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What is Multi-Criteria Decision Making

Chapter 90

Encyclopedia of Business Analytics and Optimization

Decision making by considering a number of criteria

Published in Chapter:

Fuzzy MCDM Approach for Make or Buy Decision Problem

Ferhan Çebi (Istanbul Technical University, Turkey), İrem Otay (Istanbul Technical UniversityIstanbul Technical University, Turkey), and Dilay Çelebi (Istanbul Technical UniversityIstanbul Technical University, Turkey)

Source Title: Encyclopedia of Business Analytics and Optimization

DOI: 10.4018/978-1-4666-5202-6.ch090

Abstract

Make or buy decision answers a fundamental question in the development of a manufacturing strategy. It requires consideration of both quantitative and qualitative factors diverging in a broad range. This study presents a two-stage decision model which incorporates fuzzy multi-criteria decision making methods to support make or buy decision of a company operating in the wood building products sector. The first stage comprises fuzzy SAW (Simple Additive Weighting) method to evaluate the decision on market entry, then the second stage integrates fuzzy SAW and fuzzy VIKOR (Multi-criteria optimization and compromise solution) methods to evaluate sourcing options. Proposed approach is demonstrated on an example invoked from a real-life problem. Then, sensitivity analysis is conducted to test the robustness of the models.