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

Document Type : Research Paper

Authors

Department of Industrial Engineering, Shahed University, Tehran, Iran

Abstract

High-technology projects are known as tools that help achieving productive forces through scientific and technological knowledge. These knowledge-based projects are associated with high levels of risks and returns. The process of high-technology 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 first 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 model’s 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.

Keywords

Iranian Journal of Fuzzy Systems
Volume 16, Issue 6
November and December 2019
Pages 89-106

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