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Grey Weighted Sum Model for Evaluating Business Environment in West Africa

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  • Moses Olabhele Esangbedo
  • Ada Che

Abstract

As West Africa investments grow, the decision in which country to begin investment is of great importance to investors. The complexity of the criteria involved draws us to use a Multicriteria Decision-Making (MCDM) approach to address this problem. In this paper, we use grey numbers in representing ranges of data and propose Grey Weighted Sum Model (GWSM) for evaluating and ranking of alternatives. Sensitivity analysis is carried out considering wide ranges of uncertainties to verify the changes that can affect the results. The Gambia is ranked the best country in West Africa. The GWSM is highly recommended for long-term investors because GWSM considers the uncertainty of a business environment over a period of years. Finally, GWSM can be used in conjunction with various weighting techniques putting the preferences of the investors into consideration.

Suggested Citation

  • Moses Olabhele Esangbedo & Ada Che, 2016. "Grey Weighted Sum Model for Evaluating Business Environment in West Africa," Mathematical Problems in Engineering, Hindawi, vol. 2016, pages 1-14, June.
    • Handle: RePEc:hin:jnlmpe:3824350
    DOI: 10.1155/2016/3824350
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    Cited by:

    1. Mohammad AlHashmi & Gyan Chhipi-Shrestha & Kh Md. Nahiduzzaman & Kasun Hewage & Rehan Sadiq, 2021. "Framework for Developing a Low-Carbon Energy Demand in Residential Buildings Using Community-Government Partnership: An Application in Saudi Arabia," Energies, MDPI, vol. 14(16), pages 1-36, August.
    2. Popovic, Gabrijela & Stanujkic, Dragisa & Brzakovic, Miodrag & Karabasevic, Darjan, 2019. "A multiple-criteria decision-making model for the selection of a hotel location," Land Use Policy, Elsevier, vol. 84(C), pages 49-58.

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