A fuzzy ANP approach to shipyard location selection

It is the first duty of investors to transform financial resources into investments in the right places at the right times and earn benefits. However, where to invest and how to invest is always a risky and complicated problem. The decision which will be made under a variety of factors might result in a terrible mistake if it is not felicitous. It is necessary to utilize scientific methods when deciding to make these types of complicated investments which can cause large financial losses. Analytical network process (ANP) can show us the best alternative based on different criteria from a variety of alternatives. However, the network structure should model the actual in a very good way. Analytical network process will give us the best result in span after the correctly built network structure’s comparisons are made correctly. It is important to design the structure flexibly in this work in order for it to lead to improvements. Shipyard location is selected in this work which provides reference to investors based on numerical and solid essences. At the end, the study has received a successful application with the help of expert people and the correct fuzzy analytical network process’s success over the criteria which have a close relationship with each other.     

Asset portfolio optimization using fuzzy mathematical programming

By morphing mean-variance optimization (MVO) portfolio model into semi-absolute deviation (SAD) model, we apply multi criteria decision making (MCDM) via fuzzy mathematical programming to develop comprehensive models of asset portfolio optimization (APO) for the investors’ pursuing either of the aggressive or conservative strategies.     

A hybrid decision making approach to prevent chatter vibrations

In this paper, the optimum cutting conditions without chatter vibrations have been determined during turning operations. Chatter vibrations are detrimental and cause poor surface properties. In this study, chatter vibration prevention has been discussed in a different way using a multi-criteria decision making approach. Regression-multi-criteria decision making hybrid models have been developed and applied to the problem of chatter vibrations. First, regression models have been used to determine the criteria weights for TOPSIS (technique for order preference by similarity to ideal solution) model. Then, TOPSIS models have been developed. Three different hybrid models have been studied. The results of these three models are the same. It has been seen from the results that the number of revolutions and the workpiece hardness are the most effective parameters. The models are developed to help operators in different manufacturing environments.     

A new perspective for optimal portfolio selection with random fuzzy returns

The aim of this paper is to solve the portfolio selection problem when security returns contain both randomness and fuzziness. Utilizing a different perspective, this paper gives a new definition of risk for random fuzzy portfolio selection. A new optimal portfolio selection model is proposed based on this new definition of risk. A new hybrid intelligent algorithm is designed for solving the new optimization problem. In the proposed new algorithm, neural networks are employed to calculate the expected value and the chance value. These greatly reduce the computational work and speed up the process of solution as compared with the random fuzzy simulation used in our previous algorithm. A numerical example is also presented to illustrate the new modelling idea and the proposed new algorithm.     

A direct solution approach to fuzzy mathematical programs with fuzzy decision variables

In this paper, a direct solution approach is presented for solving fuzzy mathematical programming problems with fuzzy decision variables. In the proposed approach, a fuzzy ranking procedure for fuzzy numbers and a meta-heuristic algorithm is employed. A basic example is presented in the paper. It has been observed that fuzzy mathematical programs with fuzzy decision variables can be solved effectively by employing direct solution approaches which are based on fuzzy ranking procedures and meta-heuristics.     

Integrated model of operations effectiveness of small to medium-sized manufacturing enterprises

The Small to Medium-sized Manufacturing Enterprise (SME) has consistently demonstrated the ability to innovate and bring to the market new technologies and advancement in manufacturing. SMEs in industrialized nations function as the supplier base for domestic manufacturing. However, as more businesses are going global, SMEs face a new challenge in competing in the competitive global market. In this research, we aim to answer the following question: by taking advantage of the challenge as new opportunities, how SMEs can reposition themselves to be more competitive in the global market. We analyze the data collected from over 3000 SMEs using an integrated productivity-oriented model. The results present us with information about SMEs’ operation and performance. We are able to link both qualitative and quantitative factors of multiple manufacturing input/output to further assess the performance of SMEs, making a set of efficiency benchmarks available. This information can be used to help SMEs better understand the problems and opportunities confronting their operations. So their business transformations can be cost-effectively conducted for more competitive edges.     

An application of fuzzy set theory to the external performance evaluation of distribution centers in logistics

 The purpose of this paper is to propose an algorithm for external performance evaluation in the area of logistics from retailers' viewpoint under fuzzy environment. The fundamental concepts we have adopted include the factor analysis, eigenvector method, fuzzy Delphi method, fuzzy set theory and multi-criteria decision-making method. We use factor analysis to condense twenty external performance sub-criteria into six criteria to construct the hierarchical structure of external performance evaluation of distribution centers. The fuzzy Delphi method is integrated with the eigenvector method to form a set of pooled weights of the extracted criteria. The concepts of triangular fuzzy number and linguistic variables are used to assess the preference ratings of linguistic variable, ‘importance’ and ‘appropriateness’. Through the hierarchy integration, we obtain the final scores of distribution centers' performance. Then we use a revised Chang and Chen's ranking method to rank the final scores of distribution centers for choosing the best distribution center in the area of logistic management.     

Readiness assessment model for institutionalization of SMEs using fuzzy hybrid MCDM techniques

The process of institutionalization encompasses the creation of formal structure, emergence of informal norms, and the development of impersonal/objective procedures, including administrative rituals, ideologies, legalization, and a constant focus on legitimization. Forming the basis of institutionalization, institutional theory traces the “emergence of distinctive forms, processes, strategies, outlooks, and competences” from patterns of organizational interaction and adaptation in response to internal and external environments. In this context, the institutionalization readiness level of organizations is a focus of investigation for developing models to evaluate organizations using precise indicators. In this study, the fuzzy hybrid multi-criteria decision-making approach is used in order to measure institutionalization readiness of small and medium sized enterprises (SMEs). Firstly, factors indicating the institutionalization readiness level of SMEs are determined. Then, the weights of the factors are calculated by obtaining expert opinions, along with fuzzy DEMATEL and fuzzy analytic network process (ANP) methods. Several SMEs are evaluated according to these predefined factors, after which the TOPSIS method is implemented for measuring the level of institutionalization of the SMEs.     

Interval-valued intuitionistic fuzzy mathematical programming method for hybrid multi-criteria group decision making with interval-valued intuitionistic fuzzy truth degrees

As an important component of group decision making, the hybrid multi-criteria group decision making (MCGDM) is very complex and interesting in real applications. The purpose of this paper is to develop a novel interval-valued intuitionistic fuzzy (IVIF) mathematical programming method for hybrid MCGDM considering alternative comparisons with hesitancy degrees. The subjective preference relations between alternatives given by each decision maker (DM) are formulated as an IVIF set (IVIFS). The IVIFSs, intuitionistic fuzzy sets (IFSs), trapezoidal fuzzy numbers (TrFNs), linguistic variables, intervals and real numbers are used to represent the multiple types of criteria values. The information of criteria weights is incomplete. The IVIFS-type consistency and inconsistency indices are defined through considering the fuzzy positive and negative ideal solutions simultaneously. To determine the criteria weights, we construct a novel bi-objective IVIF mathematical programming of minimizing the inconsistency index and meanwhile maximizing the consistency index, which is solved by the technically developed linear goal programming approach. The individual ranking order of alternatives furnished by each DM is subsequently obtained according to the comprehensive relative closeness degrees of alternatives to the fuzzy positive ideal solution. The collective ranking order of alternatives is derived through establishing a new multi-objective assignment model. A real example of critical infrastructure evaluation is provided to demonstrate the applicability and effectiveness of this method.     

Corporate social responsibility in portfolio selection: A “goal games” against nature approach

Nowadays, there is an uprising social pressure on big companies to incorporate into their decision-making process elements of the so-called social responsibility. Among the many implications of this fact, one relevant one is the need to include this new element in classic portfolio selection models. This paper meets this challenge by formulating a model that combines goal programming with “goal games” against nature in a scenario where the social responsibility is defined through the introduction of a battery of sustainability indicators amalgamated into a synthetic index. In this way, we have obtained an efficient model that only implies solving a small number of linear programming problems. The proposed approach has been tested and illustrated by using a case study related to the selection of securities in international markets.     

Multi-period lot-sizing with supplier selection using achievement scalarizing functions

In this paper, an integration of Analytic Network Process (ANP) and achievement scalarizing functions is proposed to choose the best suppliers and define the optimum quantities among the selected suppliers by considering tangible–intangible criteria and time horizon. To reflect the decision maker’s (DM’s) preferences more accurate, an additive achievement function is defined consist of several components. In this additive function while unwanted deviations from periodic budget and aggregate quality goals are balanced by Minmax Goal Programming (MGP), and unwanted deviations from total cost, total value of purchasing (TVP) and aggregate quality are minimized by Achimedean Goal Programming (AGP) to provide more acceptable solutions. This multi-period model enables us to reflect DM’s preferences more flexible than the other traditional models that use only one type of achievement function. The sensitivity analysis was also performed for different levels of periodic demands. It is also possible to enlarge the sensitivity analyses for other parameters such as different levels of capacity, and different weights of components.     

A new fuzzy linear assignment method for multi-attribute decision making with an application to spare parts inventory classification

In this paper, a novel fuzzy linear assignment method is developed for multi-attribute group decision making problems. Since uncertain nature of many decision problems, the proposed method incorporates various concepts from fuzzy set theory such as fuzzy arithmetic and aggregation, fuzzy ranking and fuzzy mathematical programming into a fuzzy concordance based group decision making process. Fuzziness in the group hierarchy and quantitative type criteria are also taken into account. In order to present the validity and practicality of the proposed method, it is applied to a real life multi-criteria spare part inventory classification problem. The case study has demonstrated that the proposed method is easy to apply and able to provide effective spare parts inventory classes under uncertain environments. In addition to the practical verification by the company experts, the proposed method is also compared with some of the commonly used fuzzy multi-attribute decision making methods from the literature. According to the comparison of the results, there is an association between classes of spare parts obtained by the proposed method and the benchmarked methods.     

An integrated fuzzy MCDM approach for supplier evaluation and selection

A fuzzy multi-criteria group decision making approach that makes use of quality function deployment (QFD), fusion of fuzzy information and 2-tuple linguistic representation model is developed for supplier selection. The proposed methodology seeks to establish the relevant supplier assessment criteria while also considering the impacts of inner dependence among them. Two interrelated house of quality matrices are constructed, and fusion of fuzzy information and 2-tuple linguistic representation model are employed to compute the weights of supplier selection criteria and subsequently the ratings of suppliers. The proposed method is apt to manage non-homogeneous information in a decision setting with multiple information sources. The decision framework presented in this paper employs ordered weighted averaging (OWA) operator, and the aggregation process is based on combining information by means of fuzzy sets on a basic linguistic term set. The proposed framework is illustrated through a case study conducted in a private hospital in Istanbul.     

A comparison between Fuzzy AHP and Fuzzy TOPSIS methods to supplier selection

Supplier selection has become a very critical activity to the performance of organizations and supply chains. Studies presented in the literature propose the use of the methods Fuzzy TOPSIS (Fuzzy Technique for Order of Preference by Similarity to Ideal Solution) and Fuzzy AHP (Fuzzy Analytic Hierarchy Process) to aid the supplier selection decision process. However, there are no comparative studies of these two methods when applied to the problem of supplier selection. Thus, this paper presents a comparative analysis of these two methods in the context of supplier selection decision making. The comparison was made based on the factors: adequacy to changes of alternatives or criteria; agility in the decision process; computational complexity; adequacy to support group decision making; the number of alternative suppliers and criteria; and modeling of uncertainty. As an illustrative example, both methods were applied to the selection of suppliers of a company in the automotive production chain. In addition, computational tests were performed considering several scenarios of supplier selection. The results have shown that both methods are suitable for the problem of supplier selection, particularly to supporting group decision making and modeling of uncertainty. However, the comparative analysis has shown that the Fuzzy TOPSIS method is better suited to the problem of supplier selection in regard to changes of alternatives and criteria, agility and number of criteria and alternative suppliers. Thus, this comparative study contributes to helping researchers and practitioners to choose more effective approaches for supplier selection. Suggestions of further work are also proposed so as to make these methods more adequate to the problem of supplier selection.     

A fuzzy decision support system for digital camera selection based on user preferences

Mobile phones have been the most rapidly spreading development in the field of communication and information technologies over the past decades. Nowadays, digital cameras have taken their place. The wide product range in the market, each with numerous heterogeneous technical attributes, complicates the selection of the most convenient camera for end-users. The aim of this work is to provide end-users with a decision support framework for selecting the best digital camera according to their preferences. End-users and photography experts use subjective assessments when determining their requirements and making their evaluations. The proposed decision support tool is built on the basis of fuzzy set theory. The imprecision of the subjective assessments are transformed to fuzzy triangular numbers. The fuzzy analytic hierarchy process (FAHP) and fuzzy compromise programming methodologies are applied in order to determine the relative weights of sub-criteria and criteria and to rank the digital camera alternatives, respectively.     

A hybrid approach for fuzzy multi-attribute decision making in machine tool selection with consideration of the interactions of attributes

Global economic competition has spurred the manufacturing sector to improve and invest in modern equipment to satisfy the needs of the market. In particular, machine tool selection is the most important problem; it plays a primary role in the improvement of productivity and flexibility in the manufacturing environment and involves the imprecise, vague and uncertain information. This paper presents the hybrid approach of the fuzzy ANP (Analytic Network Process) and COPRAS-G (COmplex PRoportional ASsessment of alternatives with Grey relations) for fuzzy multi-attribute decision-making in evaluating machine tools with consideration of the interactions of the attributes. The fuzzy ANP is used to handle the imprecise, vague and uncertain information from expert judgments and model the interaction, feedback relationships and interdependence among the attributes to determine the weights of the attributes. COPRAS-G is employed to present the preference ratio of the alternatives in interval values with respect to each attribute and calculate the weighted priorities of the machine alternatives. Alternatives are ranked in ascending order by priority. As a demonstration of the proposed model, a numerical example is implemented based on the collected data and the literature. The result is then compared with the rankings provided by other methods such as TOPSIS-G, SAW-G and GRA. Moreover, a sensitivity analysis is conducted to verify the robustness of the ranking. The result highlights that the hybrid approach of the fuzzy ANP and COPRAS-G is a highly flexible tool and reaches an effective decision in machine tool selection.     

Fuzzy linear programming approach to multiattribute decision making with multiple types of attribute values and incomplete weight information

In the classical Linear Programming Technique for Multidimensional Analysis of Preference (LINMAP), the decision maker (DM) gives the pair-wise comparisons of alternatives with crisp truth degree 0 or 1. However, in the real world, DM is not sure enough in all comparisons and can express his/her opinion with some fuzzy truth degree. Thus, DM's preferences are given through pair-wise comparisons of alternatives with fuzzy truth degrees, which may be represented as trapezoidal fuzzy numbers (TrFNs). Considered such fuzzy truth degrees, the aim of this paper is to develop a new fuzzy linear programming technique for solving multiattribute decision making (MADM) problems with multiple types of attribute values and incomplete weight information. In this method, TrFNs, real numbers, and intervals are used to represent the multiple types of decision information. The fuzzy consistency and inconsistency indices are defined as TrFNs due to the alternatives’ comparisons with fuzzy truth degrees. Hereby a new fuzzy linear programming model is constructed and solved by the possibility linear programming method with TrFNs developed in this paper. The fuzzy ideal solution (IS) and the attribute weights are then obtained. The distances of alternatives from the fuzzy IS can be calculated to determine their ranking order. The implementation process of the method proposed in this paper is illustrated with a strategy partner selection example. The comparison analyzes show that the method proposed in this paper generalizes the classical LINMAP, fuzzy LINMAP and possibility LINMAP.     

A hybrid fuzzy goal programming approach with different goal priorities to aggregate production planning

In this study a hybrid (including qualitative and quantitative objectives) fuzzy multi objective nonlinear programming (H-FMONLP) model with different goal priorities will be developed for aggregate production planning (APP) problem in a fuzzy environment. Using an interactive decision making process the proposed model tries to minimize total production costs, carrying and back ordering costs and costs of changes in workforce level (quantitative objectives) and maximize total customer satisfaction (qualitative objective) with regarding the inventory level, demand, labor level, machines capacity and warehouse space. A real-world industrial case study demonstrates applicability of proposed model to practical APP decision problems. GENOCOP III (Genetic Algorithm for Numerical Optimization of Constrained Problems) has been used to solve final crisp nonlinear programming problem.     

A Fuzzy AHP Approach to Evaluating Machine Tool Alternatives

Selecting process of a machine tool has been very important issue for companies for years, because the improper selection of a machine tool might cause of many problems affecting negatively on productivity, precision, flexibility and company’s responsive manufacturing capabilities. On the other hand, selecting the best machine tool from its increasing number of existing alternatives in market are multiple-criteria decision making (MCDM) problem in the presence of many quantitative and qualitative attributes. Therefore, in this paper, an analytic hierarchy process (AHP) is used for machine tool selection problem due to the fact that it has been widely used in evaluating various kinds of MCDM problems in both academic researches and practices. However, due to the vagueness and uncertainty on judgments of the decision-maker(s), the crisp pair wise comparison in the conventional AHP seems to insufficient and imprecise to capture the right judgments of decision-maker(s). That is why; fuzzy number logic is introduced in the pair wise comparison of AHP to make up for this deficiency in the conventional AHP. Shortly, in this study, an intelligent approach is proposed, where both techniques; fuzzy logic and AHP are come together, referred to as fuzzy AHP. First, the fuzzy AHP technique is used to weight the alternatives under multiple attributes; second Benefit/Cost (B/C) ratio analysis is carried out by using both the fuzzy AHP score and procurement cost, of each alternative. The alternative with highest B/C ratio is found out and called as the ultimate machine tool among others. In addition, a case study is also presented to make this approach more understandable for a decision-maker(s).     

Determining key capabilities in technology management using fuzzy analytic hierarchy process: A case study of Turkey

The importance of technology management is a vital determinant of long-run success or failure of organizations in today’s world. Since technology is a major driver of the global economic development, business professionals seek more effective ways to manage existing and emerging technology. This study proposes a model to understand the links between competitive advantages, competitive priorities and competencies of a firm in the context of the technology management. We use the fuzzy analytical hierarchy process (AHP) to analyze these links. Moreover, we examine the perception of a group of managers from different Turkish firms regarding the technology management. The main result of this paper is that the concept of the management of technology arises to be much more important than both the product technology and the process technology.