A New Integrated Fuzzy Multi-Criteria Decision Model for Performance Evaluation

Abstract

The perspective of competition in the high technology industry has changed impressively over the last two decades and the indicators which can be defined as the traditional indicators of business performance are insufficient today. So we have identified a new set of financial and non-financial performance indicators that can be used by firms and then, we developed a business performance measurement model. There may be relations and dependencies among the dimensions of performance. For this reason, performance evaluation should be conducted in a holistic manner. In this study, a hybrid method, Equated Priority Values (EPV), has been used to reflect the outcomes of the most commonly used approaches, including the modified Fuzzy Logarithmic Least Squares Method (modified fuzzy LLSM), Chang’s Extent Analysis Method and Mikhailov’s Fuzzy Prioritization Approach. A real world application is carried out to illustrate how the model can be utilized. The application could be interpreted as demonstrating the effectiveness and feasibility of the proposed model.