An Assessment of Performance of Steel Companies in India using PROMETHEE method of Multi Criteria Decision Technique

Authors

  • Dr. Avinash V. Raikar Associate Professor, Department of Economics CES College of Arts and Commerce, Cuncolim, Salcete, Goa, India.

Keywords:

MCDM, PROMETHEE, Steel Companies

Abstract

PROMETHEE has emerged as a one of the important multi-criteria based decision technique due to the simplicity in its use as well as a deep analytical aid it provides to the decision maker. The PROMETHEE apart from financial based performance assessment is also used in various multi-criteria decisions making. In this paper the method is used for assessment of 24 steel companies operating in India by considering 15 financial ratio indicators that measure profitability, liquidity, stability, managerial efficiency. The results indicate that Tata Sponge, Kalyani Steel, Jindal Stainless, JSW Steel and Sarda Energy and Minerals are the five best performers among the lot of companies evaluated by using this method.

References

Akkaya, C.G. &Uzar, Ceren (2013). The Usage of Multiple Criteria Decision Making Techniques on Profitability and Efficiency: An Application of PROMETHEE, International Journal of Economics and Financial Studies, Vol. 5, No. 149-156.

Alenjagh, R.S. (2013). Performance Evaluation and Ranking of Insurance Companies in Tehran Stock Exchange by Financial Ratiosusing ANP and PROMETHEE, European Online Journal of Natural and Social Sciences, Vol.2, No.3 (Special Issue on Accounting & Management), 3478-3486. [online] http://www.european-science.com

Brans J. P. & Vincke, Ph. (1985). Note—A Preference Ranking Organisation Method. Management Science 31(6): 647-656. https://doi.org/10.1287/mnsc.31.6.647

Brans, J. P., Vincke, P. & Mareschal, B. (1986). How to Select and How to Rank Projects: The Promethee Method. European Journal of Operational Research, 24, 228-238.

Brans, J.P. and Vincke, P. (1985). A preference ranking organization method, Management Science, 31/6, pp. 647-656

Butowski, L (2018). An Integrated AHP and PROMETHEE approach to the Evaluation of the Attractiveness of European Maritime Areas for Sailing Tourism, Moravian Geographical Report, 26(2), 135-148. http://doi:10.2478/mgr-2018-0011

Ertugrul, I & Oztas, G.Z. (2016). Performance Analysis of On line Bookstores by using MACBETH and PROMETHEE Methods, Journal of Internet Application and Management, Vol. 7, No.2, 21-38.

Firouzabadi, A.K. & Ghazimatin, E. (2013). Application of Preference Ranking Organisation Method for Enrichment Evaluation Method in Energy Planning –Regional Level, Iranian Journal of Fuzzy System, Vol. 10, No. 4, 67-81.

Gavurova, B., Belas, J., Kocisova, K. & Kliestik, T. (2017). Comparison of Selected Method for Performance Evaluation of Czech and Slovak Commercial Banks, Journal of Business Economics and Management, Vol.18 (5), 852-876. http://doi:10.3846/16111699.2017.1371637

Ginevicious,R., Podvezko, V., Novotny, M. (2010). Evaluating Lithuanian Bank from the Perspective of their Reliability to Customers by PROMETHEE Method, 6th International Scientific Conference, May 13-14, Vilnius, Lithuania, Business and Management 2010, 993-999 http://doi:10.3846bm.2010.133

Kalogeras, N., Baourakis, G., Zopounidis, G. & Dijk,von G. (2005). Evaluating the Financial Performance of Agri-food Firms: A multi-criteria Decision Aid Approach, Journal of Food Engineering, 70, 365-371. http://doi:10.1016/j.jfoodeng.2004.01.039

Lopes, A.P.F, Munoz, M.M & Alarcon-Urbistondo, P. (2018). Regional Tourism Competitiveness using the PROMETHEE Approach, Annals of Tourism research, 73, 1-13. Doi: https://doi.org/10.1016/ j.annals.2018.07.003

Macharis, C., Springael, J., De Brucker, K., & Verbeke, A. (2004). PROMETHEE and AHP: The Design of Operational Synergies in Multicriteria Analysis: Strengthening PROMETHEE with Ideas of AHP. European Journal of Operational Research, 153(2), 307-317.

Murat, S., Kazan, H. & Koscun, S.S. (2015). An Application for Measuring Performance Quality of Schools by Using PROMETHEE Multi-criteria Decision Making Method, Procedia-Social and Behavioral Sciences, 195, 729-738. On line www.sciencedirect.com

Ozturk, A., Kecek, G. & Soylemez, Y.E. (2013). Personnel Selection in an Accommodation Enterprise by PROMETHEE Method, International Journal of Business and Commerce, Vol. 5, No.03, 01-09. Online: www.ijbcnet.com

Peterková, J., & Franek, J. (2018). Decision Making Support for Managers In Innovation Management: a PROMETHEE approach. International Journal of Innovation, 6(3), 256-274. http://dx.doi.org/ 10.5585/iji.v6i3.236

Podvezko, V. & Podviezko, A. (2010). Use and Choice of Preference Functions for Evaluation of Characteristics of Socio-Economical Processes, 6th International Scientific Conference May 13–14, Vilnius, Lithuania, BUSINESS AND MANAGEMENT, 1066-1071 http://doi:10.3846/bm.2010.143

Ranjan, R & Chakraborty, S. (2015). Performance Evaluation of Indian Technical Institutions using Promethee-Gia Approach, Informatica in Education, Vol. 14.No.1 103-125. Doi; http://dx.doi.org/10.15388/ infedu.2015.07

Uzar, C. (2013). Financial Performance Test of Public Banks in Turkey: An Application of PROMETHEE, International Journal of Economics and Financial Studies, Vol.5, No.2, 1-19.

Zopounidis, C., Shiniotakis, W. and Baorkas, G. (2006). Financial Analysis and Economic Aspects of the Agricultural union of Crete, Agricultural Economic Review, Vol. 7, No. 2, 66-77

Downloads

Published

19-09-2021

How to Cite

Dr. Avinash V. Raikar. (2021). An Assessment of Performance of Steel Companies in India using PROMETHEE method of Multi Criteria Decision Technique. International Journal of Management Studies (IJMS), 6(Spl Issue 4), 46–56. Retrieved from https://researchersworld.com/index.php/ijms/article/view/1003

Issue

Section

Articles