ABSTRACT
In competitive markets, companies are always under intense pressure to find ways to reduce production and material costs to survive and sustain their competitive position in their respective markets. Since a qualified supplier is a vital element for a buyer in reducing such costs, evaluation and selection of the potential suppliers has become an important component of supply chain management. Most supplier selection models consider various tangible and intangible characteristics of suppliers. AHP, FAHP, FUZZY TOPSIS, DEA, ANP, ANN, FIS, GA etc. are the supplier selection and evaluation approaches that have different process to select and evaluate a supplier that has been focused in this paper and also classified individually and combined based on the previous researches. To analysis the cost the MOLP method and the Multi Criteria Decision making tools (MCDM) have been included in this paper to take the decision and to select the suppliers more accurately and makes a reflection on the effective suppliers selection criteria like supplier reliability, product quality and supplier experience etc. and also suggests on the most quantitative results on cost effective methods and supplier selection approaches.
