Fuzzy multi-criteria decision-making procedure for evaluating advanced manufacturing system investments
نویسندگان
چکیده
In this paper, a fuzzy decision algorithm is proposed to select the most suitable advanced manufacturing system (AMS) alternative from a set of mutually exclusive alternatives. Both economic evaluation criterion and strategic criteria such as #exibility, quality improvement, which are not quantitative in nature, are considered for selection. The economic aspects of the AMS selection process are addressed using the fuzzy discounted cash #ow analysis. The decision algorithm aggregates the experts' preference ratings for the economic and strategic criteria weights, and the suitability of AMS investment alternatives versus the selection criteria to calculate fuzzy suitability indices. The fuzzy indices are then used to rank the AMS investment alternatives. Triangular fuzzy numbers are used throughout the analysis to quantify the vagueness inherent in the "nancial estimates such as periodic cash #ows, interest rate and in#ation rates, experts' linguistic assessments for strategic justi"cation criteria, and importance weight of each criterion. A comprehensive numerical example is provided to illustrate the results of the analysis. ( 2001 Elsevier Science B.V. All rights reserved.
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