Single minute exchange of dies (SMED) is one of the most important tools to achieve lean production system. The main idea of this system is to provide methods and to use creative and innovative solutions for continuous improvement. Due to the importance of this issue and its effect on reducing waste during the production process, this study presents a method to identify and to weight factors in the establishment of a single minute exchange of dies in 14 plastic injection factories. In this study, fourteen factories in injection industry were chosen and the factors influencing the implementation of single minute exchange of dies were identified. Following data collection, decision matrix was formed and the weight of each factor was determined by using Shannon Entropy. Then, in order to determine the readiness of factories, VIKOR method was used to rank companies. The results indicate priorities of the following factors in establishing SMED that include: Senior management support, technical capabilities, technical knowledge of staff and consultants, knowledge of mold design, manufacturing infrastructure, team work, combination of the project team work, benchmarking, training, clear understanding of project objectives, rewards and motivation, proper management expectation, project management, teamwork and organizational culture. Practical implications: Due to the factors, Top manager can make the best decision for implementing of SMED technique. This study develops factors influencing on SMED implementation based on Shannon and VIKOR methods for ranking parameters and plants.

Nowadays, selection of an optimal project has become a challenging task for managers and decision makers. Project selection for a decision maker can be viewed as a complicated multi-criteria decision making (MCDM) problem, which requires consideration of a number of conflicting, tangible and intangible selection criteria. Moreover, decision makers tend to use linguistic terms for expressing their assessments because of their different backgrounds and preferences, some of which may be uncertain and incomplete. Hence, this paper focuses on developing a hybrid fuzzy MCDM approach by combining AHP and VIKOR for solving the project selection problem. Finally, A numerical example is proposed to illustrate an application of the proposed method.

Having loyal customer is the primary objective of any business owner since loyal customers purchase on regular basis, create sustainable growth and reduce risk of bankruptcy. During the past few years, many people argue that customer loyalty must be established through ethical values. In this paper, we present an empirical investigation to detect ethical factors influencing customer loyalty. The proposed study determines five criteria including customer repurchase, interest in brand, recommending brand to others, positive attitude toward brand and cognitive loyalty to brand. These criteria have been ranked using fuzzy analytical network process. The study determines 14 different ethical values, which may play essential role on customer loyalty and using VIKOR, different ethical values are ranked. The study indicates that welcoming customers is the most important factor followed by cheerfulness, on time delivery, being informative and having appropriate standards.

The efficient evaluation of technological innovation capabilities of enterprises is an important factor to enhance competitiveness. This paper aims to assess and to rank technological innovation evaluation criteria in order to provide a practical insight of systematic analysis by gathering the qualified experts’ opinions combined with three methods of multi-criteria decision making approach. A framework is proposed and uses a novel hybrid multiple criteria decision-making (MCDM) model to address the dependence relationships of criteria with the aid of the Decision-Making Trial and Evaluation Laboratory (DEMATEL), analytical network process (ANP) and VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje). The study reports that the interaction between criteria is essential and influences technological innovation capabilities; furthermore, this ranking development of technological innovation capabilities assessment is also one of key management tools for managements of other related high- tech enterprises. Managers can then judge the need to improve and determine which criteria provide the most effective direction towards improvement.

Nowadays, one of the challenges in the organizations according to budget limitations in the com-panies, is how to prioritize their project portfolios in the events of their strategies. In other words, organizations are seeking to allocate resources in order to gain the maximum profit ac-cording to budget limitations. In this article, a hybrid decision making method is used to priori-tize construction project portfolio by considering sustainability criteria. First, Lexicographic method is applied to weight the sustainability criteria. Then, by considering the weights derived from the Lexicographic and sustainability criteria, projects are prioritized based on VIKOR method. The proposed method of this study is applied for a case study of projects in the refinery scope.

The complexity of large-scale projects has led to numerous risks in their life cycle. This paper presents a new risk evaluation approach in order to rank the high risks in large-scale projects and improve the performance of these projects. It is based on the fuzzy set theory that is an effective tool to handle uncertainty. It is also based on an extended VIKOR method that is one of the well-known multiple criteria decision-making (MCDM) methods. The proposed decision-making approach integrates knowledge and experience acquired from professional experts, since they perform the risk identification and also the subjective judgments of the performance rating for high risks in terms of conflicting criteria, including probability, impact, quickness of reaction toward risk, event measure quantity and event capability criteria. The most notable difference of the proposed VIKOR method with its traditional version is just the use of fuzzy decision-matrix data to calculate the ranking index without the need to ask the experts. Finally, the proposed approach is illustrated with a real-case study in an Iranian power plant project, and the associated results are compared with two well-known decision-making methods under a fuzzy environment.

One of the primary questions in asset management is to find good combinations of different assets and this has been an interesting area of research for over half a century. The proposed model of this paper uses decision makers & apos; feedbacks based on multiple criteria decision making technique to find an appropriate portfolio. We first select some important financial criteria and then using decision makers & apos; opinions and by implementation of some fuzzy network analysis we find appropriate weights of the asset. The proposed model uses two multiple criteria techniques namely TOPSIS and VIKOR and the model is examined for some real-world data from Tehran Stock Exchange. The results of the implementation of the proposed model have been examined against Markowitz traditional model. The preliminary results indicate that the proposed model of this paper performs reasonably well compared with alternative method.

We present a dynamic balanced score card (BSC) to investigate the strategic internal process management factors. The proposed dynamic BSC emphasizes on internal processes aspect, and using VIKOR and Shannon Entropy, determinants the internal processes, process management and improvement and all important factors are ranked. The current study first introduces dynamic BSC and examines effective factors on the process. The proposed model focuses on internal processes perspective of BSC and determines importance degree of each factor is used using VIKOR decision-making techniques.

Selection of material for a specific engineering component, which plays a significant role in its design and proper functioning, is often treated as a multi-criteria decision-making (MCDM) problem where the most suitable material is to be chosen based on a given set of conflicting criteria. For solving these MCDM problems, the designers do not generally know what should be the optimal number of criteria required for arriving at the best decisive action. Those criteria should be independent to each other and their number should usually limit to seven plus or minus two. In this paper, five material selection problems are solved using three common MCDM techniques to demonstrate the effect of number of criteria on the final rankings of the material alternatives. It is interesting to observe that the choices of the best suited materials solely depend on the criterion having the maximum priority value. It is also found that among the three MCDM methods, the ranking performance of VIKOR (Vlse Kriterijumska Optimizacija Kompromisno Resenje) method is the best.

One of the main challenges in Stock Market is to choose an appropriate combinations of various assets. The aim of this study is to propose a hybrid method, which is able to survey one problem with some criteria that it is very good for investment problem. In this study, we use a hybrid multiple criteria decision-making (MCDM) model, which shows the dependent relationships among criteria with DEMATEL method to build a relations-structure among criteria. We then use Analytical Network Process (ANP) to determine the relative weights of each criterion with dependence and feedback, and the VIKOR method is implemented to rank and select the best alternatives for investment. This study is in stock exchange in Iran to select the best stocks and the data are gathered through the years (2006-2010). There are a lot of methods to rank and select of firms that most of the methods just do one, ranking or selecting; but the used method in this study not only ranks the firms but also determines which firms (stocks) are best for investment, so that in this study 2 of 50 firms are proposed for investment.