Optimal solution for supplier selection based on SMART fuzzy case base approach

Decision making for Supplier selection is the practice for a firm to identify, evaluates and contract with suppliers. The supplier selection practice deploys a significant amount of a manufacture´s financial resources. In return, manufacturer expects significant benefits from contracting with suppliers offering high value. As Today the average manufacturer spends roughly half its revenue to purchase goods and services. This makes a company´s success dependent on their interactions with suppliers. To survive in the intensely competitive global economy, it is often critically important to not only develop existing suppliers but also to discover new suppliers. Many theoretical and logical models have been developed for addressing the supplier selection problem (SSP). This paper focuses on a case-based reasoning (CBR) and fuzzy logic approach which is a recently recommended method for solving the SSP by making use of previous similar situations. Finally this integrated model is illustrated by an example in an existing manufacturing to validate the proposed model.