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Integrating Approach For Multi Criteria Decision Making Case Study Ranking For Bulk Carrier Shipbuilding Region

Journal: International Journal of Scientific & Technology Research (Vol.2, No. 10)

Publication Date:

Authors : ; ; ;

Page : 20-28

Keywords : Index Terms Decision Support System; Fuzzy AHP; TOPSIS.;

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Abstract

Abstract Investing in the bulk carrier market constitutes risky investment due to the volatility of the bulk carrier earning rates. Ship-owners invariably take several quotations before making an order for building a new ship. Shipbuilding process has indeed swung upwards or downwards depending upon the number of shipyards competing for a given volume of orders and the shipyard region. The decision makers for strategic purchasing greatly require an efficient valid and fair tool to assist them in determining the best region to build from forthwith. In this paper we concentrated a suitable shipbuilding Dry-cargo Bulk Carrier region for decision makers which belongs to Multi-Criteria Decision Making and attempted to uncover the benefit of using integrated Fuzzy set theory with AHP methodology to decrease the influence of decision makers subjective preference and control the uncertain and imprecise variations during evaluation process. The degree of confidence and risk index are also joined so that decision makers can adjust them to match real context. Finally the Technique for Order Preference by Similarity to Ideal Solution TOPSIS was applied to the final rank of alternatives. The data were collected from Clarksons Research Studies CRS for quantitative variable which provides a statistical and research service to Clarkson brokers their clients and the shipping world in general. Four decisions makers in marine strategic purchasing were invited and asked to give the qualitative variables intangible criteria. Another methodology was employed for the same object called Consensus Group Decision Making CGDM with addition of threshold to simplify the process iteration of the methodology and it gives the same rank 21. The advantages of FAHP is mainly depends of tangible criteria that have accurate values and intangible criteria which Fuzzy theory was used to deals with compared with the CGDM that mainly depends of experts that may be high risk and have confidence degree of their opinions.

Last modified: 2014-03-17 17:40:22