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A hybrid multi‐attribute decision‐making procedure for ranking project proposals: A historical data perspective

Amar Oukil and Srikrishna Madhumohan Govindaluri

Managerial and Decision Economics, 2020, vol. 41, issue 3, 461-472

Abstract: This paper develops a hybrid multiattribute decision‐making methodology for ranking project proposals (PPs) through a judicious usage of historical data of completed projects to determine attribute weights, enabling elimination of problems associated with projected data such as cost and schedule overruns of real‐world projects. The weights generated from data envelopment analysis are explicitly utilized for ranking PPs while allowing subjectivity to be ingeniously incorporated into the decision process. The new approach is implemented for ranking 25 PPs, and the rankings it yields are found indifferent to the decision maker's attitude, which ascertains the robustness of the ranking methodology.

Date: 2020
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Handle: RePEc:wly:mgtdec:v:41:y:2020:i:3:p:461-472