IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i11p4585-d1404012.html
   My bibliography  Save this article

Integration of Sustainability in Risk Management and Operational Excellence through the VIKOR Method Considering Comparisons between Multi-Criteria Decision-Making Methods

Author

Listed:
  • Eliana Judith Yazo-Cabuya

    (Facultad de Ciencias Naturales e Ingeniería, Universidad de Bogotá Jorge Tadeo Lozano, Carrera 4 #22-61, Bogotá 110311, Colombia)

  • Asier Ibeas

    (Departamento de Telecomunicaciones e Ingeniería de Sistemas, Universitat Autònoma de Barcelona, 08193 Barcelona, Spain)

  • Jorge Aurelio Herrera-Cuartas

    (Facultad de Ciencias Naturales e Ingeniería, Universidad de Bogotá Jorge Tadeo Lozano, Carrera 4 #22-61, Bogotá 110311, Colombia)

Abstract

In the current context, organizations face an important challenge in managing risks related to environmental, social and governance (ESG) issues. This research presents a general method for prioritizing organizational risks with a focus on sustainability based on the characterization of five typologies of organizational risks and their respective sub-risks, based on an analysis of global reports. Subsequently, paired surveys are administered to a group of experts from various sectors, who assign importance to the organizational sub-risks. Their responses serve as the basis for the prioritization of these risks, using the VIšekriterijumsko KOmpromisno Rangiranje (VIKOR) method, which highlights the following most relevant organizational sub-risks for each type of risk: (1) Lack of ethics in the conduct of business (geopolitical risk); (2) Deficit in economic growth (economic risk); (3) Chemical safety (social risk); (4) Massive data fraud or theft incidents (technological risk); and (5) Water depletion (environmental risk). Additionally, a sensitivity analysis is performed to determine the robustness of the results of the VIKOR method and then compare the correlation coefficients with respect to the results obtained in previous studies for the AHP and ANP methods. Finally, we propose the implementation of a model to manage organizational risks, which are addressed proactively through an integral vision, allowing for continuous improvement and alignment with corporate strategy by means of an operational excellence management system (OEMS).

Suggested Citation

  • Eliana Judith Yazo-Cabuya & Asier Ibeas & Jorge Aurelio Herrera-Cuartas, 2024. "Integration of Sustainability in Risk Management and Operational Excellence through the VIKOR Method Considering Comparisons between Multi-Criteria Decision-Making Methods," Sustainability, MDPI, vol. 16(11), pages 1-26, May.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:11:p:4585-:d:1404012
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/11/4585/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/11/4585/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Daimi, Sarra & Rebai, Sonia, 2023. "Sustainability performance assessment of Tunisian public transport companies: AHP and ANP approaches," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).
    2. Borgonovo, Emanuele & Plischke, Elmar, 2016. "Sensitivity analysis: A review of recent advances," European Journal of Operational Research, Elsevier, vol. 248(3), pages 869-887.
    3. Opricovic, Serafim & Tzeng, Gwo-Hshiung, 2004. "Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS," European Journal of Operational Research, Elsevier, vol. 156(2), pages 445-455, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Weifeng Xu & Xiaomin Cui & Ruiwen Qi & Yuquan Lin, 2025. "A Novel Multi-Criteria Decision-Making Approach to Evaluate Sustainable Product Design," Sustainability, MDPI, vol. 17(21), pages 1-26, October.
    2. Carmen Elena Anton & Camelia Mirela Baba & Oana-Andreea Bucșoiu, 2025. "Perspectives on Integrating Risk Management and Sustainability for Financial Performance: A Systematic Literature Review," Sustainability, MDPI, vol. 17(8), pages 1-25, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yi Peng, 2015. "Regional earthquake vulnerability assessment using a combination of MCDM methods," Annals of Operations Research, Springer, vol. 234(1), pages 95-110, November.
    2. Zheng, Guozhong & Wang, Xiao, 2020. "The comprehensive evaluation of renewable energy system schemes in tourist resorts based on VIKOR method," Energy, Elsevier, vol. 193(C).
    3. Milad Zamanifar & Seyed Mohammad Seyedhoseyni, 2017. "Recovery planning model for roadways network after natural hazards," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 87(2), pages 699-716, June.
    4. Pedro Ponce & Citlaly Pérez & Aminah Robinson Fayek & Arturo Molina, 2022. "Solar Energy Implementation in Manufacturing Industry Using Multi-Criteria Decision-Making Fuzzy TOPSIS and S4 Framework," Energies, MDPI, vol. 15(23), pages 1-19, November.
    5. Makam, Vaishno Devi & Millossovich, Pietro & Tsanakas, Andreas, 2021. "Sensitivity analysis with χ2-divergences," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 372-383.
    6. Wenyao Niu & Yuan Rong & Liying Yu & Lu Huang, 2022. "A Novel Hybrid Group Decision Making Approach Based on EDAS and Regret Theory under a Fermatean Cubic Fuzzy Environment," Mathematics, MDPI, vol. 10(17), pages 1-30, August.
    7. Wen Shi & Xi Chen & Jennifer Shang, 2019. "An Efficient Morris Method-Based Framework for Simulation Factor Screening," INFORMS Journal on Computing, INFORMS, vol. 31(4), pages 745-770, October.
    8. Wabukala, Benard M. & Bergland, Olvar & Mukisa, Nicholas & Adaramola, Muyiwa S. & Watundu, Susan & Orobia, Laura A. & Rudaheranwa, Nichodemus, 2024. "Electricity security in Uganda: Measurement and policy priorities," Utilities Policy, Elsevier, vol. 91(C).
    9. Wei, Sen & Yang, Hanqing & Bai, Yu & Wang, Yuanqing, 2025. "Road safety assessment of small management units considering smart roadway retrofitting," Transport Policy, Elsevier, vol. 167(C), pages 28-41.
    10. F. Wang & G. H. Huang & Y. Fan & Y. P. Li, 2020. "Robust Subsampling ANOVA Methods for Sensitivity Analysis of Water Resource and Environmental Models," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 34(10), pages 3199-3217, August.
    11. Hisham Alidrisi, 2021. "An Innovative Job Evaluation Approach Using the VIKOR Algorithm," JRFM, MDPI, vol. 14(6), pages 1-19, June.
    12. Daniel Harenberg & Stefano Marelli & Bruno Sudret & Viktor Winschel, 2019. "Uncertainty quantification and global sensitivity analysis for economic models," Quantitative Economics, Econometric Society, vol. 10(1), pages 1-41, January.
    13. Abbas Keramati & Fatemeh Shapouri, 2016. "Multidimensional appraisal of customer relationship management: integrating balanced scorecard and multi criteria decision making approaches," Information Systems and e-Business Management, Springer, vol. 14(2), pages 217-251, May.
    14. Serafim Opricovic, 2009. "A Compromise Solution in Water Resources Planning," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 23(8), pages 1549-1561, June.
    15. María Pilar de la Cruz López & Juan José Cartelle Barros & Alfredo del Caño Gochi & Manuel Lara Coira, 2021. "New Approach for Managing Sustainability in Projects," Sustainability, MDPI, vol. 13(13), pages 1-27, June.
    16. Zheng Yuan & Baohua Wen & Cheng He & Jin Zhou & Zhonghua Zhou & Feng Xu, 2022. "Application of Multi-Criteria Decision-Making Analysis to Rural Spatial Sustainability Evaluation: A Systematic Review," IJERPH, MDPI, vol. 19(11), pages 1-31, May.
    17. Khaled Alshehri & Mohadese Basirati & Devin Sapsford & Michael Harbottle & Peter Cleall, 2024. "Nature-Based Secondary Resource Recovery under Climate Change Uncertainty: A Robust Multi-Objective Optimisation Methodology," Sustainability, MDPI, vol. 16(16), pages 1-27, August.
    18. Lupo, Toni, 2015. "Fuzzy ServPerf model combined with ELECTRE III to comparatively evaluate service quality of international airports in Sicily," Journal of Air Transport Management, Elsevier, vol. 42(C), pages 249-259.
    19. Jing Zhang & Xinglong Feng & Aixiang Wu & Haiyong Cheng & Zhengrong Li & Shaoyong Wang & Wei Sun & Chong Chen, 2025. "Critical early warning of underground debris flows in mines based on rainfall–collapse characteristics," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 121(1), pages 423-445, January.
    20. Alamoodi, A.H. & Zaidan, B.B. & Zaidan, A.A. & Albahri, O.S. & Chen, Juliana & Chyad, M.A. & Garfan, Salem & Aleesa, A.M., 2021. "Machine learning-based imputation soft computing approach for large missing scale and non-reference data imputation," Chaos, Solitons & Fractals, Elsevier, vol. 151(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:11:p:4585-:d:1404012. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.