A state-of the-art literature survey of grey relational analysis applications in competitive business environment

Multi-criteria decision making (MCDM) approaches have been accepted a significant consideration from scientists and professionals for evaluating, surveying and selecting best alternatives for different commercial enterprises. Out of various MCDM approaches developed to unravel real-world decision making problems, grey relational analysis keeps on working satisfactorily over diversified fields of business. In this paper, we have conducted a state-of-the-art literature survey to taxonomise the research on GRA applications and methodologies in competitive business environment. The present paper is classified into five fields of applications viz. Supply chain and logistics management, manufacturing systems and design engineering, management and business, energy and environment management and some other areas of application. Research papers on GRA requisitions are again distributed based on number of publications in consecutive years and other methodologies compared or coordinated with GRA. We concluded our review paper with recommendations for future research directions in GRA decision making that is both forward-looking and practically oriented.