Applying a Multi Criteria Decision Making Model Based On Grey Theory In Performance Evaluation Of Firms



Rapid technological and economic growth over the last several decades has changed human lives and made modern society face complex decision making problems. These kinds of problems are characterized by incommensurate and conflicting criteria or objectives such as cost, reliability, performance, safety and productivity. Multi Criteria Decision Making is an approach that can be used to deal complex problems. Generally, preference information on alternatives and on attributes belongs to the DMs' subjective judgments and DMs' judgments are often uncertain and cannot be estimated by an exact numerical value. In this paper, to treat multi criteria decision making problems in uncertain condition a model based on grey theory-including grey relational analysis and grey numbers is proposed and also Shannon's entropy is used for weighting attributes. Finally proposed model was used to ranking holding and investment companies in Iran's stock exchange and evaluated its ability and usage.