i1.3623

Cited by 6 publications

(3 citation statements)

References 27 publications

(20 reference statements)

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“…Kou et al [9] proposed an approach to resolve disagreements among MCDM methods (TOPSIS, ELECTRE, GRA, VIKOR, PROMETHEE) based on Spearman's rank correlation coefficient, using 17 classification algorithms and 10 performance criteria over 11 public-domain binary classification datasets in the experimental study. Kassaee et al [8] proposed a hybrid MCDM technique to determine the structural relationships and the interrelationships among all evaluation's dimensions based on the Analytic Network Process (ANP) method determining appropriate weightings to each sub-criterion. Then the TOPSIS is used to rank all competing alternatives in terms of their overall performances.…”

Section: Introductionmentioning

confidence: 99%

Stock selection using a hybrid MCDM approach

Poklepović

Babić

2014

Croat. Oper. Res. Rev.

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Abstract. The problem of selecting the right stocks to invest in is of immense interest for investors on both emerging and developed capital markets. Moreover, an investor should take into account all available data regarding stocks on the particular market. This includes fundamental and stock market indicators. The decision making process includes several stocks to invest in and more than one criterion. Therefore, the task of selecting the stocks to invest in can be viewed as a multiple criteria decision making (MCDM) problem. Using several MCDM methods often leads to divergent rankings. The goal of this paper is to resolve these possible divergent results obtained from different MCDM methods using a hybrid MCDM approach based on Spearman's rank correlation coefficient. Five MCDM methods are selected: COPRAS, linear assignment, PROMETHEE, SAW and TOPSIS. The weights for all criteria are obtained by using the AHP method. Data for this study includes information on stock returns and traded volumes from March 2012 to March 2014 for 19 stocks on the Croatian capital market. It also includes the most important fundamental and stock market indicators for selected stocks. Rankings using five selected MCDM methods in the stock selection problem yield divergent results. However, after applying the proposed approach the final hybrid rankings are obtained. The results show that the worse stocks to invest in happen to be the same when the industry is taken into consideration or when not. However, when the industry is taken into account, the best stocks to invest in are slightly different, because some industries are more profitable than the others.

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Section: Introductionmentioning

confidence: 99%

Stock selection using a hybrid MCDM approach

Poklepović

Babić

2014

Croat. Oper. Res. Rev.

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“…No publications about problem identification were found in literature review. Brainstorming (Hwang et al, 2003;Kassaee et al, 2013;Shahroudi and Rouydel, 2012); Delphi Techique (Liao, 2010) and Fuzzy Delphi Method (Mokhtari et al, 2013;Cheng et al, 2009) and Structural Modelling (Mandal and Deshmukh, 1994) from the literature can be a good example of the qualitative techniques which have been frequently used in the stage of identification of decision criteria in supplier selection. The suppliers' degree of meeting the criteria mentioned in the criteria formulation stage are identified in the qualifications stage.…”

Section: Various Supplier Selection Methodsmentioning

confidence: 99%

Bulanik Mantik Yardimiyla Tedari̇kçi̇ Seçi̇mi̇: Gazi̇antep Örneği̇

Ersoy

2017

İktisadi İdari Ve Siyasal Araştırmalar Dergisi

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Supplier selection, which forms an important ring of supply chain management, is one of the strategic decisions taken by businesses and plays an important role in achieving the objectives of the business. Supplier choice is a multi-stage and difficult decision problem that needs to take into account many factors. Therefore; there are many criterion-based decision-making problems that require a large number of evaluation criteria and qualitative criteria as well as quantitative criteria have now become a necessity. Fuzzy logic based techniques come to the fore in the evaluation of qualitative criteria in this sense. In this study, the problem of supplier selection of a company operating in the textile sector was analyzed according to Quality, Delivery, Procedural Compliance, Performance History, Technical Capability criterions via Fuzzy Topsis method. At the end of the study, A3 company ranks first in supplier order based on fuzzy Topsis method.

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“…Other research try to solve the divergent rankings by combining diff erent methods. Kassaee et al (2013) propose a hybrid MCDM technique to determine the structural relationships and the interrelationships among all the evaluation's dimensions based on the Analytic Network Process (ANP) method determining appropriate weightings to each sub-criterion. Finaly, TOPSIS ranks the alternatives in terms of their overall performances.…”

Section: Introductionmentioning

confidence: 99%

Probability distribution selection using PROMETHEE GDSS method

Šestanović

Babić

2021

Elektron. zb. rad. Veleuč. Šibeniku

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Rising inequalities between countries are widely investigated. Since they involve different aspects, in this paper they are examined through the distribution of countries’ growth and development, inclusion and intergenerational equity and sustainability. These aspects involve variables that are not normally distributed so different probability density functions (PDFs) have been proposed, tested and compared through literature. This paper compares different PDFs that are considered successful in describing distribution of the variables involved, as Weibull, gamma, lognormal, normal, loglogistic, Pareto, Burr and exponential. They are usually compared using diff erent goodness-of-fit measures including the log-likelihood, sum of squared errors, sum of absolute errors and chi-square statistics which can sometimes lead to divergent conclusions. This paper adds up to these goodness-of-fit measures and includes the Kolmogorov-Smirnov, Cramer-von Mises and Anderson-Darling statistics, the mean absolute and squared deviation between theoretical and empirical PDF, the mean absolute and squared deviation between theoretical and empirical cumulative distribution function, AIC and BIC as well as the deviation in skewness and kurtosis. Since diff erent distributions can be considered as alternatives and goodness-of-fit measures as conflicting criteria, the problem of finding the appropriate PDF can be viewed as multiple criteria decision making problem which can be solved using PROMETHEE method. However, diff erent preference parameters, lead to different ranking, so the final decision is obtained using PROMETHEE Group Decision Support System (GDSS) method. This paper therefore contributes to the existing literature on inequalities between countries and statistics in general by proposing a new approach for distribution modelling and selection.

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An Integrated Hybrid MCDM Approach for Vendor Selection Problem (Case Study: Iran Khodro)

Cited by 6 publications

References 27 publications

Stock selection using a hybrid MCDM approach

Stock selection using a hybrid MCDM approach

Bulanik Mantik Yardimiyla Tedari̇kçi̇ Seçi̇mi̇: Gazi̇antep Örneği̇

Probability distribution selection using PROMETHEE GDSS method

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