A comparison of stochastic dominance and stochastic DEA for vendor evaluation

A comparison of stochastic dominance and stochastic DEA for vendor evaluation

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Article ID: iaor20091045
Country: United Kingdom
Volume: 46
Issue: 8
Start Page Number: 2313
End Page Number: 2327
Publication Date: Jan 2008
Journal: International Journal of Production Research
Authors: ,
Keywords: statistics: data envelopment analysis, simulation: applications
Abstract:

Vendor selection involves decisions balancing a number of conflicting criteria. Data envelopment analysis (DEA) is a mathematical programming approach capable of identifying non-dominated solutions, as well as assessing relative efficiency of dominated solutions. A simple multi-attribute utility function can be applied to a small set of alternatives, providing a tool to assess relative value, but is subject to error if estimated measures are not precise. This paper compares stochastic DEA with a multiple-criteria model in a vendor selection model involving multiple criteria, reporting simulation experiments varying the degree of uncertainty involved in model parameters.

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