Selecting Strategies by Considering Budget Limitation: A Hybrid Algorithm of SWOT-DEMATEL-ANP and Binary Programming with Grey Information

Abstract

Strategic management is a process of determining a business long-term objectives and the way to achieve these goals. Considering importance of strategic planning in long-term competitive power of organizations, different frameworks are proposed to formulate strategies. How to choose the best strategy is a challenging activity due to its multi criteria nature and lack of information. In this paper, a method comprised of grey DEMATEL-grey analytic network process is proposed to deal with this challenge. The proposed method considered interrelationship among factors using DEMATEL and then these relations are applied in strategy ranking by ANP. The uncertainty and lack of information is handled using grey numbers. Application of the proposed method is illustrated in an ecotourism company.

Diagnosing the Organizational Climate of Junior High Schools in Taiwan

“…The synthesized effects and comparative importance across dimensions/criteria, however, cannot be resolved by DEMATEL solely (Kuan & Chen, 2014). As improvement efforts in MCDM techniques, a wide array of meta-heuristics have been incorporated into DEMATEL, including AHP, ANP, fuzzy set theory, Maximum Mean De-Entropy Algorithm (MMDE), VIKOR, grey relational analysis, TOPSIS, interpretative structural modeling method (ISM) and system dynamics (SD), aiming at quantifying weights of interactions among alternatives, dimensions and criteria, so as to depict intertwined correlations and interdependences among factors in MCDM studies (Chen et al, 2012;Mardani et al, 2015;Li et al, 2015;Ng & Zhang, 2016;Mostamand et al, 2017;Chen et al, 2013). In summary, DEMATEL and ANP, when combined, offer a unique advantage in handling complex decision problems by identifying interdependencies and impact-relations among criteria and then leveraging this information for decision-making.…”

The Grey Ten-Element Analysis Method: A Novel Strategic Analysis Tool

“…The recent applications of the intuitionistic fuzzy sets are addressed in [58][59][60][61][62]. The application of the grey systems theory on SWOT analysis could also be found in [19,63,64]. In contrast to the grey systems theory, fuzzy logic has been widely used for SWOT anal-ysis [65][66][67][68][69][70], especially, in the integration of the SWOT with MCDM methods [71][72][73].…”