Improved OCRA method based on the use of interval grey numbers

Abstract

Multiple Criteria Decision Making (MCDM) denotes the selection of the alternatives based on a set of, often conflicting, criteria. As a result of using it for solving a large number of decision-making problems, a number of MCDM methods have been proposed. Some of these methods are further adapted to use grey numbers, with the aim of ensuring their broader usage. The Operational Competitiveness Rating (OCRA) method is a less frequently used MCDM method, for which the grey extension has not been proposed yet. Therefore, an improved OCRA method is proposed in this paper. In the proposed approach, the ordinary OCRA method is adapted for the purpose of enabling the use of grey numbers, which has enabled its usage for solving decision-making problems associated with uncertain and partially known information. In addition to this, in the improved OCRA method the original normalization procedure has been replaced by a new one. Finally, the usability and effectiveness of the proposed approach are checked on two numerical illustrations. The first is taken from the literature. The ranking results obtained by using the improved OCRA method are the same as the results obtained by using two prominent MCDM methods, which confirms the usability of the proposed approach. In the second one, the usability and efficiency of the improved OCRA method are verified in the case of the selection of the best capital investment project.