Search results

The main purpose of present study is to model the replacement policy under uncertainty for managerial application based on grey-reliability approach by considering the subjective views of quality control circle (QCC). The study objectively links the optimality between individual replacement and group replacement policies for determining the minimum operational costs. The integrated framework between QCC, replacement theory, grey set theory and supply chain management is presented to plan replacement actions under uncertainty.

The study proposes the concept of grey-reliability index and built a decision support model, which can deal with the imprecise information for determining the minimum operational costs to plan subsequent maintenance efforts.

The findings of the study establish the synergy between individual replacement and group replacement policies. The computations related to the numbers of failures, operational costs, reliability index and failure probabilities are presented under developed framework. An integrated framework to facilitate the managers in deciding the replacement policy based on operational time towards concerning replacement of assets that do not deteriorate, but fails suddenly over time is presented. The conceptual model is explained with a numerical procedure to illustrate the significance of the proposed approach.

A conceptual model under the framework of such items, whose failures cannot be corrected by repair actions, but can only be set by replacement is presented. The study provides an important knowledge based decision support framework for crafting a replacement model using grey set theory. The study captured subjective information to build decision model in the ambit of replacement.

As the suppliers of any organization are considered as the strategic partners and taken as the integral part of the supply chain network, hence it is very crucial decision to select the suppliers in order to get the competitive edge. Whenever, any organization select its suppliers then organization evaluates every supplier with respect to certain criteria, which are already listed in the organization’s policies. Since supplier selection is based on the evaluation of various attributes of each alternative; therefore this problem is a multi-attribute decision-making (MADM) problem. The purpose of this paper is to propose a model for selecting the best supplier.

This paper reports the implementation of grey theory to choose the appropriate supplier with uncertain information. Grey values have been used to give the ratings and weightage to various criteria which are being used to evaluate the different supplier alternatives. And finally the grey possibility degree has been calculated to rate the various alternatives.

This paper proposed a MADM model based on grey theory to select the optimal supplier and finally, the proposed model has been applied to select the best supplier for “optimizing digital banking” in the Indian context.

The selection criteria selected here through literature review may not fit the whole industry and moreover this paper can be extended into the field where multiple-supplier selection is required, like in manufacturing sector where the authors cannot rely always on single supplier. So, in that case the authors need to pick more than one best alternatives.

The grey theory approach can be applied almost all the services industries, where the exact information about the suppliers in quantitative terms is very difficult to find. So the authors can use the grey numbers to rate the suppliers.

Since, the coming generation is more dependent on the internet banking, so it becomes very much necessary for the banking sector to update the existing system. Due to lack in technical skills, outsourcing the information technology and software development is the best option. Hence, Grey theory based model can be used in selecting the best supplier under uncertain information.

Very few studies have been done in India using grey theory approach for supplier selection and moreover, to the best knowledge of the authors’ this is the first study which employs grey theory for selecting the best supplier in banking industry. Moreover the digital banking system is the future of banking industry, so every player should provide the digital banking structure in order to survive in the market.

The purpose of this paper is to survey and express the advantages and disadvantages of the existing approaches for solving grey linear programming in decision-making problems.

After presenting the concepts of grey systems and grey numbers, this paper surveys existing approaches for solving grey linear programming problems and applications. Also, methods and approaches for solving grey linear programming are classified, and its advantages and disadvantages are expressed.

The progress of grey programming has been expressed from past to present. The main methods for solving the grey linear programming problem can be categorized as Best-Worst model, Confidence degree, Whitening parameters, Prediction model, Positioned solution, Genetic algorithm, Covered solution, Multi-objective, Simplex and dual theory methods. This survey investigates the developments of various solving grey programming methods and its applications.

Different methods for solving grey linear programming problems are presented, where each of them has disadvantages and advantages in providing results of grey linear programming problems. This study attempted to review papers published during 35 years (1985–2020) about grey linear programming solving and applications. The review also helps clarify the important advantages, disadvantages and distinctions between different approaches and algorithms such as weakness of solving linear programming with grey numbers in constraints, inappropriate results with the lower bound is greater than upper bound, out of feasible region solutions and so on.

Personnel selection is an important process in management due to the high cost of unfavorable employee procurement. The multi criteria nature and the presence of both qualitative and quantitative factors make it considerably more complex. The purpose of this paper is to propose a grey theory‐based hybrid approach to solve personnel selection problems in uncertain environments.

The work procedure is as follows: first, grey analytic network process (GANP) is applied to calculate selection criteria weights and then candidates are ranked by using grey possibility degrees. Finally, an example of a selection problem of sniper for a military unit was used to illustrate the proposed approach.

The analyses of the results show that grey theory‐based methods have enormous chance of success for personnel selection problems in uncertain situations.

Although there are some applications for personnel selection problems that used grey system theory in the literature, the combination of GANP and grey possibility degrees is used for personnel selection problem in this study.

Stainless steel is widely used in different manufacturing sectors. The purpose of this study is to optimize the process parameters of machining while processing SS316L alloy. The optimization of machining characteristics in the case of SS316L alloy greatly improves the quality and productivity economically.

The machining variables in current research are depth of cut, spindle speed and feed rate. The optimization of response characteristics was carried out using the intelligent approach of grey, regression and teaching learning-based optimization (TLBO) and Taguchi-Grey approach. Planning of experiments was made using Taguchi’s based L27 orthogonal array. With the implementation of grey, the response characteristics were normalized and converted into a single response. The regression analysis was used for empirical modeling of the single response induced from the grey application. TLBO is further used to investigate the combinations of machining variables and compared with grey theory.

The grey-TLBO based multi-criteria decision-making approach suggests that the optimized setting for material removal rate, mean roughness depth (Rz) and cutting force (Fz) is spindle speed (N): 720 rpm; feed rate (F): 0.3 mm/rev; depth of cut (DoC): 1.7 mm. The grey theory suggests an optimized setting as N: 720 rpm; F: 0.2 mm/rev and DoC: 1.7 mm.

The parametric optimization during the turning of SS316L using grey-TLBO based intelligent approach is not performed till now. Thus, this intelligent approach will give a path to the researchers working in this direction. However, the grey theory performs better as compared to the grey-TLBO approach.

The purpose of this paper is to develop an agility evaluation approach to determine the most suitable agile system for implementing mass customization (MC) strategies. Evaluating the alternatives and comparing across them, the best practices of the efficient organization can be identified and transferred to different organizations.

Grey relation approach is a simple mathematical technique useful in situations where the information is not known precisely. Grey relation approach has been applied to measure the agility of various organizations based on agile entities and accordingly the organizations are ranked. The ranking so obtained is compared with the ranking obtained by a popular multi‐attribute decision making (MADM) process known as Fuzzy TOPSIS (technique for order preference by similarity to ideal solution) to test the robustness of the proposed method. It is to be noted that grey theory considers the condition of the fuzziness and can deal flexibly with the fuzziness situation.

It is demonstrated that the grey approach is an appropriate method for solving MADM problems in an uncertain situation with less computational efforts. The alternatives can easily be benchmarked and the best agile system can be selected. As the ranking obtained through grey relation approach closely agree with the ranking found from Fuzzy TOPSIS method, the robustness of the proposed approach is validated. Both the methods lead to choosing a suitable agile system related to mass customization.

In this paper, the proposed approach has been compared with Fuzzy TOPSIS method to test the robustness of the method. Other MADM approaches may be used for comparison purpose to gain insight into the methodology of the proposed approach.

An alternative approach for MADM is proposed to obtain good decisions in an uncertain environment and used for agility evaluation in selected organizations. As agile manufacturing is relatively a new concept, certain and complete information on systems are not available. In such situations, the proposed method can deal with the issue conveniently and results in workable solutions.

As the grey systems theory has been used over the time in different economic areas, in the following, a short literature review will be put forward, starting from the usage of these theory in the supply chain management, decision-making process, financial performance evaluation, credit risk, energy consumption, investment efficiency, etc. The purpose of this paper is to identify some key studies from all the economic areas in which the grey systems can be used in order to open and to bring to the researchers new domains in which they can manifest their interest and in which they can successfully use the methods offered by the grey systems theory.

Using the search engine offered by the Web of Science, a literature review has been performed for the economic grey systems applications developed over the time on both economic diagnosis and system’s forecasting. In addition, some hybrid grey systems theory – artificial intelligence techniques models have also been presented.

The grey systems theory has brought its contribution to numerous economic application from various fields such as: supply chain management, decision-making process, financial performance evaluation, credit risk, energy consumption, investment efficiency, firms’ bankruptcy, product development, consumer income, monetization ratio, etc.

The present paper identifies the some of the most representative examples in which the grey theory has been used, but, in the same time, there are a lot of studies that have not been mentioned here due to the lack of space.

Unlike other review papers written on the grey systems theory area, the present paper is only focusing on the economic applications in which this theory has been successfully used, bringing to the reader a general overview on this field and, in the same time, enabling new research perspectives.

As the grey systems theory has been widely used in the field of sustainable development (SD) research, in the following, a short literature overview will be put forward, starting from the usage of these theories in the economic development, social inclusion and environmental protection contributions to the evolving process of SD during 2011–2021. The purpose of this paper is to identify some key studies from all the SD areas in which the grey systems can be used in order to open and to bring the researchers to new domains in which they can reveal their interest and in which they can successfully use the methods offered by the grey systems theory.

Using the search engine offered by the Google Scholar and the Web of Science (WoS), a literature review has been performed for the grey systems applications on SD research on both grey relational analysis (GRA) and grey forecasting. In addition, some grey evaluation theories – clustering evaluation models and grey target decision models – have also been presented.

Many grey models are widely used in the field of SD. Compared with other methods such as grey prediction, grey evaluation and decision-making model, GRA technology is the most used method, and the research using this method is more than three times that of all other methods.

The present paper identifies some of the most representative examples in which the grey system theory (GST) has been used, but, in the same time, there are a lot of studies that have not been mentioned here due to the lack of space.

The present paper focuses on the SD applications in which GST has been successfully used, bringing to the reader a general overview on this field and, in the same time, enables new research perspectives.

The purpose of this paper is to summarize the progress in grey system research during 2000-2015, so as to present some important new concepts, models, methods and a new framework of grey system theory.

The new thinking, new models and new methods of grey system theory and their applications are presented in this paper. It includes algorithm rules of grey numbers based on the “kernel” and the degree of greyness of grey numbers, the concept of general grey numbers, the synthesis axiom of degree of greyness of grey numbers and their operations; the general form of buffer operators of grey sequence operators; the four basic models of grey model GM(1,1), such as even GM, original difference GM, even difference GM, discrete GM and the suitable sequence type of each basic model, and suitable range of most used grey forecasting models; the similarity degree of grey incidences, the closeness degree of grey incidences and the three-dimensional absolute degree of grey incidence of grey incidence analysis models; the grey cluster model based on center-point and end-point mixed triangular whitenization functions; the multi-attribute intelligent grey target decision model, the two stages decision model with grey synthetic measure of grey decision models; grey game models, grey input-output models of grey combined models; and the problems of robust stability for grey stochastic time-delay systems of neutral type, distributed-delay type and neutral distributed-delay type of grey control, etc. And the new framework of grey system theory is given as well.

The problems which remain for further studying are discussed at the end of each section. The reader could know the general picture of research and developing trend of grey system theory from this paper.

A lot of successful practical applications of the new models to solve various problems have been found in many different areas of natural science, social science and engineering, including spaceflight, civil aviation, information, metallurgy, machinery, petroleum, chemical industry, electrical power, electronics, light industries, energy resources, transportation, medicine, health, agriculture, forestry, geography, hydrology, seismology, meteorology, environment protection, architecture, behavioral science, management science, law, education, military science, etc. These practical applications have brought forward definite and noticeable social and economic benefits. It demonstrates a wide range of applicability of grey system theory, especially in the situation where the available information is incomplete and the collected data are inaccurate.

The reader is given a general picture of grey systems theory as a new model system and a new framework for studying problems where partial information is known; especially for uncertain systems with few data points and poor information. The problems remaining for further studying are identified at the end of each section.

In present research, the authors conducted the massive literature review and collected the information, in regards to material handling system (MHS) to build a multi criteria MHS hierarchical module consists of ecological cum fiscal criteria. Moreover, similar literature review assisted the authors to resolve and eventually construct the effectual and robust approach. The purpose of this paper is to facilitate the managers for benchmarking the MHS alternatives operating under similar module via robust decision support system (DSS).

In present research, the proposed module dealt with ecological (subjective) and fiscal (objective) criteria, where subjective criteria associated with incompleteness, vagueness, imprecision, as well as inconsistency, solicited the discrete information in terms of Grey set via linguistic scale from experts panel. The objective information (capital) has been assigned by expert’s panel in terms of Grey set. To robustly evaluate and select the admirable MHS, three approaches named: degree of possibility, technique for order preference similar to ideal solution as well as Grey relational analysis fruitfully applied to connect and unite discrete information.

The performance evaluation of MHSs has been carried out under concert of individual fiscal criteria excluding ecological criteria in past researches. Moreover the previous developed DSS tackled sole approach under individual fiscal criteria. The authors found the broad applications of fuzzy sets except Grey set theory in the same context for measuring the performance of MHS alternatives. Aforesaid research gaps have been transformed into research objectives by incorporating the module for both fiscal cum ecological criteria. This research embraces a robust DSS, which has been explored to select the admirable MHS alternative.

An empirical case study has been carried out in order to demonstrate the legitimacy of holistic Grey-MCDM method, implemented over multi criteria MHS hierarchical module. Proposed DSS seems to be the best for organisations, which believe to appraise and select the MHS including fiscal as well as ecological criteria excluding individual fiscal criteria. Moreover, subjective cum objective or individual subjective or objective criteria can be extended with respect to varieties of MHSs.