Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS

Opricović, Serafim; Tzeng, Gwo‐Hshiung

doi:10.1016/s0377-2217(03)00020-1

Cited by 3,819 publications

(2,168 citation statements)

References 9 publications

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“…The VIKOR method is a compromise MADM method, developed by Opricovic and Tzeng (2004) started from the form of Lp-metric:…”

Section: Vikor Methodsmentioning

confidence: 99%

“…The compromise solution is the feasible solution closest to ideal solution, and a compromise means an agreement established between positive ideal solution and negative ideal solution by mutual concessions (Opricovic and Tzeng, 2004). As shown in Figure 7, F c is the feasible solution that is closest to ideal F and it is the result of compromise between two criteria.…”

Section: Vikor Methodsmentioning

confidence: 99%

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Supplier selection by F-compromise method: a case study of cement industry of NE India

Mukherjee

Sarkar

Bhattacharyya

2013

IJCSYSE

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Abstract:In this paper, we initially conducted a brief review of supplier selection methods to find most cited multi-criteria decision making method, present trend of supplier selection and most cited criteria for supplier selection. Our study reveals that irrespective of several limitations of analytic hierarchy process (AHP), AHP and its integrated model is most preferred supplier selection method. Present research trend of supplier selection gives more emphasises on multiple sourcing instead of single sourcing. Based on our initial study, a suitable integrated model is proposed. In this integrated model, fuzzy analytic hierarchy process (FAHP) and VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje; in Serbian) is used to select suppliers from a predefined supplier base. Multi-objective genetic algorithm (MOGA) is used further to allocate order among suppliers. Finally, a case study is discussed to use proposed method.

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“…The VIKOR method is a compromise MADM method, developed by Opricovic and Tzeng (2004) started from the form of Lp-metric:…”

Section: Vikor Methodsmentioning

confidence: 99%

Section: Vikor Methodsmentioning

confidence: 99%

Supplier selection by F-compromise method: a case study of cement industry of NE India

Mukherjee

Sarkar

Bhattacharyya

2013

IJCSYSE

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“…In the complex multi-criteria systems, this method is used (Opricovic & Tzeng, 2004). The basic concept of VIKOR lies in defining the positive and negative ideal solutions.…”

Section: The Vikor Methodsmentioning

confidence: 99%

Developing a hybrid multi-criteria model for investment in stock exchange

Fazli¹,

Jafari²

2012

MSL

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One of the main challenges in Stock Market is to choose an appropriate combinations of various assets. The aim of this study is to propose a hybrid method, which is able to survey one problem with some criteria that it is very good for investment problem. In this study, we use a hybrid multiple criteria decision-making (MCDM) model, which shows the dependent relationships among criteria with DEMATEL method to build a relations-structure among criteria. We then use Analytical Network Process (ANP) to determine the relative weights of each criterion with dependence and feedback, and the VIKOR method is implemented to rank and select the best alternatives for investment. This study is in stock exchange in Iran to select the best stocks and the data are gathered through the years (2006)(2007)(2008)(2009)(2010). There are a lot of methods to rank and select of firms that most of the methods just do one, ranking or selecting; but the used method in this study not only ranks the firms but also determines which firms (stocks) are best for investment, so that in this study 2 of 50 firms are proposed for investment.

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“…VIKOR method was developed by Opricovic and Tzeng in 2004 as a multi-attribute-decision making method to solve certain decision problems that are not measured by the same unit and have contradictory criteria (Opricovic and Tzeng, 2004). The method is an effective tool in multi-attribute-decision making, particularly in a situation where the decision maker is not able, or does not know to express its preference at the beginning of system design.…”

Section: Vise Kriterijumska Optimizacija I Kompromisno Resenje (Vikor)mentioning

confidence: 99%

Structural System Selection Using the Integration of Multi-Attribute-Decision-Making (MADM) Methods

Polat

Turkoglu

Damcı

2018

Period. Polytech. Arch.

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A structural system carries all loads acting on the building and transfers them effectively to the soil through the foundation. Since it is the essential component of a building, selecting the most appropriate structural system is one of the critical decisions in the structural design. The design team, which consists of engineers and architects, is responsible for determining the structural system that will satisfy the owner's and end user's needs as well as the legal requirements. Due to the fact that a number of compromising and conflicting criteria may affect the structural system selection process, it is a difficult task and it should be considered as a multi-attribute-decisionmaking (MADM) problem. The main objective of this study is to provide the design teams with a MADM approach that will assist them in selecting the most appropriate structural system in a more objective and systematic manner. In the proposed approach, analytic hierarchy process (AHP) is used to compute the weights of the criteria and Vise Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) is employed to rank the structural system alternatives. In order to demonstrate how the proposed can be applied in a real life problem, the structural system of a housing project in Istanbul, Turkey is selected via this approach. The findings of the model were discussed with the decision making team in the studied project and they stated that the proposed approach could be easily employed as a guideline in selecting the most appropriate structural system from the managerial viewpoint. This paper is the revised version of the paper that has been published in the proceedings of the Creative Construction Conference 2018 (Polat et al., 2018).

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Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS

Cited by 3,819 publications

References 9 publications

Supplier selection by F-compromise method: a case study of cement industry of NE India

Supplier selection by F-compromise method: a case study of cement industry of NE India

Developing a hybrid multi-criteria model for investment in stock exchange

Structural System Selection Using the Integration of Multi-Attribute-Decision-Making (MADM) Methods

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