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Multi-stage and multi-attribute risk group decision-making method based on grey information

Dang Luo (College of Mathematics & Information Sciences, North China University of Water Resources and Electric Power, Zhengzhou, China)
Yuwen Li (College of Mathematics & Information Sciences, North China University of Water Resources and Electric Power, Zhengzhou, China)

Grey Systems: Theory and Application

ISSN: 2043-9377

Publication date: 3 August 2015

Abstract

Purpose

For the multi-stage and multi-attribute risk group decision-making problem, the attribute weight, decision-maker weight and time weight are unknown. The attribute value is grey information. The purpose of this paper is to discuss a decision-making method.

Design/methodology/approach

Analysis techniques and the theory about distance degree are used to determine the decision-maker weight within single stage. Grey relational analysis method is applied to determine the attribute weight. Moreover, the uncertainty of time weight and the proximity between the attribute value and positive/negative value are taken into account. A multi-objective optimization model is established based on maximum entropy to obtain time weights, so the comprehensive value is determined.

Findings

An example shows the effectiveness and practicability.

Originality/value

For a decision-making process, the results are different in different periods. This method is computationally very simple, easily comprehensible.

Keywords

Acknowledgements

This paper was supported by National Natural Science Foundation of China under Grant Nos. 71271086 and 51009065; and Natural Science Research Planning Project of Education Department of Henan Province under Grant No. 13A790065.

Citation

Luo, D. and Li, Y. (2015), "Multi-stage and multi-attribute risk group decision-making method based on grey information", Grey Systems: Theory and Application, Vol. 5 No. 2, pp. 222-233. https://doi.org/10.1108/GS-01-2015-0002

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Publisher

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Emerald Group Publishing Limited

Copyright © 2015, Emerald Group Publishing Limited

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