Performance Evaluation of Thermal Power Generation Companies using Integrated Proposed Trustable BWM Algorithm and BSC Model (A Real Case Study)

In order to keep and improve the position of thermal power generation companies in the competitive market, performance evaluation is necessary. BSC is one of the most efficient performance evaluation models. In this model, there are two assumptions of equal weights of perspectives and equal weights of performance evaluation indicators, which are not necessarily true in real-world problems. BWM is a powerful method for weighting criteria in MADM problems. In this research without considering the two mentioned assumptions, trustable BWM algorithm are presented for solving MADM problems with various number of indicators and hierarchical levels. The mentioned algorithm can propose more trustable solutions for some real-world problems. Then, the weight of performance evaluation indicators of Fars Power Generation Management Company was evaluated by integrating the proposed algorithm with BSC model. In the mentioned company, seventeen performance evaluation indicators were identified. Then the identified indicators were classified and weighted in four perspectives using BSC model. In the basis of obtained findings, the integrated of the proposed algorithm with BSC model can be a suitable approach to determine the weight of indicators according to evaluate the performance of thermal power generation companies. Also, the algorithm is convergent and trustable and it can provide reliable results for solving MADM problems according to various number of indicators and hierarchical level numbers.