A new framework for high-technology project evaluation and project portfolio selection based on Pythagorean fuzzy WASPAS, MOORA and mathematical modelling

V. Mohagheghi | Seyed Meysam Mousavi

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URL :   http://research.shahed.ac.ir/WSR/WebPages/Report/PaperView.aspx?PaperID=116894
Date :  2019/07/01
Publish in :    Iranian Journal of Fuzzy Systems


Keywords :Project evaluation, project portfolio selection, high-technology projects, group decision-making process, mathematical modeling, Pythagorean fuzzy sets (PFSs)

Abstract :

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High-technology projects are known as tools that help achieving productive forces through scientific and technological knowledge. These knowledge-based projects are associated with high levels of risks and returns. The process of hightechnology project and project portfolio selection has technical complexities and uncertainties. This paper presents a novel two-parted method of high-technology project portfolio selection. In the rst part, a new decision-making model under Pythagorean fuzzy set (PFS) uncertainty is introduced that is last aggregation and avoids defuzzification until the last step of the process. In the last step, a new PFS ranking method is used to make crisp and comparable values. Outcomes from this part form the objective function of a new integer programming (IP) of the project portfolio selection. To display the models application, data from a real case study of high-technology project evaluation and selection is presented, and the steps of the approach are illustrated in addition to presenting the efficacy of the model.