Development and assessment of modified VIKOR method for multi-criteria single sourcing in supply chain

P. Parthiban, M. Punniyamoorthy, K. Ganesh and G. Ranga Janardhana

International Journal of Business and Systems Research, 2010, vol. 4, issue 1, 94-116

Abstract: The sourcing decision plays a major role in supply chain because raw materials/semi-finished goods cost constitute the key cost of final product. We develop a modified VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) method, a compromise ranking model for evaluation and selection of sourcing partners to handle the conflicting and non-commensurable set of criteria and to identify the solution close to ideal. The modified VIKOR method is compared with two multi-criteria decision-making methods: technique for order preference by similarity to an ideal solution (TOPSIS) and elimination and choice translating reality (ELECTRE). All the three approaches were illustrated and compared for a computer retail supply chain case study. The better results of modified VIKOR are validated.

Keywords: single sourcing; modified VIKOR; TOPSIS; ELECTRE; supply chain management; SCM; supplier selection; suplier evaluation; compromise ranking models; sourcing partners; multicriteria decision making; MCDM; computer retailing; retail supply chains. (search for similar items in EconPapers)
Date: 2010
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