Abstract: This paper deals with the project selection problem. Project selection problem is one of the problems arose firstly in the field of operations research following some production concepts from primary product mix problem. Afterward, introduction of managerial considerations into the project selection problem have emerged qualitative factors and criteria to be regarded as well as quantitative ones. To overcome both kinds of criteria, an analytic network process is developed in this paper enhanced with fuzzy sets theory to tackle the vagueness of experts- comments to evaluate the alternatives. Additionally, a modified version of Least-Square method through a non-linear programming model is augmented to the developed group decision making structure in order to elicit the final weights from comparison matrices. Finally, a case study is considered by which developed structure in this paper is validated. Moreover, a sensitivity analysis is performed to validate the response of the model with respect to the condition alteration.
Abstract: Chemical industry project management involves
complex decision making situations that require discerning abilities
and methods to make sound decisions. Project managers are faced
with decision environments and problems in projects that are
complex. In this work, case study is Research and Development
(R&D) project selection. R&D is an ongoing process for forward
thinking technology-based chemical industries. R&D project
selection is an important task for organizations with R&D project
management. It is a multi-criteria problem which includes both
tangible and intangible factors. The ability to make sound decisions
is very important to success of R&D projects. Multiple-criteria
decision making (MCDM) approaches are major parts of decision
theory and analysis. This paper presents all of MCDM approaches
for use in R&D project selection. It is hoped that this work will
provide a ready reference on MCDM and this will encourage the
application of the MCDM by chemical engineering management.
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.