263 research outputs found

    VIKOR Technique:A Systematic Review of the State of the Art Literature on Methodologies and Applications

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    The main objective of this paper is to present a systematic review of the VlseKriterijuska Optimizacija I Komoromisno Resenje (VIKOR) method in several application areas such as sustainability and renewable energy. This study reviewed a total of 176 papers, published in 2004 to 2015, from 83 high-ranking journals; most of which were related to Operational Research, Management Sciences, decision making, sustainability and renewable energy and were extracted from the “Web of Science and Scopus” databases. Papers were classified into 15 main application areas. Furthermore, papers were categorized based on the nationalities of authors, dates of publications, techniques and methods, type of studies, the names of the journals and studies purposes. The results of this study indicated that more papers on VIKOR technique were published in 2013 than in any other year. In addition, 13 papers were published about sustainability and renewable energy fields. Furthermore, VIKOR and fuzzy VIKOR methods, had the first rank in use. Additionally, the Journal of Expert Systems with Applications was the most significant journal in this study, with 27 publications on the topic. Finally, Taiwan had the first rank from 22 nationalities which used VIKOR technique

    A Fuzzy Linguistic VIKOR Multiple Criteria Group Decision Making Method for Supplier Selection

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    One of the important stages in supply chain management is called supplier selection. It is a highly important multiple criteria group decision making problem because the supplier performance has become a crucial element in a compan

    Analysis of the efficiency of insurance companies in Serbia using the fuzzy AHP and TOPSIS methods

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    The aim of this study is to propose a fuzzy multi-criteria model that will facilitate the assessment of insurance companies’ efficiency. This study includes all companies operating within the insurance sector in Serbia in the period from 2007 to 2014 and the data were used from the published financial statements of insurance companies. Five key indicators were identified for the assessment and rating of insurance companies. Fuzzy Analytic Hierarchy Process (FAHP) and Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) were used for building the proposed model. In the first stage, priority weights of criteria were defined by using the FAHP, while in the second phase the insurance companies were ranked using the TOPSIS method

    How to Manage Knowledge Well? Evidence from the Life Insurance Industry

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    [[abstract]]As using knowledge management and performance effectively to gain competitive advantage is becoming critical in today’s knowledge-based economy, an increasing number of industries are trying to explore optimal methods of managing knowledge-based assets, so-called intellectual capital (IC) in both visible and invisible forms and evaluate their performance in this regard. In Taiwan, the life insurance industry includes two crucial factors: first, it is one of main mechanisms that could significantly influence Taiwanese economic growth; and second, knowledge needed for high performance itself. However, not only is difficulty in professions growing, high flow rate of talent and an increase in, and extension of, diversity services, but the recent global economic depression is a drawback that is seriously damaging competitive advantage domestically and internationally. This phenomenon also obviously affects Taiwanese economic growth. Since the renaissance and auspicious future of Taiwanese life insurance industry might be expected by senior life insurance experts, the aim of this study is on the basis of its development nature, profit generation by effective knowledge management, to overcome the highlighted difficulties by developing the critical criteria of IC and utilizing the developed IC criteria to explore the benchmark company. This is accomplished through a hybrid multiple-criteria decision-making (MCDM) approach based on a decision-making trial and evaluation laboratory (DEMATEL), the analytic network process (ANP), and VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR). Companies in the life insurance industry are encouraged to successfully evaluate and improve knowledge management performance based on the research findings, to bring about radical change in the existing state of affairs and to develop future strategies efficiently and solidly.[[journaltype]]國外[[incitationindex]]SSCI[[booktype]]電子版[[countrycodes]]NG

    Using a decision-making process to evaluate efficiency and operating performance for listed semiconductor companies

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    Today’s high-tech industries face increasing competition and challenges. Thus, for hightech companies, making effective use of resources to enhance business performance and maintain the competitive advantage in the market has become increasingly important. Therefore, this study aimed to design a decision-making model for evaluating the efficiency and operating performance of Taiwan’s listed semiconductor companies in 2010 to provide a basis for improving business performance. In view of this, this study combines data envelopment analysis (DEA) and improved grey relational analysis (IGRA) as efficiency tools to measure relative efficiencies; the semiconductor companies are divided into two groups, efficient and inefficient. We then integrate the multiple criteria decision making (MCDM) method (e.g. VlseKriterijumska Optimizacija I Kompromisno Resenje, VIKOR), IGRA and the entropy weight method to evaluate the operating performance of the efficient and inefficient groups, respectively. Establishing a reasonable, objective and valid evaluation model to measure semiconductor companies’ operating efficiency can provide company managers, investors and policy makers with a reference for performance evaluation. First published online: 20 Jun 201

    Supplier selection with Shannon entropy and fuzzy TOPSIS in the context of supply chain risk management

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    Supplier selection is the process of finding the right suppliers, at the right price, at the right time, in the right quantities, and with the right quality. The aim of this paper, is supplier selection in the context of supply chain risk management. Thus nine criteria of quality, on time delivery and performance history and six risks in the supply chain including supply risk, demand risk, manufacturing risk, logistics risk, information risk and environmental risk considered for evaluating suppliers. Shannon entropy is used for weighing criteria and fuzzy TOPSIS is applied for ranking suppliers. Findings show that, in the spare parts supplier selection problem, demand risk is the most important factor

    Multi criteria decision making for assisting business angels in investments

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    The roles of business angels (BAs) are especially important in view of both decreasing the levels of formal venture capital investment and growing the average amount of individual deals. Angel investors typically invest at an earlier stage of growth and provide more business guidance than venture capital providers. Therefore, angel investors are the key players in generating high-growth companies, essential to regional economic development. As a result, they have attracted the attention of policy makers. Thus, this research attempted to improve the conception of decision-making criteria used by the BAs for investment, and reports the findings of an exploratory project that analysed the Malaysian BAs’ decision-making process. A hierarchy of multiple criteria decision making (MCDM) model based on fuzzy sets theory and VIKOR (in Serbian: Vise Kriterijumska Optimizacija I Kompromisno Resenje) method were proposed in order to look into the decision making process. For this reason, 5 main criteria and 29 sub criteria were developed to be evaluated by 5 well-known BAs to assess and rate the criteria and alternatives using fuzzy linguistic variables. For the purpose of illustration, an empirical case study was conducted on Malaysian BAs and the results are presented with numerical examples. The final finding of the research suggested that Johor is the most suitable city for investment. Kuala Lumpur, Penang, and Sabahare placed in the subsequent ranks. The proposed framework had been successfully applied for the decision making process, and could be used by other BAs for their cases with slight modifications

    A novel hybrid SWARA and VIKOR methodology for supplier selection in an agile environment

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    The concept of the agile supply chain has been taken into account as means of achieving a high competitive edge in rapidly changing business environments. Supply partner selection is one of the most appealing issues for agile supply chain management, which have recently been studied by academicians and practitioners. Due to a large number of factors to be considered, supplier selection process is a difficult task for every company. Therefore, supplier selection process can be viewed as a multiple attribute decision-making (MADM) problem. In this paper, a novel hybrid MADM method is proposed for agile supplier selection based on four criteria including performance, cost, flexibility and technology. Two MADM methods, including step-wise weight assessment ratio analysis (SWARA) and Vlse Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) are applied in decision-making process. More precisely, SWARA is used for determining the importance of each criterion and calculating their weights and VIKOR is applied for evaluating alternatives as well as ranking supplier alternatives from the best to the worst. More precisely, the first phase of the proposed methodology, step-wise weight assessment ratio analysis (SWARA), is useful for determining the importance of each criterion and calculating the weight of each criterion, and the second phase with Vlse Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) is useful for evaluating alternatives as well as ranking supplier alternatives from the best to the worst. Finally, a real case-study is presented to demonstrate the applicability of the proposed methodology. As a result, the model can help managers to evaluate and select the best supplier regarding own company strategies, resources, policies and etc. for their organization
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