Evaluating the performance of oil and gas companies by an extended balanced scorecard and the hesitant fuzzy best-worst method
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2022
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01A - Journal article
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Mathematical Problems in Engineering
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2022
Issue / Number
1
Pages / Duration
019779
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Hindawi
Place of publication / Event location
London
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Abstract
The aim of this research is to find and prioritize a multicriteria performance measurement based on the balanced scorecard (BSC) for oil and gas (O & G) companies in an uncertain environment using the hesitant fuzzy best-worst method (HFBWM). The O & G industry has a key role in the economies of many countries. Hence, the evaluation of the performance of the O & G industry plays an important role. We utilize BSC for this purpose, which usually considers the financial, customer-oriented, internal, learning-oriented, and growth perspectives. In our research, the social responsibility perspective will be added. After finding multiple performance measurements, many companies cannot implement all of them because of limited resources. Therefore, multicriteria decision-making (MCDM) methods can be applied for prioritizing and selecting the most important measurement criteria. One of the MCDM methods is the best-worst method (BWM). This approach has several advantages compared to other MCDM methods. Due to uncertainties in decision-making, a suitable method for decision-making in an uncertain environment is necessary. Hesitant fuzzy approaches are applied as one such uncertainty-based method in this research. Our results indicate that among the five perspectives of BSC that we considered, the customer and internal process perspectives are the most important ones, and the cost of the R & D indicator is the most important subcriterion among these.
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1563-5147
1024-123X
1024-123X
Language
English
Created during FHNW affiliation
Yes
Strategic action fields FHNW
Publication status
Published
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Peer review of the complete publication
Open access category
Gold
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Citation
Yazdi, A. K., Mehdiabadi, A., Hanne, T., Sarfaraz, A. H., & Yazdian, F. T. (2022). Evaluating the performance of oil and gas companies by an extended balanced scorecard and the hesitant fuzzy best-worst method. Mathematical Problems in Engineering, 2022(1), 19779. https://doi.org/10.1155/2022/1019779