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Selecting Strategies by Considering Budget Limitation: A Hybrid Algorithm of SWOT-DEMATEL-ANP and Binary Programming with Grey Information
Volume 28, Issue 3 (2017), pp. 485–503
Pub. online: 1 January 2017      Type: Research Article      Open accessOpen Access
Received
1 December 2016
Accepted
1 March 2017
Published
1 January 2017

Abstract

Strategic management is a process of determining a business long-term objectives and the way to achieve these goals. Considering importance of strategic planning in long-term competitive power of organizations, different frameworks are proposed to formulate strategies. How to choose the best strategy is a challenging activity due to its multi criteria nature and lack of information. In this paper, a method comprised of grey DEMATEL – grey analytic network process is proposed to deal with this challenge. The proposed method considered interrelationship among factors using DEMATEL and then these relations are applied in strategy ranking by ANP. The uncertainty and lack of information is handled using grey numbers. Application of the proposed method is illustrated in an ecotourism company.

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Biographies

Mostamand Morteza
morteza_mostamand70@yahoo.com

M. Mostamand received his MS degree in Master of Business Administration (M.B.A) from Khatam University in 2016. He is a management consultant and his interest fields are strategic management and strategic planning.

Razavi Hajiagha Seyed Hossein
s.hossein.r@gmail.com

S.H. Razavi Hajiagha is an assistant professor at the Department of Management, Khatam University, Tehran, Iran. He received PhD degree in production and operation management from Allameh Tabatabaei University, Tehran, Iran. He has published many papers in leading international journals. His research interests include multi-criteria decision-making (MCDM), data envelopment analysis (DEA), fuzzy MCDM, inventory control and supply chain management.

Daneshvar Maryam
m.daneshvar@khatam.ac.ir

M. Daneshvar is an assistant professor at the Department of Management, Khatam University, Tehran, Iran. She obtained PhD and master’s from Tarbiat Modares University, Iran. She is a member of Iran Management Association. Her research interests are performance evaluation, robust optimization, quantitative methods in decision making, multivariate analysis, quality management and productivity.


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© 2017 Vilnius University
Open access article under the CC BY license.

Keywords
strategy planning SWOT grey system theory DEMATEL analytic network process

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