An Introduction to Grey Systems: Foundations, Methodology and Applications

Liu, Sifeng; Lin, Yi

doi:10.1108/k.2003.06732dae.008

Cited by 101 publications

(76 citation statements)

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“…The main task of grey system theory is to extract realistic governing laws of the system using available data. This process is known as the generation of the grey sequence (Liu and Lin, 1998).…”

Section: Grey System Theory (Gst)mentioning

confidence: 99%

Testing the correlation between mean reversion process and grey system theory for metal price forecasting

Gligorić¹,

Milojević²,

Beljić³

2014

Pod Rad

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There are typically many of variables, which are directly or indirectly associated with the value of underground mine project. Having the ability to plan for uncertainties of input variables is increasingly recognized as critical to longterm mining project success. Large capital intensive projects, such as those in the mineral resource industry, are often associated with diverse sources of both internal and external uncertainties. One of the most external influencing uncertainties is related to the future states of metal price. There are many methods which are applied to forecast the future metal prices, but Mean Reversion Process is one of the most applying methods. This paper analyzes the possibility of using of Grey System Theory to metal price forecasting by examining the correlation between results obtained by these two methods. Intra-class Correlation Coefficient is used as a measure of reliability.Key words: metal price, uncertainty, Mean Reversion Process, Grey System Theory, Intra-class Correlation Coefficient Apstrakt: Postoji veliki broj promenljivih, koje su direktno ili indirektno povezane sa vrednošću projekta podzemne eksploatacije. Sposobnost planiranja neodređenosti ulaznih promenljivih sve više se prepoznaje kao kritična za dugoročni uspeh projekta. Kapitalni projekti, kao što su rudarski, često su skopčani sa različitim izvorima i unutrašnjih i spoljašnjih neodređenosti. Jedna od najuticajnijih spoljašnjih neodređenosti povezuje se sa budućim cenama metala. Postoji veliki broj metoda koje se koriste sa procenu budućih cena metala, ali Proces povratka na srednju vrednost je metoda koja se najviše primenjuje. U ovom radu se analizira mogućnost primene Teorije sivog sistema za prognozu cene metala, istražujući korelaciju između rezultata koji su dobijeni primenom ove dve metode. Intra-klasni koeficijent korelacije koristi se kao mera pouzdanosti.Ključne reči: cena metala, Proces povratka na srednju vrednost, Teorija sivog sistema, Intra-klasni koeficijent korelacije

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Section: Grey System Theory (Gst)mentioning

confidence: 99%

Testing the correlation between mean reversion process and grey system theory for metal price forecasting

Gligorić¹,

Milojević²,

Beljić³

2014

Pod Rad

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“…If the alternative has the highest grey relational grade between the reference sequence and itself, then the alternative will be the best choice. GRA has been further developed and widely applied in many areas; some representative ones are: Introduction to Grey Systems (Liu & Lin, 1998); Grey System Theory and Applications (Liu et al, 1999); Comparative Studies of using GRA in MADM Problems (Wu , 2002); Incidence Decision Making Models (Dang et al, 2004) ; GRA with Interval Numbers (Zhang et al, 2005); facility layout selection (Kuo et al, 2008); Supplier Selection (Wu, 2009); GRA with Intuitionistic Fuzzy Numbers (Wei, 2010); Energy Performance of Office Buildings (Lee & Lin, 2011); Personnel Selection (Zhang & Liu, 2011); Novel Models by using Visual Angle of Similarity ; Novel Model Based on Grey Number Sequence .…”

Section: Grey Relational Analysis (Gra)mentioning

confidence: 99%

A comprehensive bibliography on effectiveness measurement of manufacturing systems

Goyal¹,

Grover²

2012

ijiec

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Globalization has put fierce competition for manufacturing managers in terms of flexibility, smaller lead times, competitive costs, etc. To attain these capabilities, manufacturing managers are taking heedless decisions for investing in advanced manufacturing technologies, without measuring their actual effectiveness for their organisations. There is a need to measure the effectiveness of manufacturing systems to make better future policies and investment planning. This paper provides a comprehensive bibliography on the techniques and their rationale in the effectiveness measurement of advanced manufacturing systems. The paper cites 265 articles from a variety of published sources. The list contains published research mainly from 1990 to 2012 and a selected published work prior to 1990.

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“…The Gray system provides multidisciplinary approaches for analysis and abstract modeling of system for which the information is limited, incomplete and characterized by random uncertainty [15]. In order to pursue the gray system theory,we use gray numbers that are kinds of the interval numbers and the procedures are summarized as follows [16]:…”

Section: Gray System Theorymentioning

confidence: 99%

Designing a Operational Evaluation Model for Outsourcing Decision Making by Effective Outsourcing Factors

Jafarnejad¹,

Sherafat²,

Taghavi³

et al. 2013

IJARBSS

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Organizations around the world are looking for new approaches to maintain or develop competitive advantage. Outsourcing can be such an approach and one of the strategies that can lead to greater competitiveness. Maintaining and developing core competences as a way of providing barriers to protect against present and future competitors; make full use of external capabilities, innovation and investment; and finally, provide better service, quality and cost to the customer. In this study we determined variables and factors involved in maintenance outsourcing process and developed a generic model for the maintenance outsourcing process by three main factors such as characteristics of organization, characteristics of Environment / Industry and characteristics of Contractors. Then the proposed model has been tested in an electric company by the use of gray theory in order to determine that the organization do complete outsourcing or outsourcing with non-decisions.

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An Introduction to Grey Systems: Foundations, Methodology and Applications

Cited by 101 publications

References 0 publications

Testing the correlation between mean reversion process and grey system theory for metal price forecasting

Testing the correlation between mean reversion process and grey system theory for metal price forecasting

A comprehensive bibliography on effectiveness measurement of manufacturing systems

Designing a Operational Evaluation Model for Outsourcing Decision Making by Effective Outsourcing Factors

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