Ranking of Strategic Plans in Balanced Scorecard by Using Electre Method

Abstract

In a growing competitive business environment, many organizations have taken by adoption the strategic planning approach to an effort for business excellence. Implementation of proper strategies plays a vital role for organizations' success. Balanced scorecard is a suitable tool for designing operational strategies. However, one of the balanced scorecard problems is the selection in strategic plans' performance. In this paper, was settled a model for selection of strategic plans in Balanced Scorecard using Electre method. So first using the consensus of organization's managers and experts' opinions, measures of four perspectives and general objectives are determined in BSC. And then using experts' opinions and taking the relative importance of decision makers' opinions into consideration, by using Electre1, the performances of strategic plans are selected in BSC model. The results are shown that the introduced method is more reliable and acceptable and the experts were verified the model for selecting of strategic plans in BSC in operation. The introduced method was used in a study and extracted results from it were analyzed from different points of view. In this article Initiative is called strategic plans.

Keywords: Balanced Scorecard, Initiatives, MCDM, ELECTRE