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Mathematical Problems in Engineering
Volume 2016, Article ID 3824350, 14 pages
http://dx.doi.org/10.1155/2016/3824350
Research Article

Grey Weighted Sum Model for Evaluating Business Environment in West Africa

School of Management, Northwestern Polytechnical University, Xi’an 710072, China

Received 9 January 2016; Revised 17 April 2016; Accepted 4 May 2016

Academic Editor: Rafael Morales

Copyright © 2016 Moses Olabhele Esangbedo and Ada Che. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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.