A multi-scale extended grey target decision method that considers the value distribution information of grey numbers

Abstract

PurposeThe purpose of this paper is to propose a multi-scale extended grey target decision method for dealing with multi-attribute decision-making problems with interval grey numbers whose value distribution information is asymmetrical.Design/methodology/approachFirst, the whitenization weight function (WWF) was adopted to show the value distribution information of interval grey numbers. The definitions of kernel, degree of greyness, relative kernel and whitenization standard deviation of interval grey numbers were given based on the WWF. Then, the relative kernel grey target and whitenization standard deviation grey target were constructed to take full advantage of the owned decision information. Finally, the relative bull’s-eye coefficient was proposed to rank the preference order of all alternatives.FindingsThe relative bull’s-eye coefficient reflects the influence of the decision information on decision results with respect to the mean level and value distribution of attribute values. Thus, the decision-maker could set the return and risk adjustment coefficient according to their preferences and select the optimal alternative with a high expected return and low risk.Originality/valueThe paper considers the valve distribution information of interval grey numbers, and a novel definition for kernels, degrees of greyness, relative kernels and whitenization standard deviations, which are given based on the WWF. The paper not only considers the influence of mean levels of decision information over decision results, but also takes the value distribution information into account.