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Simulation Support to Grey-Related Analysis: Data Mining Simulation

In: Fuzzy Multi-Criteria Decision Making

Author

Listed:
  • David L. Olson

    (University of Nebraska)

  • Desheng Wu

    (University of Toronto
    University of Science and Technology of China)

Abstract

This chapter addresses the use of Monte Carlo simulation to reflect uncertainty as expressed by fuzzy input. Fuzziness is expressed through grey-related analysis, using interval fuzzy numbers. The method standardizes inputs through norms of interval number vectors. Interval-valued indexes are used to apply multiplicative operations over interval numbers. The method is demonstrated on a practical problem. Simulation offers a more complete understanding of the possible outcomes of alternatives as expressed by fuzzy numbers. The focus is on probability rather than on maximizing expected or extreme values.

Suggested Citation

  • David L. Olson & Desheng Wu, 2008. "Simulation Support to Grey-Related Analysis: Data Mining Simulation," Springer Optimization and Its Applications, in: Cengiz Kahraman (ed.), Fuzzy Multi-Criteria Decision Making, pages 281-299, Springer.
    • Handle: RePEc:spr:spochp:978-0-387-76813-7_11
    DOI: 10.1007/978-0-387-76813-7_11
    as

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