The Best Worst Method (BWM) represents a powerful tool for multi-criteria decision-making and defining criteria weight coefficients. However, while solving real-world problems, there are specific multi-criteria problems where several criteria exert the same influence on decision-making. In such situations, the traditional postulates of the BWM imply the defining of one best criterion and one worst criterion from within a set of observed criteria. In this paper, an improvement of the traditional BWM that eliminates this problem is presented. The improved BWM (BWM-I) offers the possibility for decision-makers to express their preferences even in cases where there is more than one best and worst criterion. The development enables the following: (1) the BWM-I enables us to express experts’ preferences irrespective of the number of the best/worst criteria in a set of evaluation criteria; (2) the application of the BWM-I reduces the possibility of making a mistake while comparing pairs of criteria, which increases the reliability of the results; and (3) the BWM-I is characterized by its flexibility, which is expressed through the possibility of the realistic processing of experts’ preferences irrespective of the number of the criteria that have the same significance and the possibility of the transformation of the BWM-I into the traditional BWM (should there be a unique best/worst criterion). To present the applicability of the BWM-I, it was applied to defining the weight coefficients of the criteria in the field of renewable energy and their ranking.

Bioenergy is a kind of renewable energy that can potentially contribute to a broad spectrum of economic, environmental, and societal objectives and aid sustainable development. The assessment, management, and monitoring of the diverse bioenergy production technology alternatives are complex in nature and deliver different benefits due to the lack of precise and comprehensive data. Selection of an optimal bioenergy production technology (BPT) alternative is considered a complex multi-criteria decision-making (MCDM) problem that involves many incompatible tangible and intangible as well as qualitative and quantitative criteria. The procedure of defining and evaluating the weights of the criteria is an important concern for decision experts because the assessment and the final selection of the BPT alternative are carried out on the basis of the defined set of criteria. Intuitionistic fuzzy sets (IFSs) have received considerable attention due to their ability to handle the imprecision and vagueness that can arise in real-life situations. Thus, this study presents an integrated approach, based on stepwise weight assessment ratio analysis (SWARA) and complex proportional assessment (COPRAS) approaches, for the selection of BPT alternatives. In the integrated framework, criteria weights are determined by the SWARA procedure, and the ranking of BPT alternatives is decided by the COPRAS method using IFSs. The criteria weights evaluated by this approach involve the imprecision of experts’ opinions, which makes them more comprehensible. To express the efficiency and applicability of the integrated framework, a BPT selection problem is presented using IFSs. In addition, this study involved sensitivity analysis with respect to various sets of criteria weights to reveal the strength of the developed approach. The sensitivity analysis outcomes indicate that the agricultural and municipal waste of biogas (S₃) consistently secures the highest rank, despite how the criteria weights vary. Finally, a comparative study is discussed to analyze the validity of the obtained result. The findings of this study confirm that the proposed framework is more useful than and consistent with previously developed methods using the IFSs environment.

In the current dynamic environment, organizations are exposed to many risks from different directions. Therefore, this study using the theoretical lens explored the effect of enterprise risk management (ERM) on both financial and non-financial firm performance and the moderating role of intellectual capital (IC) and its dimensions on the relationship between ERM and firm performance. To test the study hypotheses, a questionnaire survey was distributed to 84 Iranian financial institutions. Structural equation modeling (PLS software) was used to analyze the data statistically. The findings revealed that ERM had a positive relationship with firms’ performance. The results also showed that the overall IC had a moderating effect on ERM-firm financial performance. However, regarding components of IC, knowledge, and information technology (IT) had a positive and significant moderating effect while training, organizational culture, and trust did not affect. This study provides an insight into the impact of ERM in recent years on non-financial performance and the influence of intangible assets on ERM and its function. The model developed in the current study and result can be extended and implemented to other organizations in developing countries.