THE ISSUE OF MULTICRITERIA DECISION-MAKING: MODEL EXAMPLE OF BUSINESS PARTNER RISK ASSESSMENT

Jaromir Vrbka and Vojtech Stehel

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2019, vol. 13, issue 1, 738-749

Abstract: Decisions are made every day in business practices. Some are implemented intuitively, others by using some of the relevant decision-making methods. Decision-making theory is a relatively young discipline. It has started to develop as a separate area in recent years. Under the influence of globalization, new ideas penetrate into this theory. Decision-making is no longer an intuitive process. Managers are aware of the seriousness of the consequences of each decision. A good decision-making process is the foundation of success. In our contribution, we focus on decisions that have a multicriteria character. The first part of the contribution deals with the theoretical basis of decision-making processes with a focus on multicriteria decision-making under the conditions of globalization. Furthermore, we deal with the rationality of these processes, whose understanding is very important in rapidly changing market conditions. In the practical part of the paper, we deal with the methods and techniques used in the multicriteria decision-making process applied to the model example of business partner risk assessment. In the final part, we evaluate the results of using several methods. The aim of our contribution is to provide a theoretical approach to the issue of the multicriteria decision-making process with a focus on the globalization aspect and application of selected methods to the model example.

Keywords: financial health; Fuller triangle; multicriteria decision-making; Oreste; Pattern. (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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