Selection third-party logistics service providers in supply chain finance by a hesitant fuzzy linguistic combined compromise solution method

Zhi Wen, Huchang Liao, Edmundas Kazimieras Zavadskas and Abdullah Al-Barakati

Economic Research-Ekonomska Istraživanja, 2019, vol. 32, issue 1, 4033-4058

Abstract: In supply chain finance, the multiple criteria decision making (MCDM) problem of selecting a suitable third-party logistics (3PL) service supplier is of great significance to financial institutions. A suitable 3PL service supplier can not only help financial institutions carry out the supply chain finance business, but also can replace financial institutions to supervise the operation of a target financing supply chain, thus reducing the operational risks of financial institutions. As a useful MCDM method, the combined compromise solution (CoCoSo) method mainly combines a compromise decision algorithm with an aggregation strategy to obtain a compromise solution. This study extends the CoCoSo method to hesitant fuzzy linguistic environment to solve the multi-expert MCDM problem of the 3PL service supplier selection. Target criteria whose values are in linguistic forms are considered in the process of normalizing the decision matrix. A new integration approach with respect to subordinate compromise scores is introduced, and the subjective and objective weights of criteria are considered simultaneously in this extended process to avoid one-sidedness of criterion weights. A case study about the 3PL service supplier selection is given, in which the sensitivity analysis and comparative analysis are provided to highlight the advantages of the proposed method.

Date: 2019
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DOI: 10.1080/1331677X.2019.1678502

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