Comparative analysis of multi-criteria decision making methodologies and implementation of a warehouse location selection problem
For the solution of decision making problems with multi criteria, the literature presents many methodologies under the title of decision theory. In this context, AHP, TOPSIS, ELECTRE and Grey Theory are well-known and the most acceptable methodologies. Firstly, in this study; these methodologies are compared in terms of main characteristic of decision theory and thus advantages and disadvantages of these methodologies are offered. Later, the application of these methodologies on the warehouse selection problem, which is one of the main topics of logistics management that has a wide range of applications with multi-criteria decision making methodologies, is presented as a case study which is characterized in retail sector, that maintains high uncertainity and product variety and then how to choose the best warehouse location among many alternatives has been shown.
warehouse location selection topsis electre grey theory multi criteria decision making