“…One of the most popular MCDM techniques is TOPSIS. This was selected to perform multi‐criteria decision making due to its sound logic, taking into account all the alternatives, and its simplicity 46 …”
Section: Methodsmentioning
confidence: 99%
“…The Technique for Order Preference by Similarity to Ideal Solution selects the optimal alternative by determining its Euclidean distance from the positive and negative ideal points. The optimal solution is that with the shortest Euclidian distance from the positive ideal, and the greatest distance from the negative ideal 46,47 . The following steps were carried out to set up the TOPSIS procedure: A normalized objective matrix ( F ij ) was constructed with i rows and j columns by applying Eqn (11).…”
Section: Methodsmentioning
confidence: 99%
“…This was selected to perform multicriteria decision making due to its sound logic, taking into account all the alternatives, and its simplicity. 46 This study utilizes TOPSIS to select the best alternatives between a combination of hydrogen production technologies and fuel blending alternatives (listed in Appendix S1 in the supplementary material). The Technique for Order Preference by Similarity to Ideal Solution selects the optimal alternative by determining its Euclidean distance from the positive and negative ideal points.…”
Section: Multi-criteria Decision Makingmentioning
confidence: 99%
“…The optimal solution is that with the shortest Euclidian distance from the positive ideal, and the greatest distance from the negative ideal. 46,47 The following steps were carried out to set up the TOPSIS procedure: 1. A normalized objective matrix (F ij ) was constructed with i rows and j columns by applying Eqn (11).…”
“…One of the most popular MCDM techniques is TOPSIS. This was selected to perform multi‐criteria decision making due to its sound logic, taking into account all the alternatives, and its simplicity 46 …”
Section: Methodsmentioning
confidence: 99%
“…The Technique for Order Preference by Similarity to Ideal Solution selects the optimal alternative by determining its Euclidean distance from the positive and negative ideal points. The optimal solution is that with the shortest Euclidian distance from the positive ideal, and the greatest distance from the negative ideal 46,47 . The following steps were carried out to set up the TOPSIS procedure: A normalized objective matrix ( F ij ) was constructed with i rows and j columns by applying Eqn (11).…”
Section: Methodsmentioning
confidence: 99%
“…This was selected to perform multicriteria decision making due to its sound logic, taking into account all the alternatives, and its simplicity. 46 This study utilizes TOPSIS to select the best alternatives between a combination of hydrogen production technologies and fuel blending alternatives (listed in Appendix S1 in the supplementary material). The Technique for Order Preference by Similarity to Ideal Solution selects the optimal alternative by determining its Euclidean distance from the positive and negative ideal points.…”
Section: Multi-criteria Decision Makingmentioning
confidence: 99%
“…The optimal solution is that with the shortest Euclidian distance from the positive ideal, and the greatest distance from the negative ideal. 46,47 The following steps were carried out to set up the TOPSIS procedure: 1. A normalized objective matrix (F ij ) was constructed with i rows and j columns by applying Eqn (11).…”
“…Peng et al ( 2017 ) proposed hybrid scheduling mechanisms that integrated the advantages of both distributed and centralized scheduling mechanisms. Atmayudha et al ( 2021 ) stated that optimization is to select the best option of the type of ships (e.g., diesel or LNG) that carry crude oil to the refinery unit in each scenario. Lee et al ( 2007 ) claimed that selling slots to the right customer with the right price at the right time could generate the maximum benefit for a liner company.…”
In the liner shipping industry, if a shipper wants to transport its cargo by container ships, it first needs to contact a carrier to book container slots based on the estimated transportation demand. However, one problem in the booking process is that the actual demand is uncertain, resulting in mismatch between the required demand and the booked quantity. To address this issue, this study develops a Newsvendor model to find the optimal order quantity of container slots for the shipper. In addition, uncertainties in the quantity of container slots booking made by the shipper might cause revenue loss to the carrier and low utilization of ship capacity in the daily operations of liner shipping services. Therefore, this study suggests that the shipper should pay reservation fee when booking container slots. This study also aims to find the maximum profit for the carrier under the optimal order quantity of the shipper. In sensitive analysis, how different prices per container slot offered by the carrier would influence the reservation fee, the optimal order quantity of the shipper, and the expected profit of the carrier are explored and discussed. This study can help to manage and promote the online container booking systems in the liner shipping industry.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.