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A Novel Multi-Criteria Risk Matrix to Assist in the Strategy Formulation Process: The Case of SMEs

Author

Listed:
  • Jean-Marc Vasnier

    (CESI - CESI : groupe d’Enseignement Supérieur et de Formation Professionnelle - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

  • Mourad Messaadia

    (LINEACT - Laboratoire d'Innovation Numérique pour les Entreprises et les Apprentissages au service de la Compétitivité des Territoires - CESI - CESI : groupe d’Enseignement Supérieur et de Formation Professionnelle - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

  • Nicolas Maranzana

    (LCPI - Laboratoire Conception de Produits et Innovation - Arts et Métiers Sciences et Technologies - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

  • Ameziane Aoussat

    (LCPI - Laboratoire Conception de Produits et Innovation - Arts et Métiers Sciences et Technologies - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

Abstract

Small and medium-sized enterprises (SMEs) are the spine of the European economy and play a key role in adding value in all sectors of the economy. However, due to a lack of methodology and time, SME entrepreneurs struggle to formalize their strategies and too often remain ill-prepared to face today's potential crises. This paper aims to propose a Risk Management (RM) tool to identify and assess the impact of risks on specific business strategic dimensions. The hypotheses and robustness of the model are tested using Monte Carlo simulation. The analysis shows that a reduced strategic risk matrix (size [Formula: see text]) could provide the same quality of information as a full strategic risk matrix (size [Formula: see text]) in about 80% of the cases, regardless of the weight of each criterion and the values of each risk factor. The results extend the limited use of RM tool in the field of SME Risk Management.

Suggested Citation

  • Jean-Marc Vasnier & Mourad Messaadia & Nicolas Maranzana & Ameziane Aoussat, 2021. "A Novel Multi-Criteria Risk Matrix to Assist in the Strategy Formulation Process: The Case of SMEs," Post-Print hal-03295416, HAL.
    • Handle: RePEc:hal:journl:hal-03295416
    DOI: 10.1142/s0219622021500255
    Note: View the original document on HAL open archive server: https://hal.science/hal-03295416
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    Keywords

    Decision analysis; Strategic risk management; Monte Carlo simulation; Risk matrix; SMEs;
    All these keywords.

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