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 havea substantial influence on structures, processes, and people in addition to economic volatility, geopoliticalunpredictability, and the COVID-19 pandemic's long-lasting repercussions. Managers should already betrying to increase their company’s revenue in 2023 compared to the previous year. The COVID-19 epidemicand 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 performanceanalysis problem for ISO500 companies in the metal industry, a novel integrated decision-making modelthat takes into account some key indicators is developed. This model is based on MEREC for computingthe criteria weights and the WASPAS technique for evaluating the alternatives. An example of the metalindustry is considered to demonstrate the validity and applicability of the suggested method. The 20companies are evaluated using the developed methodology. The İskenderun Demir ve Çelik A.Ş. companywas 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. Sensitivityanalysis tests are run in order to show the robustness of the results.