An application of a fuzzy TOPSIS multi-criteria decision analysis algorithm for dry bulk carrier selection

Bekir Sahin, Tsz Leung Yip, Po Hsing Tseng, Mehmet Kabak, Ahmet Soylu

Research output: Journal article publicationJournal articleAcademic researchpeer-review

3 Citations (Scopus)

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.

Original languageEnglish
Article number251
JournalInformation (Switzerland)
Volume11
Issue number5
DOIs
Publication statusPublished - 1 May 2020

Keywords

  • Fuzzy logic
  • Multi criteria decision analysis
  • Shipping business
  • TOPSIS

ASJC Scopus subject areas

  • Information Systems

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