The best selection of strategic plans in balanced scorecard using multi-objective decision making model

Abstract

In an increasingly competitive business environment, many organizations have adopted the strategic
planning approach in an attempt to achieve excellence in business. Implementation of appropriate strategies
plays an important role for organizations' success. Balanced scorecard is an appropriate tool used for
designing operational strategies. However, one of the balanced scorecard problems is its selection in
strategic plans' performance. In this paper, a model was established for the selection of strategic plans in
“balanced scorecard” using “goal programming model” which is one of the multi-objective decision making
models. So, using the consensus of organizations’ managers and experts' opinions, the measures and
general objectives of the four perspectives are first determined in BSC, and then, using experts' opinions and
taking the relative importance of decision makers' opinions into consideration, by using “goal programming
model”, the performances of strategic plans are selected in the BSC model. The results show that the
introduced method is more reliable and acceptable and the experts verify the model for selecting strategic
plans in the operation of BSC. The introduced method was used in a study and the extracted results from it
were analyzed from different points of view. However, in this article, initiatives are called strategic plans.