Applying Group Decision Making and Multiple Attribute Decision Making Methods in Business Processes

Abstract:

The aim of this applied research is to focus on real-life application of multiple attribute decision making (MADM) methods and their adaptation in a way which can be acceptable for business practice. The study will apply the group decision making methods on a Balanced Scorecard (BSC) as a type of performance measurement and strategic decision making. The study is mainly concerned with multiple criteria decomposition method of analytic network process (ANP) method, WINGS technique and entropy. This group of methods had been already applied in several business domains. However, majority of the implementation was only presented as an example how it could work in practice, but they were not investigated from the perspective of how much information they could provide to the management. In this paper, proposed methods will be used to determine which criteria are most important for the company within the Balanced Scorecard and results of all methods will be compared. The aim of this study is, by utilizing group MADM approach, to discover the areas of the BSC which must be improved so that a total performance increases.

• Periodical: Applied Mechanics and Materials (Volume 693)
• Pages: 237-242
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.693.237
• Online since: December 2014
• Authors: Kateřina Kashi, Jiří Franek
• Keywords: Balance Scorecard, BSC, MADM Methods, Performance Measurement, Wings

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