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.