Using optimization algorithms of DEA and Grey system theory in strategic partner selection: An empirical study in Vietnam steel industry

In the current market economy, alliances play a key role in developing strategies across fields. In order to have a good partner, managers have used both qualitative and quantitative methodologies. This paper proposes a mathematical model to figure out the most suitable strategic partners. With inpu...

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Bibliographic Details
Published in:Cogent business & management Vol. 7; no. 1; pp. 1 - 15
Main Authors: Nguyen, Phu, Nguyen, Nhu Ty
Format: Journal Article
Language:English
Published: Abingdon Taylor & Francis 2020
Cogent
Taylor & Francis Ltd
Taylor & Francis Group
Subjects:
Applied Mathematics
Business
Business & Industry
business performance
Data envelopment analysis
Data Envelopment Analysis (DEA)
Economics
Finance
Grey forecasting model
Industry & Industrial Studies
Management and Accounting
Mathematics & Statistics
optimization algorithms
Science
Social Sciences
strategic alliance
System theory
Vietnam
ISSN:2331-1975, 2331-1975
Online Access:Get full text
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Summary:In the current market economy, alliances play a key role in developing strategies across fields. In order to have a good partner, managers have used both qualitative and quantitative methodologies. This paper proposes a mathematical model to figure out the most suitable strategic partners. With input data from published financial reports, the authors use the data envelopment analysis (DEA) to evaluate the business efficiency of the steel companies in the period of 2011-2019. Then, Grey system theory is applied to predict their performance in the future period. The findings recommend the two leading steel manufactures but having ineffective performance, the Hoa Sen Group, and the Pomina Steel Corporation, as the most feasible beneficial partnership. Managers and the government can take advantages of the model in order to implement and have overall plans of steel enterprise in the future.
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ISSN:2331-1975
2331-1975
DOI:10.1080/23311975.2020.1832810