DEVELOPING A MULTI-CRITERIA DECISIONMAKING MODEL FOR INVESTMENT PROJECT SELECTION IN TEXTILE ENTERPRISES
DOI:
https://doi.org/10.5281/zenodo.21618449Keywords:
textile enterprises, investment projects, multi-criteria decision making, Analytic Hierarchy Process, TOPSIS, entropy weighting, fuzzy logic, investmentsAbstract
This article develops a multi-criteria decision-making model for selecting investment projects
in textile enterprises. The research integrates the Analytic Hierarchy Process, entropy weighting, TOPSIS, and
fuzzy logic into a unified methodological framework for project evaluation. Financial, technological, operational,
strategic, and sustainability criteria are systematically incorporated to support comprehensive investment
assessment. The findings demonstrate that combining subjective expert judgments with objective project
data improves the quality of investment decisions, promotes more efficient capital allocation, and strengthens
the competitiveness of textile enterprises. Furthermore, the study substantiates the practical applicability of
the proposed model and highlights its significance for enhancing investment management and supporting
sustainable industrial development.
References
Lu, S. (2025). Patterns of global textile and apparel trade measured by origin of value added (based
on World Trade Organization data). FASH455 Global Apparel & Textile Trade and Sourcing. https://
shenglufashion.com/2025/10/10/patterns-of-global-textile-and-apparel-trade-measured-by-origin-ofvalue-
added-updated-october-2025/
Kandakoglu, M., Walther, G., & Ben Amor, S. (2024). The use of multi-criteria decision-making methods
in project portfolio selection: A literature review and future research directions. Annals of Operations
Research, 332(2–3), 807–830. https://doi.org/10.1007/s10479-023-05564-3
Yıkıcı, Ö., & Över Özçelik, T. (2023). Investment project selection with multi-criteria decision-making
techniques in the FMCG industry. International Journal of Engineering and Management Research, 13(3),
–133. https://ijemr.vandanapublications.com/index.php/j/article/view/1232
Saaty, T. L. (1990). How to make a decision: The analytic hierarchy process. European Journal of Operational
Research, 48(1), 9–26. https://www.sciencedirect.com/science/article/abs/pii/037722179090057I
Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making: Methods and applications (Lecture
Notes in Economics and Mathematical Systems, Vol. 186). Springer. https://doi.org/10.1007/978-3-642-
-9
Zadeh, L. A. (1965). Fuzzy sets. Information and Control, 8(3), 338–353. https://www.dcsc.tudelft.
nl/~sc4081/2016/Materials/Zadeh_1965_fuzzy_sets.pdf
Ertuğrul, İ., & Karakaşoğlu, N. (2008). Comparison of fuzzy AHP and fuzzy TOPSIS methods for facility
location selection. The International Journal of Advanced Manufacturing Technology, 39(7–8), 783–795.
https://doi.org/10.1007/s00170-007-1249-8
Mondragon, A. E. C., Mastrocinque, E., et al. An AHP and fuzzy AHP multifactor decision-making approach
for technology and supplier selection in the high-functionality textile industry. Retrieved from https://
www.semanticscholar.org/paper/An-AHP-and-Fuzzy-AHP-Multifactor-Decision-Making-in-Mondragon-
Mastrocinque/b67c2894b780a61de9f4dbefbe1a0f5b0b0b3516
Fuzzy TOPSIS method in supplier selection and application in the garment industry. (2012). Fibres &
Textiles in Eastern Europe, 20(4), 93. https://www.researchgate.net/publication/268062240_Fuzzy_
TOPSIS_Method_in_Supplier_Selection_and_Application_in_the_Garment_Industry
Sustainable supplier selection in the apparel industry: An integrated AHP-TOPSIS model for multicriteria
decision analysis. (2024). Retrieved from https://www.researchgate.net/publication/383063136_
Sustainable_supplier_selection_in_the_apparel_industry_an_integrated_AHP-TOPSIS_model_for_multicriteria_
decision_analysis
A fuzzy AHP-TOPSIS framework for the risk assessment of green supply chain implementation in the textile
industry. Retrieved from https://www.researchgate.net/publication/327546163_A_fuzzy_AHP-TOPSIS_
framework_for_the_risk_assessment_of_green_supply_chain_implementation_in_the_textile_industry
Multicriteria approach for supplier selection: Evidence from a case study in the fashion industry. (2022).
Sustainability, 14(13), 8038. https://doi.org/10.3390/su14138038
Ranking of different investment risk in high-tech projects using TOPSIS method in fuzzy environment
based on linguistic variables. (2021). arXiv. https://arxiv.org/abs/2111.14665
Multiple attribute decision-making based on a prospect theory-based TOPSIS method for venture capital
selection with complex information. (2023). Granular Computing. https://doi.org/10.1007/s41066-023-
-7
Review on multi-criteria decision analysis in sustainable manufacturing decision making. (2021).
International Journal of Sustainable Engineering. https://doi.org/10.1080/19397038.2020.1866708
A hybrid multi-criteria decision-making approach based on ANP-entropy TOPSIS for building materials
supplier selection. (2021). Entropy, 23(12), 1597. https://doi.org/10.3390/e23121597
A combined AHP-entropy method for deriving subjective and objective criteria weights. International
Journal of Industrial Engineering. https://journals.sfu.ca/ijietap/index.php/ijie/article/download/330/128/998
Multi-criteria decision making in chemical and process engineering: Methods, progress and potential.
(2024). arXiv. https://arxiv.org/abs/2410.05713
A comparative analysis of multi-criteria decision-making (MCDM) methods. (2025). arXiv. https://arxiv.org/
abs/2509.08187
A decision-aiding procedure for the selection of manufacturing technologies. (2023). In Decision
Support Systems in Production and Manufacturing (Springer). https://link.springer.com/cha
pter/10.1007/978-3-031-36121-0_5
Downloads
Published
Issue
Section
License
Copyright (c) 2026 ECONOSCITECH INTEGRATION

This work is licensed under a Creative Commons Attribution 4.0 International License.