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Complementary Methods for Effective Decision Making

Aleksander Janeš and Armand Faganel
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Aleksander Janeš: University of Primorska
Armand Faganel: University of Primorska

from University of Primorska Press

Abstract: The development and empirical verification of the balanced scorecard (BSC) model, using the multi-criteria decision-making method called the analytic network process (ANP), are the key issues of the presented research. The paper presents the methodology of the prioritisation of the BSC goals with ANP method. Even though the prioritisation of the goals is possible with other method(s) findings from the empirical analysis showed that the ANP is more complementary with the BSC because of the influences among the goals in the BSC. The paper discusses special situations in prioritizing the BSC goals, i.e. understanding the ANP from the perspective of the user and the BSC with strategic goal(s) that do not directly influence any other strategic goal. Therefore, it can be asserted that introducing the ANP to implement the BSC and vice versa, improved the decision-making approach and the quality of the obtained results. The research was based on a case study of modelling the BSC for ebm-papst Slovenia LL Company, a manufacturing company.

Keywords: error correction model; analytic network process; balanced scorecard; key performance indicators; management; performance measurement system; sustainable growth; Slovenia (search for similar items in EconPapers)
Date: 2020
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