Prioritization of project proposals in portfolio management using fuzzy AHP

Kajal Chatterjee (), Sheikh Ahmed Hossain () and Samarjit Kar ()
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Kajal Chatterjee: National Institute of Technology
Sheikh Ahmed Hossain: Brahmananda Keshab Chandra College
Samarjit Kar: National Institute of Technology

OPSEARCH, 2018, vol. 55, issue 2, No 13, 478-501

Abstract: Abstract Strategies in project assortment and prioritization directly influence organizational production and cost-effectiveness. Due to dearth of funding and nominal technology with improper judgments of expert’s, selection of optimal project portfolio can be viewed as a risk based decision making problem considering various risk factors. Recently, fuzzy set theory is applied for modeling real world problems due to failure of traditional models in uncertain environments. This paper deals with project proposal prioritization from a set of project portfolio satisfying a set of criteria evaluated by decision makers. The analytic hierarchy process is applied in fuzzy environment to help the management of any project based company to prioritize in terms of investment. In the decision approach, expert team decides whether to accept or reject a project as per set of criteria and sub-criteria based on diverse project risk levels. A hierarchy among the different projects based on ratings clearly prioritize the projects among the suggested proposals.

Keywords: Project selection; Fuzzy set; Portfolio management; Analytic hierarchy process; Multi-criteria decision making (MCDM) (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s12597-018-0331-3

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