For this purpose, MCDM techniques support decision makers (DMs) in evaluating a set of alternatives based on multi-criteria value (Keeney and Raiffa 1993).
MILP is effective in this multi criteria decision-making scenario.
Therefore, multi-objective optimization is called multi criteria optimization or vector optimization.
This method is especially designed to evaluate alternatives in multi criteria or multi-attribute decision making.
It has important application in multi criteria decision-making (see [16 21]).
In [8], the method includes the fuzzy multi criteria evaluation and the grey relational analysis.
All approaches, proposed in literature are based on multi criteria analysis.
The multi criteria decision analysis (MCDA) method, mentioned by the EU Committee for Medicinal Products for Human Use CHMPP) in the Reflection Paper on Benefit Risk Assessment Methods in the Context of the Evaluation of Marketing Authorization Applications of Medicinal Products for Human Use[ 12], proposes the use of a value tree in analyzing the risk-benefit balance of a drug, for example.
The multi-criteria analysis approach enables the specification of diverse decision-making preferences for disparate criteria, and leads to quantitative understanding of trade-offs between the resulting criteria values of the corresponding Pareto-optimal solutions.
In a multi-objective decision-making process, we may consider the Decision Matrix (Table 1), the Criteria and the Meaning of the Criteria Values (Table 2) as inputs, and the Pay-off Matrix (Table 3) and the Compromise Solution (Figure 4) as outputs.
This study aims to develop a three-phase evaluation model incorporating fuzzy theory, value engineering and multi-criterion to find optimal strategies for product configuration change, so as to select suitable combination of parts suppliers.
