Comparison of AHP-TOPSIS and AHP-VIKOR Methods in Product Selection in terms of Inventory Management

Abstract

Firms must develop and implement effective inventory policies that minimize costs and maximize profits in today's market conditions where extraordinary competition is experienced. Inventory has an important place in the total assets of manufacturing enterprises. Implementation of effective inventory management policies for this important item is crucial for the future of firms. Firms can meet customer needs more effectively by controlling fewer inventories that they classify according to their importance level. In this study, which is prepared by taking advantage of this point of view, application is presented that applies multi-criteria decision-making methods to determine the most important product in terms of inventory management. In the process of determining the product in the most important according to criteria determined, AHP method which is frequently used in the literature is applied for calculation weights of criteria. These weights are used in TOPSIS and VIKOR methods and results of these two methods are compared.