An Application of a Fuzzy TOPSIS Multi-Criteria Decision Analysis Algorithm for Dry Bulk Carrier Selection


ŞAHİN B., Yip T. L., Tseng P., KABAK M., Soylu A.

INFORMATION, vol.11, no.5, 2020 (ESCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 11 Issue: 5
  • Publication Date: 2020
  • Doi Number: 10.3390/info11050251
  • Journal Name: INFORMATION
  • Journal Indexes: Emerging Sources Citation Index (ESCI), Scopus, Aerospace Database, Communication Abstracts, Compendex, INSPEC, Metadex, Directory of Open Access Journals, Civil Engineering Abstracts
  • Keywords: fuzzy logic, TOPSIS, shipping business, multi criteria decision analysis, SUPPLIER EVALUATION, SHIPPING COMPANIES, AHP, MODEL, PRIORITIZATION, PORTS
  • Gazi University Affiliated: Yes

Abstract

Decision-making in ship investment is a complex and difficult process with trade-offs. The purpose of this study is to guide the decisions on the purchase of dry bulk carriers based on a Fuzzy Technique for Order Preference by Similarity to Ideal Solution (Fuzzy TOPSIS) multi-criteria decision analysis algorithm. A set of criteria and a set of alternatives based on various characteristics are developed and evaluated with expert questionnaires. The proposed method provides weights for a given criteria to provide ranked alternatives, identifying the optimal solution. The alternatives among the multiple suppliers are ranked in the context of the shipping investment. This study reveals that shipowners are rather acting with a holistic perspective in ship purchase; however, we prove a detailed analysis is required.