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Selection third-party logistics service providers in supply chain finance by a hesitant fuzzy linguistic combined compromise solution method

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  • Zhi Wen
  • Huchang Liao
  • Edmundas Kazimieras Zavadskas
  • Abdullah Al-Barakati

Abstract

In supply chain finance, the multiple criteria decision making (MCDM) problem of selecting a suitable third-party logistics (3PL) service supplier is of great significance to financial institutions. A suitable 3PL service supplier can not only help financial institutions carry out the supply chain finance business, but also can replace financial institutions to supervise the operation of a target financing supply chain, thus reducing the operational risks of financial institutions. As a useful MCDM method, the combined compromise solution (CoCoSo) method mainly combines a compromise decision algorithm with an aggregation strategy to obtain a compromise solution. This study extends the CoCoSo method to hesitant fuzzy linguistic environment to solve the multi-expert MCDM problem of the 3PL service supplier selection. Target criteria whose values are in linguistic forms are considered in the process of normalizing the decision matrix. A new integration approach with respect to subordinate compromise scores is introduced, and the subjective and objective weights of criteria are considered simultaneously in this extended process to avoid one-sidedness of criterion weights. A case study about the 3PL service supplier selection is given, in which the sensitivity analysis and comparative analysis are provided to highlight the advantages of the proposed method.

Suggested Citation

  • Zhi Wen & Huchang Liao & Edmundas Kazimieras Zavadskas & Abdullah Al-Barakati, 2019. "Selection third-party logistics service providers in supply chain finance by a hesitant fuzzy linguistic combined compromise solution method," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 4033-4058, January.
  • Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:4033-4058
    DOI: 10.1080/1331677X.2019.1678502
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    Cited by:

    1. Çağlar Karamaşa & Selçuk Korucuk & Ezgi Demir & Salih Memiş, 2023. "A Quantitative Analysis for Prioritizing Success Elements in Agile Logistics Applications: The Case of Giresun and Ordu," Alphanumeric Journal, Bahadir Fatih Yildirim, vol. 11(1), pages 63-84, July.
    2. Liu, Aijun & Li, Zengxian & Shang, Wen-Long & Ochieng, Washington, 2023. "Performance evaluation model of transportation infrastructure: Perspective of COVID-19," Transportation Research Part A: Policy and Practice, Elsevier, vol. 170(C).

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