Multi-Criteria Decision Making Model In Selecting Suppliers

Abstract

Executives of the firm need to consider some new tools or strategies that will assist them in selecting the best possible supplier. Customers have a wide range of service options, making it more challenging for them to select the ideal one for their needs. Realizing that selecting a logistics service provider is still based on subjective feelings rather than being supported by tools or scientifically proved is a step in the right direction, but it is still inappropriate. This thesis investigates the application of BWM and TOPSIS ranking in multi-criteria decision making. The process of selecting a provider of logistics services is designed to maximize the achievement of multiple conflicting goals, including quality, cost, and delivery time. The scale that is utilized by the BWM methodology enables decision makers to graphically combine experience and knowledge. The impact of the Covid pandemic has significantly reduced the use of global Logistics services in Sao Viet's international freight forwarding services firm and Vietnam in particular. Decision makers are frequently unsure of their preferences when evaluating partnering service providers or investing in their own logistics systems due to a lack of information and confusion. As a result, those in charge of making judgments require a tool that will assist them in arriving at decisions that are prompt, precise, and correct in light of the data at their disposal. The author uses the TOPSIS method to develop an automated Excel system to assist in the selection of suppliers based on available criteria and scores. Examine in detail the supplier selection models utilized for supplier evaluation, rating, and selection, as well as the BWM and BWM TOPSIS models. Using the TOPSIS method to develop an automated Excel system to assist in the selection of suppliers based on available criteria and scores.