The decision-making process is part of everyday life for people and organizations. When modeling ... more The decision-making process is part of everyday life for people and organizations. When modeling the solutions to problems, just as important as the choice of criteria and alternatives is the definition of the weights of the criteria. This study will present a new hybrid method for weighting criteria. The technique combines the ENTROPY and CRITIC methods with the PROMETHE method to create EC-PROMETHEE. The innovation consists of using a weight range per criterion. The construction of a weight range per criterion preserves the characteristics of each technique. Each weight range includes lower and upper limits, which combine to generate random numbers, producing “t” sets of weights per criterion, allowing “t” final rankings to be obtained. The alternatives receive a value corresponding to their position with each ranking generated. At the end of the process, they are ranked in descending order, thus obtaining the final ranking. The method was applied to the decision support problem o...
Demand forecasting is a complicated task due to incomplete data and unpredictability. Accurate de... more Demand forecasting is a complicated task due to incomplete data and unpredictability. Accurate demand forecasting has a direct impact on the performance of a company. The goal of the study is to present a new two-stage combination model named Hybrid-2-Best, for accurate demand forecasting. The model combines three forecasting models in a single combined forecast. The Hybrid-2-Best model uses a two-stage algorithm to achieve betterperforming forecasts. Case study showed that the proposed Hybrid-2-Best model performs the best forecast performance among other combination techniques and individual methods. Furthermore, GP integration in the first and second stages gives flexibility. Experimental results indicate that the proposed Hybrid-2-Best model is a promising alternative for sales demand forecasting. MAPE of the proposed model is 0,13. This is a good result and better than compared other models. Proposed model performed better than other compared models in MASE and MSE as well.
ABC analysis is an efficient and easy-to-use methodology to classify inventory based on a single ... more ABC analysis is an efficient and easy-to-use methodology to classify inventory based on a single or multi-criteria basis that may consist of thousands of items. The first study by H. F. Dickie [1] based on a single criterion is considered to be limited now. New studies focus on Multi-Criteria-Inventory Classification (MCIC), since such an extension of the criteria fits the realities of modern business decisions. The proposed approach in this study uses three-phased MCIC incorporating Analytical Hierarchy Process (AHP), Fuzzy C-Means (FCM) Algorithm and a newly proposed Revised-Veto (RVeto) phase to meet the ABC Classification principles and increase its applicability and flexibility. This new approach is called AHP-FCM-RVeto and proposed in this study for the first time. A numerical example taken from the literature is used to compare AHP-FCM-RVeto with other methods, and the results also show that the proposed methodology performs better.
The decision-making process is part of everyday life for people and organizations. When modeling ... more The decision-making process is part of everyday life for people and organizations. When modeling the solutions to problems, just as important as the choice of criteria and alternatives is the definition of the weights of the criteria. This study will present a new hybrid method for weighting criteria. The technique combines the ENTROPY and CRITIC methods with the PROMETHE method to create EC-PROMETHEE. The innovation consists of using a weight range per criterion. The construction of a weight range per criterion preserves the characteristics of each technique. Each weight range includes lower and upper limits, which combine to generate random numbers, producing “t” sets of weights per criterion, allowing “t” final rankings to be obtained. The alternatives receive a value corresponding to their position with each ranking generated. At the end of the process, they are ranked in descending order, thus obtaining the final ranking. The method was applied to the decision support problem o...
Demand forecasting is a complicated task due to incomplete data and unpredictability. Accurate de... more Demand forecasting is a complicated task due to incomplete data and unpredictability. Accurate demand forecasting has a direct impact on the performance of a company. The goal of the study is to present a new two-stage combination model named Hybrid-2-Best, for accurate demand forecasting. The model combines three forecasting models in a single combined forecast. The Hybrid-2-Best model uses a two-stage algorithm to achieve betterperforming forecasts. Case study showed that the proposed Hybrid-2-Best model performs the best forecast performance among other combination techniques and individual methods. Furthermore, GP integration in the first and second stages gives flexibility. Experimental results indicate that the proposed Hybrid-2-Best model is a promising alternative for sales demand forecasting. MAPE of the proposed model is 0,13. This is a good result and better than compared other models. Proposed model performed better than other compared models in MASE and MSE as well.
ABC analysis is an efficient and easy-to-use methodology to classify inventory based on a single ... more ABC analysis is an efficient and easy-to-use methodology to classify inventory based on a single or multi-criteria basis that may consist of thousands of items. The first study by H. F. Dickie [1] based on a single criterion is considered to be limited now. New studies focus on Multi-Criteria-Inventory Classification (MCIC), since such an extension of the criteria fits the realities of modern business decisions. The proposed approach in this study uses three-phased MCIC incorporating Analytical Hierarchy Process (AHP), Fuzzy C-Means (FCM) Algorithm and a newly proposed Revised-Veto (RVeto) phase to meet the ABC Classification principles and increase its applicability and flexibility. This new approach is called AHP-FCM-RVeto and proposed in this study for the first time. A numerical example taken from the literature is used to compare AHP-FCM-RVeto with other methods, and the results also show that the proposed methodology performs better.
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