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Home  >  Volume 52

6. HYBRIDIZED MULTI CRITERIA MODEL FOR BUSINESS DECISION MAKING by Akinrotimi A.O. and Oladele R.O. Volume 52 (July & Sept., 2019 Issue)
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HYBRIDIZED MULTI CRITERIA MODEL FOR BUSINESS DECISION MAKING

Akinrotimi A.O.1 and Oladele R.O.2

University of Ilorin, Ilorin, Nigeria, Department of Computer Science,

Faculty of Communication and Information Sciences,

PMB 1515, Ilorin, Kwara State, Nigeria.

Abstract

Decision making is essential in managing business activities as without it, most managerial functions such as: strategizing, policy formation, forecasting and staffing cannot be properly carries out, especially when the data available for carrying out these functions are vague. In business, wrong decisions may not only lead to loss of capital and other resources, but also depicts the manager as incompetent. In this paper a fuzzy multi-objective approach is used to build a decision making model for organizing the business activities of a cocoa processing plant. The model was built, using a combination of fuzzy membership functions and linear programming techniques. At the testing stage, the comparison of the use of the fuzzy and the non-fuzzy approaching improving scientific objective functions reveal that the fuzzy approach is more efficient in building a model for decision making. It was also observed that the introduction of a technique for dealing with imprecise data into a linear programming model helps in producing a more accurate result when modeling the objective functions of the problems, involving imprecise data.

Keywords: Business activities, Decision Making, Fuzzy Set, Linear Programming, 

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