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Complementary Methods for Effective Decision Making

Author

Listed:
  • Aleksander Janeš

    (University of Primorska)

  • Armand Faganel

    (University of Primorska)

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.

Suggested Citation

  • Aleksander Janeš & Armand Faganel, 2020. "Complementary Methods for Effective Decision Making," MIC 2020: The 20th Management International Conference,, University of Primorska Press.
    • Handle: RePEc:prp:micp20:25-38
    as

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    References listed on IDEAS

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