Optimal Strategy Selection under Fuzzy Environment for Strategic Planning Methodology Selection: A SWOT Approach

Abstract

Over the past few years, many researchers apply SWOT analysis in combination with other methodologies in order to obtain enhanced strategic planning frameworks and tackle the weaknesses of applying only one approach. To overcome some shortcomings of SWOT analysis, an integrated SWOT analysis, fuzzy net present value (FNPV), and fuzzy Shapley value (FSV) methodology was proposed in the present study as a conceptual framework to cost-effectively achieve and manage the objectives for efficiency, capacity, and availability as well as to provide practical insights on how to formulate strategic decisions. The fuzzy net present value method was used to determine the strategic importance of the SWOT matrix. Taking into account the theoretical foundation of the cooperative games, the fuzzy Shapley value was used to determine the optimal combination of SWOT matrix strategies to effectively overcome the ambiguities and uncertainty of real-world conditions. In the game, any type of strategy (WT, WO, ST, and SO) was considered as a player who had partial freedom to make some choices. According to the results of the present study, the combination of the WT1 WO1 ST2 SO2 strategy was selected as the most appropriate strategy combination to be implemented in the organization.