Application of grey TOPSIS in preference ordering of action plans in balanced scorecard and strategy map

Abstract

'Strategy implementation' is an inseparable part of strategic management process. Transformation strategies to typical operations and daily functions of staff exert a significant role in organization success. Balanced scorecard (BSC) and strategy map help senior managers to perfectly implement and monitor the accomplishment of the strategies by transforming strategies into operational programs. Using BSC and strategy map, the strategies are translated into some action plans which help the achievement of organizational goals and strategies. Due to shortage of resources, usually all organization's action plans cannot be implemented completely; therefore, managers should make use of some tools for assigning and selecting more efective action plans. In this paper, a procedure is suggested on the basis of grey TOPSIS to determine the preference of action plans to better aid managers in selection of the most effective action plans in a group decision making process.