Application of the grey relational model for evaluating competitiveness of petrochemical enterprises

Comprehensive Index Method and Fuzzy Method were usually used for evaluating competitiveness of enterprises. Those methods with subjective evaluation often made the results biased. The grey relational model can eliminate the bias caused by subjective evaluation in Comprehensive Index Method and Fuzzy method so that this paper tries to use the grey relation model to evaluate competitiveness of petrochemical enterprises. A new method for establishing the weight vector of evaluation indices is also applied. Five petrochemical enterprises with competitive power around the world are chosen as evaluated samples. The results show that Exxon Mobil Corporation had the top competitive power in 2000. It can be concluded that the grey relational model has advantages in evaluating competitiveness of enterprises.