A group decision-making model for supplier selection: The case of a Colombian agricultural research company

Abstract

Decisions about supplier selection are important in the management of companies, as they directly influence their business continuity. The aim in such problem is to select the most suitable supplier from a set of potential ones, a task that involves several aspects besides cost. In this paper we build a model based on partial information in the context of MAVT (Multi-Attribute Value Theory) in order to select a satisfactory laboratory’s equipment supplier for an agricultural research company. Based on a set of criteria determined by specialists and alternatives available at local market, we applied the Flexible and Interactive Tradeoff (FITradeoff) method for eliciting preferences of multiple decision makers (DMs) and assist them to reach a consensus solution. The results showed the applicability of the method for aiding real-life situations since it enables DMs to consider tradeoffs amongst criteria based on a structured elicitation process, while lowering the cognitive effort required from them.