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

1
Department of Computer Science, Norwegian University of Science and Technology, 2802 Gjøvik, Norway
2
Department of Logistics and Maritime Studies, The Hong Kong Polytechnic University, Hong Kong, China
3
Department of Transportation and Logistics, Feng Chia University, Taichung 40724, Taiwan
4
Department of Industrial Engineering, Gazi University, 06500 Ankara, Turkey
*
Author to whom correspondence should be addressed.
Information 2020, 11(5), 251; https://doi.org/10.3390/info11050251
Received: 1 April 2020 / Revised: 24 April 2020 / Accepted: 1 May 2020 / Published: 3 May 2020
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. View Full-Text
Keywords: fuzzy logic; TOPSIS; shipping business; multi criteria decision analysis fuzzy logic; TOPSIS; shipping business; multi criteria decision analysis
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MDPI and ACS Style

Sahin, B.; Yip, T.L.; Tseng, P.-H.; Kabak, M.; Soylu, A. An Application of a Fuzzy TOPSIS Multi-Criteria Decision Analysis Algorithm for Dry Bulk Carrier Selection. Information 2020, 11, 251.

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