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Article
Publication date: 6 May 2014

Ki-Yoon Kim and Kwan-Sik Na

The extended TOPSIS approach including the analytical hierarchy process method is used to solve business recovery priority decision problem mixed with interval data and…

Abstract

Purpose

The extended TOPSIS approach including the analytical hierarchy process method is used to solve business recovery priority decision problem mixed with interval data and exact data of an insurance company. The paper aims to discuss these issues.

Design/methodology/approach

According to the concept of TOPSIS, the authors construct the normalized decision matrix and the weighted normalized decision matrix. Using the vertex method, the authors calculate the distance of each alternative from the positive or negative ideal solution.

Findings

The proposed TOPSIS algorithms on interval data provide a useful framework for systematic risk assessment that an incident or disaster manager can use to prioritize recovery during business discontinuity.

Research limitations/implications

As a managerial implication, the proposed method can be applied to any case for providing information for risk management decision-making in industrial and service organizations. As for a future direction, other decision-making methods can be included in the methodology to ensure more integrated and/or comparative study.

Practical implications

The ratings and weights of the criteria in the decision problem are assessed by means of interval data. The use of the interval data in decision problem is highly beneficial when performance values cannot be expressed by means of numerical values. The authors extended the TOPSIS approach for solving MCDM problem with interval data as well as exact data.

Social implications

The authors have shown how TOPSIS method on interval data can be used to provide priority decision for business recovery of an insurance company. The proposed method provides the authors a useful way to deal with a business recovery problem, where the values of evaluating items are represented by generalized exact numbers or interval-valued numbers.

Originality/value

The proposed approach has the potential to resolve incident and disaster management and can be applied to the implementation of business recovery plan for business continuity.

Details

Journal of Systems and Information Technology, vol. 16 no. 2
Type: Research Article
ISSN: 1328-7265

Keywords

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