Comprehensive Strategic Planning for Construction Companies Using Fuzzy MADM Techniques
Journal Title: Journal of Operational and Strategic Analytics - Year 2024, Vol 2, Issue 4
Abstract
In today’s volatile and competitive global markets, organizations face numerous challenges to their survival and growth. To navigate these challenges effectively, the adoption of future-oriented, environment-based planning strategies is essential. Such strategies must not only address the identification of key environmental factors but also assess their long-term impacts on the organization, alongside its interaction with these external variables. The survival and sustainable development of an organization depend on a timely understanding of emerging opportunities and market dynamics, the formulation of strategic plans, and the selection of appropriate, effective strategies. This study presents an integrated model designed to evaluate the factors influencing a construction company’s performance, with a focus on conducting a comprehensive risk analysis. The model prioritizes and quantifies the significance of each element within the strengths, weaknesses, opportunities, and threats (SWOT) analysis of the company’s operational context. Furthermore, two fuzzy logic-based Multiple-Attribute Decision-Making (MADM) methods, namely the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and the Analytic Hierarchy Process (AHP), were employed to rank the identified factors. Based on the analysis of the collected data, the final strategic course for the company was derived. The results indicated that the TOPSIS method placed a greater emphasis on the organization's strengths and opportunities, while the AHP approach, despite prioritizing long-term safety considerations, underscored the significance of addressing weaknesses and mitigating threats. This research contributes to the understanding of how fuzzy MADM techniques can be applied to strategic planning in the construction industry, facilitating more informed decision-making processes that align with the evolving demands of the market and ensure organizational resilience.
Authors and Affiliations
Samaneh Hoseinpoorian Chabok, Duško Tešić
Keywords
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- EP ID EP753408
- DOI https://doi.org/10.56578/josa020403
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