Assessing the performance of metal industry companies using novel hybrid MEREC-WASPAS methods

Abstract

Business managers all over the world are tackling a variety of shifts in organizations that have a substantial influence on structures, processes, and people in addition to economic volatility, geopolitical unpredictability, and the COVID-19 pandemic's long-lasting repercussions. Managers should already be trying to increase their company’s revenue in 2023 compared to the previous year. The COVID-19 epidemic and other recent disruptions have demonstrated how brittle business performance is. As a result, corporations have begun to evaluate their performance with less enthusiasm. To handle the performance analysis problem for ISO500 companies in the metal industry, a novel integrated decision-making model that takes into account some key indicators is developed. This model is based on MEREC for computing the criteria weights and the WASPAS technique for evaluating the alternatives. An example of the metal industry is considered to demonstrate the validity and applicability of the suggested method. The 20 companies are evaluated using the developed methodology. The İskenderun Demir ve Çelik A.Ş. company was found to be the best choice for performance assessment of companies. Regarding key indicators, exports, and equity capital, İskenderun Demir ve Çelik A.Ş. is in a very favorable position. Sensitivity analysis tests are run in order to show the robustness of the results.