Intuitionistic Fuzzy Optimization Technique to Solve a Multiobjective Vendor Selection Problem

Prabjot Kaur () and Shreya Singh ()
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Prabjot Kaur: Birla Institute of Technology
Shreya Singh: Birla Institute of Technology

A chapter in Strategic Management, Decision Theory, and Decision Science, 2021, pp 109-117 from Springer

Abstract: Abstract The multiobjective vendor selection problem (VSP) is the selection of more than one vendor and their order of allocations. But multiobjective decision-making involves conflicting criteria. The conflicts can be best handled by fuzzy sets. But a more advanced form of fuzzy sets with an additional feature is intuitionistic fuzzy sets (IFS). In this paper, we present an application of an intuitionistic fuzzy optimization technique in VSP. We formulate an intuitionistic fuzzy optimization (IFO) model with objective functions like cost, quality, and delivery as intuitionistic fuzzy sets subject to various constraints that are buyers demand, vendor's capacity, vendor budget allocations, etc. A numerical example of purchasing auto parts from a multinational company is illustrated in our problem. We compared our approach with the fuzzy approach of Kumar et al. (2006). Results imply that IFO is capable of handling uncertainty with a higher degree of acceptance compared to fuzzy approach.

Keywords: Vendor selection problem; Multiobjective Optimization; Intuitionistic fuzzy sets (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-1368-5_8

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DOI: 10.1007/978-981-16-1368-5_8

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