An improvement of quantitative strategic planning matrix using multiple criteria decision making and fuzzy numbers

The Quantitative Strategic Planning Matrix (QSPM) is a useful tool to prioritize strategies at any level including corporate, business and functional. The ratings and attractive scores used in QSPM, however, require judgmental decisions and should be based on expert's opinion to ensure the applicability of chosen strategies. Application of a fuzzy multi-criteria decision making method is proposed in this paper with the goal of improving the output of conventional QSPM by allowing the experts to employ linguistic terms (qualitative data) in their judgments. Namely, a multi-criteria decision making index via the technique for Order Preference by Similarity to Ideal Solution (TOPSIS) is adapted to the fuzzy QSPM in finding the sum total attractive scores of strategies. As a case study, the proposed method has been applied for strategy prioritization in a Tile Company. The results have been verified with expert knowledge and showed an improvement compared to the non-fuzzy QSPM. (C) 2012 Elsevier B. V. All rights reserved.