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Reading: Study and Application of Grey Entropy Weight Decision Making in Risk Management

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Study and Application of Grey Entropy Weight Decision Making in Risk Management

Authors:

DeYu Kong ,

School of Economics & Management, Beihang University, Beijing, 100191, P. R. China, CN
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Lu Liu,

School of Economics & Management, Beihang University, Beijing, 100191, P. R. China, CN
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Rui Miaoi,

School of Economics & Management, Beihang University, Beijing, 100191, P. R. China, CN
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Lu Yin

School of Economics & Management, Beihang University, Beijing, 100191, P. R. China, CN
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Abstract

In traditional risk evaluation, the weight of a risk index is given in advance, so it lacks objectivity. Using weights and properties generated by entropy concepts, including the idea of information entropy, the comprehensive weight, which can be combined with entropy weight, is calculated. A grey evaluation model of a project risk evaluation index based on comprehensive entropy weight is built. Further, we present empirical research on a real project, which indicates that this approach calculates easily, gives weight scientifically, and provides evaluation accurately.
DOI: http://doi.org/10.2481/dsj.7.171
How to Cite: Kong, D. et al., (2009). Study and Application of Grey Entropy Weight Decision Making in Risk Management. Data Science Journal. 7, pp.171–178. DOI: http://doi.org/10.2481/dsj.7.171
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Published on 05 Mar 2009.
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