Recent economy and financial business environment is undergoing a quick and accelerating revolution and paradigm shift, resulting in growing uncertainty and complexity. Therefore, the need for an all-inclusive and far-reaching performance measurement model is universally felt as it can provide management-oriented information and act as a supporting tool in developing, inspecting, and interpreting policy-making strategies of an enterprise to achieve competitive advantages. Hence, this paper proposes an application of the balanced scorecard (BSC) model in an insurance organization for coordinating and regulating its corporate vision, mission, and strategy with organizational performance through the interrelation of different layers of business perspectives. In the next stage, a framework to unify both BSC and best-worst method (BWM) models is implemented for the very first time in the insurance domain to assess its performance over two-time periods. The integrated BSC-BWM model can help managers and decision-makers to figure out and interpret competing strength of the said enterprise and consecutively expedite inefficient and compelling decision making. Nevertheless, this integrated model is embraced and selected for a certain categorical business and there is enough future scope for its application to distinct industries.

Relevant and appropriate selection of best hybrid material is a challenging task for the recent industries. The mandatory criterion is to deal with the enhanced productivity with minimum cost. Therefore, this paper highlights on the comparative study between the advanced multi-criteria approaches namely ARAS, MABAC, COPRAS and MOOSRA methods for the selection of the best hybrid composite material using aluminum (Al) as base material varying different reinforcement weights and recycling with various industrial wastes by stir casting. Al/WCE gives superior tribomechanical properties at lower cost than any other reinforcements. These advanced MCDM methods are applied, based on the properties and attributes of the hybrid composites, to compare between the computational and experimental results. The results exactly corroborate with the previous research results, which authenticate the expediency of these methods during the solving of complex hybrid material selection problems for sustainable energy recovery. Out of 48 different samples, A30 is obtained to be the best sample by ARAS approach (rank 1) which is Al+Al2O3 at 12.5%wt. addition. A24 is ranked 2 which is heat treated 12.5%wt. WCE. But the same A30 is obtained to be rank 5 and A24 is obtained to be rank 1 by MABAC method, A30 is obtained to be rank 2 and A24 to be rank 1 by COPRAS method, and A30 is calculated to be rank 1 and A24 to be rank 11 by MOOSRA method. A24 is also obtained to be the best hybrid composite as per the experimentation. This paper also aims for proper recovering of environmental friendly renewable energy for the society by fabricating the best hybrid green composite for sustainable development.

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Factual material selection is essential in the manufacturing arena with a superior product and minimum cost. This paper highlights on the advanced multi-criteria approaches namely additive ratio assessment (ARAS) and multi-attributive border approximation area comparison (MABAC) methods for the best material selection of a hybrid composite using aluminum (Al) as base material varying different reinforcement weights and recycling with various industrial wastes by stir casting. Al/WCE gives superior tribomechanical properties at lower cost than the other reinforcements. ARAS and MABAC methods are applied, based on the properties and attributes of the hybrid composites, to compare between the computational and experimental results. The results exactly corroborate with the previous research results which authenticate the expediency of these methods during the solving of complex hybrid material selection problems. Out of 48 different samples, the best hybrid composite material obtained by ranking is material number A30 by ARAS approach (rank 1) which is Al+Al2O3 at 12.5% wt. addition and material number A24 (rank 2) which is heat treated 12.5%wt. WCE. But the same A30 is obtained to be rank 5 and A24 is obtained to be rank 1 by MABAC method. A24 is obtained to be the best hybrid composite after the experimentation.

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