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A novel time, cost, quality and risk tradeoff model with a knowledge-based hesitant fuzzy information: An R&D project application

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  • Amoozad Mahdiraji, Hannan
  • Sedigh, Maryam
  • Razavi Hajiagha, Seyed Hossein
  • Garza-Reyes, Jose Arturo
  • Jafari-Sadeghi, Vahid
  • Dana, Leo-Paul

Abstract

This paper proposes a novel approach for identifying the best implementation situation for each activity in a project by optimizing and balancing time, cost, quality, and risk criteria under uncertain circumstances. A hesitant fuzzy linguistic term set (HFLTS) approach is proposed to determine the status of project activities in the presence of quality and risk criteria alongside time and cost. Afterwards, a multi-objective linear programming (MOLP) model is formulated for time, cost, quality, and risk trade-off (TCQRT). To validate the model, a research and development project in the food industry is investigated. The results indicate that the project's time compared to the deterministic approach was reduced by 20%. Completing the R&D project earlier than other competitors brings a higher profit for the company than trade-off expenses, even without considering the quality and risk trade-off benefits of the proposed approach. Considering uncertainty in the risk and quality of activities in a project via HFLTSs and optimizing all four elements of time, cost, quality, and risk simultaneously are the main values of this research. The proposed approach can be employed by managers to adopt and optimize project planning and scheduling while optimizing the trade-offs among TCQR factors in uncertain circumstances.

Suggested Citation

  • Amoozad Mahdiraji, Hannan & Sedigh, Maryam & Razavi Hajiagha, Seyed Hossein & Garza-Reyes, Jose Arturo & Jafari-Sadeghi, Vahid & Dana, Leo-Paul, 2021. "A novel time, cost, quality and risk tradeoff model with a knowledge-based hesitant fuzzy information: An R&D project application," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    • Handle: RePEc:eee:tefoso:v:172:y:2021:i:c:s004016252100500x
    DOI: 10.1016/j.techfore.2021.121068
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    References listed on IDEAS

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    1. Kosztyán, Zsolt T. & Szalkai, István, 2018. "Hybrid time-quality-cost trade-off problems," Operations Research Perspectives, Elsevier, vol. 5(C), pages 306-318.
    2. Vahid Jafari-Sadeghi, 2021. "Internationalisation, risk-taking and export compliance: a comparative study between economically advanced and developing country," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 43(3), pages 384-410.
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    4. Emmanuel Kwasi Mensah & Lawrence Adu Asamoah & Vahid Jafari-Sadeghi, 2021. "Entrepreneurial opportunity decisions under uncertainty: Recognizing the complementing role of personality traits and cognitive skills," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 17(1), pages 25-55.
    5. Jafari-Sadeghi, Vahid & Amoozad Mahdiraji, Hannan & Bresciani, Stefano & Pellicelli, Anna Claudia, 2021. "Context-specific micro-foundations and successful SME internationalisation in emerging markets: A mixed-method analysis of managerial resources and dynamic capabilities," Journal of Business Research, Elsevier, vol. 134(C), pages 352-364.
    6. Rezaei, Mojtaba & Jafari-Sadeghi, Vahid & Cao, Dongmei & Mahdiraji, Hannan Amoozad, 2021. "Key indicators of ethical challenges in digital healthcare: A combined Delphi exploration and confirmative factor analysis approach with evidence from Khorasan province in Iran," Technological Forecasting and Social Change, Elsevier, vol. 167(C).
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    Cited by:

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    4. Liu, Zhixue & Ding, Ronggui & Wang, Lei & Song, Rui & Song, Xinyi, 2023. "Cooperation in an uncertain environment: The impact of stakeholders' concerted action on collaborative innovation projects risk management," Technological Forecasting and Social Change, Elsevier, vol. 196(C).

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