Assessment and Prioritize Risk Factors of Financial Measurement of Management Control System for Production Companies Using a Hybrid Z-SWARA and Z-WASPAS with FMEA Method: A Meta-Analysis

Sara Rahmati, Mohammad Hossein Mahdavi, Saeid Jafarzadeh Ghoushchi, Hana Tomaskova and Gholamreza Haseli
Additional contact information
Sara Rahmati: Department of Industrial Engineering, Islamic Azad University, Najafabad Branch, Isfahan P.O. Box 85141-43131, Iran
Mohammad Hossein Mahdavi: Department of Industrial Engineering, K. N. Toosi University of Technology, Tehran P.O. Box 19967-15433, Iran
Saeid Jafarzadeh Ghoushchi: Faculty of Industrial Engineering, Urmia University of Technology, Urmia P.O. Box 57166-93187, Iran
Hana Tomaskova: Faculty of Informatics and Management, University of Hradec Kralove, 50003 Hradec Kralove, Czech Republic
Gholamreza Haseli: Department of Management, Faculty of Economic, Management and Social Science, Shiraz University, Shiraz P.O. Box 71348-14336, Iran

Mathematics, 2022, vol. 10, issue 2, 1-27

Abstract: The management control system in an industry is managerial, directional, hindrance, and cohesive action in order to cohere and regulate various branches and sub-branches. In fact, it is a system that supports the real state of matters in the right way. This method is intended at assuring that the purposes and activities carried out have the desired outcomes and eventually lead to the objects and purposes of the company. In this matter, the financial and non-financial management control system is essential both when it comes to strategy community; Consequently, in this paper, the management control system is classified into financial and non-financial categories because such analysis gives a chance to get a broad assessment of a management control system relationship in organizations. In this paper, we evaluate the relationship between business strategy and management control system and their influences on financial performance measurement of a manufacturer (a case study of Maral Co.) with the use of Merchant’s theory. Furthermore, In this case, a decision-making strategy centered on the FMEA is used to identify and prioritize risk factors financial of the control system in companies. Nevertheless, because this strategy has some significant limitations, this research has presented a decision-making approach depending on Z-number theory. For tackle, some of the RPN score’s drawbacks, the suggested decision-making methodology combines the Z-SWARA and Z-WASPAS techniques with the FMEA method. The findings reveal that in the non-financial management control system element, customer satisfaction, and in the financial component, cost standards are at the largest level of weight. Furthermore, the strategic planning factor with a rate of 2.95 and the deviation analysis factor with a rate of 2.87 is at the lowest level, respectively. In sum, market or industry changes are the primary cause of risk in businesses, according to FMEA methodology and the opinions of three professionals.

Keywords: financial measurement; management; control system; merchant production; FMEA (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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