Abstract:

Vital decisions made at the strategic level in an organization are not only intricate but also costly to alter. It is therefore important to find a comprehensive approach to deal with such a possibility. One of the major problems of a common balanced scorecard (BSC)-based model in strategic management is lack of a ranking system for strategic objectives in order to enable prioritization of the operational actions for strategy development. In this paper, we have proposed an approach to apply the Logarithmic Fuzzy Preference Programming (LFPP) and the Fuzzy Ratio System (FRS) techniques to resolve this issue. To propose a comprehensive approach, the strategy canvas concept, the four actions framework of the blue-ocean strategy model, and the competitive strategy development techniques of the Judo Strategy model can be employed for problem formulation. To check for applicability, the proposed model was applied to a case of X Tile and Ceramics Company. This research applied a combination of the Judo Strategy and the blue-ocean model in the form of a BSC strategic planning to develop strategic objectives as well as utilized the LFPP and FRS techniques to rank the objectives based on their strategic goals.

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