Supplier Selection under Epistemic Uncertainty Using a Bayesian BWM-Credal Ranking Integrated Fuzzy VIKOR Framework

In the context of managing the Supply Chain Management (SCM), a procurement company's primary goal is to purchase the appropriate goods and services at the appropriate cost, quality, and time to support the overall efficacy and efficiency of the supply chain.This involves selecting the right supplier, which contributes to cost reduction, fosters building relationships, and enhances operational efficiency.Ensuring that chosen suppliers support the company's economic growth while adhering to sustainability goals, less impact to environmental factors, and resilience criteria is crucial.This study proposes a hybrid multi-criteria decision-making technique that considers both quantitative and qualitative evaluation criteria to optimize and make an efficient supplier selection.The methodology incorporates the Best-Worst Method (BWM), which calculates the criterion weights and ranks them using a probabilistic scale using the credal ranking approach.Subsequently, the Fuzzy VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) approach is then applied to rate potential suppliers based on the weights that were acquired.The supplier ranking of the VIKOR approach is compared against the Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) approach, to ensure the stability of the VIKOR-based supplier ranking.The suggested model's usefulness is illustrated by a case study in the engineering and procurement sector, which validates its effectiveness and real-world applicability.This work offers valuable insights for decision-makers seeking reliable and efficient methods for supplier evaluation and selection.