Multi-criteria supplier evaluation/ selection considering emotional factors

There are authors who claim that the emotional feeling (i.e., regret, rejoicing, etc.) can immensely affect people preference. However, some experimental research accredits that for most individuals regret shows a greater impact. Hence, we are trying to answer this question, “how emotional factors can be modeled formally for an established Multi-Criteria Decision Making (MCDM) model”. Over time, many approaches that can be applied for measuring the mentioned factors have been proposed, which can generally be categorized into two groups. 1. Using continuous functions and 2. Using pairwise comparisons to measure these emotional factors. In this paper, the above-mentioned issue has been probed from another perspective. We assume a new TOPSIS-based procedure to resolve this problem, which conventional TOPSIS uses, extended TOPSIS-based procedure results as an input. Moreover, in the proposed method, regret defines as the difference between the actual and fixed reference separation measure [0 and 1, the absolute best distance measures] for each decision alternative. Ultimately, the alternative with high (low) regret measure gets a lower (higher) score and viceversa. Finally, a numerical example includes a multi-criteria supplier evaluation/selection problem in a supply chain environment, depicts the implementation of our proposed methods. The result highlights that the accuracy of the decision has been rocketed by considering the emotional factors.