Justification and Selection of Advanced Technologies: Application of Hybrid MCDM Approach Based on FANP and FARAS

Document Type : Research Paper

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Abstract

Abstract
New technology is an important tool for differentiation on the market. Advanced Manufacturing Technologies (AMTs) have a lot of benefits for organizations. However, selection of inappropriate technology could have devastating impact both financially and strategically. Selection of right technology is a critical stage in a successful technology transfer process. The objective of this paper is developing an evaluation model to judge the appropriateness of advanced technologies by applying the integrated model of FANP-FARAS. This research is applicable in purpose and it has been done with a descriptive survey approach. For prioritization of the selection criteria, the data has been gathered by pairwise comparison questionnaire of FANP and for estimation of the performance rate of different technologies; the FARAS questionnaire has been applied. For the purpose of justifying and selecting new technologies, both qualitative and quantitative factors have been considered in human factors, operational factors and financial factors. Allowing for interdependencies among selection criteria provides a more realistic evaluation process than other selection processes that ignore such interdependencies. The technology selection process is a complex problem, because the decision criteria may be in conflict and may also be uncertain. In addition, interdependent relationships exist among various dimensions and criteria. The findings shows that the proposed hybrid MCDM approach based on fuzzy ANP and fuzzy ARAS is applicable methodology to assist in technology selection decisions. This model provides managers a tool for evaluating several technology alternatives and selecting the most appropriate technology for adoption.

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Journal of Technology Development Management
Volume 2, Issue 4
December 2015
Pages 109-134

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History

  • Receive Date: 26 June 2015
  • Revise Date: 16 December 2015
  • Accept Date: 13 March 2016

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