Project Selection by Using a Fuzzy TOPSIS Technique
Selection of a project among a set of possible
alternatives is a difficult task that the decision maker (DM) has to
face. In this paper, by using a fuzzy TOPSIS technique we propose a
new method for a project selection problem. After reviewing four
common methods of comparing investment alternatives (net present
value, rate of return, benefit cost analysis and payback period) we
use them as criteria in a TOPSIS technique. First we calculate the
weight of each criterion by a pairwise comparison and then we utilize
the improved TOPSIS assessment for the project selection.
[1] J. Meredith and S. Mantle, "Project Management: A Managerial
Approach," fourth ed. Wiley, New York, 2000.
[2] N. Danila, "Strategic evaluation and solution of R&D projects," R&D
Management 19, 47-62, 1999.
[3] A. Shpak and D. Zaporojan, "Working out R&D program via
multicriteria analysis," Computer Science of Moldova 4 (2 (11)), pp.
239-259, 1996.
[4] A. Mehrez and Z. Sinuany-Stern, "An interactive approach to project
selection," Journal of Operational Research Society 34, pp. 621-626,
1983.
[5] R. Khorramshahgole and H. M. Steiner, "Resource analysis in project
evaluation," A multicriteria approach. Journal of Operational Research
Society 95 (2), pp. 795-803, 1998.
[6] P. Chu, Y. Hsu and M. Fehling, "A decision support system for project
portfolio selection," Computer in Industry 32 (2), pp. 141-149, 1996.
[7] N.R. Baker and J. Freeland "Recent Advances in R&D Benefit
Measurement and Project Selection Methods," Management Science, 21,
pp.1164-1175, 1975.
[8] G. Lockeett and M. Straford "Ranking of Research Projects,
Experiments with Two Methods," Omega 15, pp. 395-400, (1987).
[9] A. Lewandowski and M. Grauer, "The Reference Point Optimisation
Approach, Multiobjective and Stochastic Optimisation," European
Journal of Operational Research, 84 (1), pp. 353-376, 1995.
[10] A.P. Wierzbicki, The Use of Reference Objectives in Multiobjective
Optimization. In Multiple Criteria Decision Making Theory and
Application. pp. 468-486, Springer, Berlin. 1980.
[11] F. Ghasemzadeh, N. P. Archer and P. Iyogun, "A zero-one model for
project portfolio selection and scheduling," Journal of Operational
Research Society 50 (7), p.p 745-755, 1999.
[12] S. Kumar, J. Ord├│├▒ez and A. Nasseriana, " Integrated project evaluation
and selection using multiple-attribute decision-making technique,"
International Journal of Production Economics, 103 (1), pp. 90-103,
2006.
[13] P. K. Dey and S. S. Gupta "Feasibility analysis of cross country pipeline
projects: A quantitative approach", Project Management Journal 32 (4),
pp. 50-58, 2001.
[14] S. A. Mian, and N.D. Christine, "Decision-making over the project life
cycle: An analytical hierarchy approach," Project Management Journal
30 (1), 40-52. 1999.
[15] W. L. Eddie and Li. Heng, "Analytic Network Process Applied to
Project Selection," Journal of Construction Engineering and
Management, Vol. 131, No. 4, pp. 459-466, April 2005.
[16] R. P. Mohanty, R. Agarwal, A. K. Choudhury and M. K. Tiwari,
"International Journal of Production Research," International Journal of
Production Research, Vol. 43, No. 24, pp. 5199-5216(18), December
2005.
[17] D. Y. Chang,d, "Extent analysis and synthetic decision," Optimization
Techniques and Application, Vol (1), p. 352, 1992.
[1] J. Meredith and S. Mantle, "Project Management: A Managerial
Approach," fourth ed. Wiley, New York, 2000.
[2] N. Danila, "Strategic evaluation and solution of R&D projects," R&D
Management 19, 47-62, 1999.
[3] A. Shpak and D. Zaporojan, "Working out R&D program via
multicriteria analysis," Computer Science of Moldova 4 (2 (11)), pp.
239-259, 1996.
[4] A. Mehrez and Z. Sinuany-Stern, "An interactive approach to project
selection," Journal of Operational Research Society 34, pp. 621-626,
1983.
[5] R. Khorramshahgole and H. M. Steiner, "Resource analysis in project
evaluation," A multicriteria approach. Journal of Operational Research
Society 95 (2), pp. 795-803, 1998.
[6] P. Chu, Y. Hsu and M. Fehling, "A decision support system for project
portfolio selection," Computer in Industry 32 (2), pp. 141-149, 1996.
[7] N.R. Baker and J. Freeland "Recent Advances in R&D Benefit
Measurement and Project Selection Methods," Management Science, 21,
pp.1164-1175, 1975.
[8] G. Lockeett and M. Straford "Ranking of Research Projects,
Experiments with Two Methods," Omega 15, pp. 395-400, (1987).
[9] A. Lewandowski and M. Grauer, "The Reference Point Optimisation
Approach, Multiobjective and Stochastic Optimisation," European
Journal of Operational Research, 84 (1), pp. 353-376, 1995.
[10] A.P. Wierzbicki, The Use of Reference Objectives in Multiobjective
Optimization. In Multiple Criteria Decision Making Theory and
Application. pp. 468-486, Springer, Berlin. 1980.
[11] F. Ghasemzadeh, N. P. Archer and P. Iyogun, "A zero-one model for
project portfolio selection and scheduling," Journal of Operational
Research Society 50 (7), p.p 745-755, 1999.
[12] S. Kumar, J. Ord├│├▒ez and A. Nasseriana, " Integrated project evaluation
and selection using multiple-attribute decision-making technique,"
International Journal of Production Economics, 103 (1), pp. 90-103,
2006.
[13] P. K. Dey and S. S. Gupta "Feasibility analysis of cross country pipeline
projects: A quantitative approach", Project Management Journal 32 (4),
pp. 50-58, 2001.
[14] S. A. Mian, and N.D. Christine, "Decision-making over the project life
cycle: An analytical hierarchy approach," Project Management Journal
30 (1), 40-52. 1999.
[15] W. L. Eddie and Li. Heng, "Analytic Network Process Applied to
Project Selection," Journal of Construction Engineering and
Management, Vol. 131, No. 4, pp. 459-466, April 2005.
[16] R. P. Mohanty, R. Agarwal, A. K. Choudhury and M. K. Tiwari,
"International Journal of Production Research," International Journal of
Production Research, Vol. 43, No. 24, pp. 5199-5216(18), December
2005.
[17] D. Y. Chang,d, "Extent analysis and synthetic decision," Optimization
Techniques and Application, Vol (1), p. 352, 1992.
@article{"International Journal of Mechanical, Industrial and Aerospace Sciences:49164", author = "M. Salehi and R. Tavakkoli-Moghaddam", title = "Project Selection by Using a Fuzzy TOPSIS Technique", abstract = "Selection of a project among a set of possible
alternatives is a difficult task that the decision maker (DM) has to
face. In this paper, by using a fuzzy TOPSIS technique we propose a
new method for a project selection problem. After reviewing four
common methods of comparing investment alternatives (net present
value, rate of return, benefit cost analysis and payback period) we
use them as criteria in a TOPSIS technique. First we calculate the
weight of each criterion by a pairwise comparison and then we utilize
the improved TOPSIS assessment for the project selection.", keywords = "Fuzzy Theory, Pairwise Comparison, ProjectSelection, TOPSIS Technique.", volume = "2", number = "4", pages = "375-6", }
