A brief introduction to grey systems theory

Liu, Sifeng; Forrest, Jeffrey Yi‐Lin; Yang, Yingjie

doi:10.1108/20439371211260081

Cited by 232 publications

(131 citation statements)

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“…The grey system theory, firstly proposed by Deng [136], can tackle these problems [121,126,137]. The grey system can produce viable results with fewer data, which is its primary benefit compared to other methods [126,[138][139][140][141]. In this paper, we integrated the grey approach with DEMATEL.…”

Section: Grey-based Decision-making Trial and Evaluation Laboratory Amentioning

confidence: 99%

Sustainable Venture Capital Investments: An Enabler Investigation

et al. 2018

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Investing in sustainable projects can help tackle the current sustainability challenges. Venture capital investments can contribute significantly to the growth of sustainable start-ups. Sustainable venture capital (SVC) research is just emerging. This paper identifies enablers for sustainable venture capital investments in Saudi Arabia taking into account different stakeholders and firm's tangible and intangible resources. Using perspectives from venture capital experts in Saudi Arabia and the grey-based Decision-Making Trial and Evaluation Laboratory (DEMATEL) method, this study pinpoints the most critical enablers and investigates their causal and effect interconnections. The methodological process consists of reviewing the SVC literature and consulting the experts to identify the SVC enablers, creating a questionnaire, acquiring the answers from four experts, analyzing the data with grey-based DEMATEL and performing a sensitivity analysis. The government use of international standards, policies and regulations for sustainable investments, the commitment of the venture capitalists to sustainability and their deep understanding of sustainable business models are the most influential enablers. The paper concludes with implications for different actors, limitations and prospective directions for the sustainable venture capital research.

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Section: Grey-based Decision-making Trial and Evaluation Laboratory Amentioning

confidence: 99%

Sustainable Venture Capital Investments: An Enabler Investigation

et al. 2018

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“…It focuses on a system model construction for cases wherein information is uncertain and insufficient, and the operational status is unclear. Especially in the context of uncertain systems with few data points and poor information, Liu et al [24] compared probability statistics, fuzzy mathematics, grey system, and the rough set theory that the grey systems theory can deal with known partial information and unknown partial information.…”

Section: Grey Relational Evaluation Modelmentioning

confidence: 99%

A Model Constructed to Evaluate Sustainable Operation and Development of State-Owned Enterprises after Restructuring

Tsai

2018

Sustainability

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A state-owned enterprise (SOE) is a mechanism by which market stability is achieved through government intervention. As economic freedom intensifies, most SOEs still have a rigid personnel system, unsound financial structure, and high product costs, along with poor management and operating losses, making them financial burdens. This study uses grey relational analysis and a Boston Consulting Group matrix to develop a sustainable management and development model for enterprises. The 13 business units of the Taiwan Sugar Corporation (Tainan, Taiwan) created through diversification were evaluated to determine if they have led to new competitiveness. The findings reveal that only two of the business units-land development and property management-have justified their operations, while the other 11 business units have brought no benefits to the country. Overall, diversification has created a greater burden for the country.

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“…The Grey system theory, established by Julong Deng in the early 80s , is a methodology that focuses on study of problems involving poor information and small samples. The basic assumptions of this approach are that the data used are positive and the time intervals are fixed .…”

Section: Prediction Techniquesmentioning

confidence: 99%

“…Neural networks are trained to adjust the weights of these neurons so that a particular input leads to a specific target. The Grey system theory, initiated by Julong Deng in the 80s , is a new methodology that focuses on the study of problems involving small samples and poor information . It deals with uncertain systems with partially known information.…”

Section: Introductionmentioning

confidence: 99%

Short‐term prediction of traffic parameters—performance comparison of a data‐driven and less‐data‐required approaches

Badhrudeen

Raj

Vanajakshi

2016

J of Advced Transportation

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Summary The travel decisions made by road users are more affected by the traffic conditions when they travel than the current conditions. Thus, accurate prediction of traffic parameters for giving reliable information about the future state of traffic conditions is very important. Mainly, this is an essential component of many advanced traveller information systems coming under the intelligent transportation systems umbrella. In India, the automated traffic data collection is in the beginning stage, with many of the cities still struggling with database generation and processing, and hence, a less‐data‐demanding approach will be attractive for such applications, if it is not going to reduce the prediction accuracy to a great extent. The present study explores this area and tries to answer this question using automated data collected from field. A data‐driven technique, namely, artificial neural networks (ANN), which is shown to be a good tool for prediction problems, is taken as an example for data‐driven approach. Grey model, GM(1,1), which is also reported as a good prediction tool, is selected as the less‐data‐demanding approach. Volume, classified volume, average speed and classified speed at a particular location were selected for the prediction. The results showed comparable performance by both the methods. However, ANN required around seven times data compared with GM for comparable performance. Thus, considering the comparatively lesser input requirement of GM, it can be considered over ANN in situations where the historic database is limited. Copyright © 2016 John Wiley & Sons, Ltd.

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A brief introduction to grey systems theory

Cited by 232 publications

References 20 publications

Sustainable Venture Capital Investments: An Enabler Investigation

Sustainable Venture Capital Investments: An Enabler Investigation

A Model Constructed to Evaluate Sustainable Operation and Development of State-Owned Enterprises after Restructuring

Short‐term prediction of traffic parameters—performance comparison of a data‐driven and less‐data‐required approaches

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