IDEAS home Printed from https://ideas.repec.org/a/spr/opsear/v55y2018i2d10.1007_s12597-018-0331-3.html
   My bibliography  Save this article

Prioritization of project proposals in portfolio management using fuzzy AHP

Author

Listed:
  • Kajal Chatterjee

    (National Institute of Technology)

  • Sheikh Ahmed Hossain

    (Brahmananda Keshab Chandra College)

  • Samarjit Kar

    (National Institute of Technology)

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.

Suggested Citation

  • Kajal Chatterjee & Sheikh Ahmed Hossain & Samarjit Kar, 2018. "Prioritization of project proposals in portfolio management using fuzzy AHP," OPSEARCH, Springer;Operational Research Society of India, vol. 55(2), pages 478-501, June.
    • Handle: RePEc:spr:opsear:v:55:y:2018:i:2:d:10.1007_s12597-018-0331-3
    DOI: 10.1007/s12597-018-0331-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s12597-018-0331-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s12597-018-0331-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ahti Salo & Jeffrey Keisler & Alec Morton, 2011. "An Invitation to Portfolio Decision Analysis," International Series in Operations Research & Management Science, in: Ahti Salo & Jeffrey Keisler & Alec Morton (ed.), Portfolio Decision Analysis, chapter 0, pages 3-27, Springer.
    2. Gabriel, Steven A. & Kumar, Satheesh & Ordonez, Javier & Nasserian, Amirali, 2006. "A multiobjective optimization model for project selection with probabilistic considerations," Socio-Economic Planning Sciences, Elsevier, vol. 40(4), pages 297-313, December.
    3. Wang, Juite & Hwang, W.-L., 2007. "A fuzzy set approach for R&D portfolio selection using a real options valuation model," Omega, Elsevier, vol. 35(3), pages 247-257, June.
    4. De Maio, Adriano & Verganti, Roberto & Corso, Mariano, 1994. "A multi-project management framework for new product development," European Journal of Operational Research, Elsevier, vol. 78(2), pages 178-191, October.
    5. Walter Gutjahr & Stefan Katzensteiner & Peter Reiter & Christian Stummer & Michaela Denk, 2008. "Competence-driven project portfolio selection, scheduling and staff assignment," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 16(3), pages 281-306, September.
    6. Chang, Da-Yong, 1996. "Applications of the extent analysis method on fuzzy AHP," European Journal of Operational Research, Elsevier, vol. 95(3), pages 649-655, December.
    7. Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
    8. Halouani, N. & Chabchoub, H. & Martel, J.-M., 2009. "PROMETHEE-MD-2T method for project selection," European Journal of Operational Research, Elsevier, vol. 195(3), pages 841-849, June.
    9. Liesiö, Juuso & Punkka, Antti, 2014. "Baseline value specification and sensitivity analysis in multiattribute project portfolio selection," European Journal of Operational Research, Elsevier, vol. 237(3), pages 946-956.
    10. Huang, Chi-Cheng & Chu, Pin-Yu & Chiang, Yu-Hsiu, 2008. "A fuzzy AHP application in government-sponsored R&D project selection," Omega, Elsevier, vol. 36(6), pages 1038-1052, December.
    11. Smith-Perera, Aida & García-Melón, Mónica & Poveda-Bautista, Rocío & Pastor-Ferrando, Juan-Pascual, 2010. "A Project Strategic Index proposal for portfolio selection in electrical company based on the Analytic Network Process," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(6), pages 1569-1579, August.
    12. Jeng, Don Jyh-Fu & Huang, Kuo-Hsin, 2015. "Strategic project portfolio selection for national research institutes," Journal of Business Research, Elsevier, vol. 68(11), pages 2305-2311.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ramkrishna S. Bharsakade & Padmanava Acharya & L. Ganapathy & Manoj K. Tiwari, 2021. "A lean approach to healthcare management using multi criteria decision making," OPSEARCH, Springer;Operational Research Society of India, vol. 58(3), pages 610-635, September.
    2. Sanjay Kumar Tyagi & Sujeet Kumar Sharma & R. Krishankumar & K. S. Ravichandran, 2022. "An extension of interpretive structural modeling using linguistic term sets for business decision-making," OPSEARCH, Springer;Operational Research Society of India, vol. 59(3), pages 1158-1177, September.
    3. P. Kumar & Jyotirmayee Behera & A. K. Bhurjee, 2022. "Solving mean-VaR portfolio selection model with interval-typed random parameter using interval analysis," OPSEARCH, Springer;Operational Research Society of India, vol. 59(1), pages 41-77, March.
    4. Kosztyán, Zsolt T. & Jakab, Róbert & Novák, Gergely & Hegedűs, Csaba, 2020. "Survive IT! Survival analysis of IT project planning approaches," Operations Research Perspectives, Elsevier, vol. 7(C).
    5. Fatemeh Parvaneh & Ahmed Hammad, 2024. "Application of Multi-Criteria Decision-Making (MCDM) to Select the Most Sustainable Power-Generating Technology," Sustainability, MDPI, vol. 16(8), pages 1-32, April.
    6. Yakup Çelikbilek & Sarbast Moslem, 2023. "A grey multi criteria decision making application for analyzing the essential reasons of recurrent lane change," OPSEARCH, Springer;Operational Research Society of India, vol. 60(2), pages 916-941, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Choudhary, Devendra & Shankar, Ravi, 2012. "An STEEP-fuzzy AHP-TOPSIS framework for evaluation and selection of thermal power plant location: A case study from India," Energy, Elsevier, vol. 42(1), pages 510-521.
    2. Wu, Yunna & Xu, Chuanbo & Ke, Yiming & Li, Xinying & Li, Lingwenying, 2019. "Portfolio selection of distributed energy generation projects considering uncertainty and project interaction under different enterprise strategic scenarios," Applied Energy, Elsevier, vol. 236(C), pages 444-464.
    3. Dalton Garcia Borges de Souza & Erivelton Antonio dos Santos & Nei Yoshihiro Soma & Carlos Eduardo Sanches da Silva, 2021. "MCDM-Based R&D Project Selection: A Systematic Literature Review," Sustainability, MDPI, vol. 13(21), pages 1-34, October.
    4. Somsuk, Nisakorn & Laosirihongthong, Tritos, 2014. "A fuzzy AHP to prioritize enabling factors for strategic management of university business incubators: Resource-based view," Technological Forecasting and Social Change, Elsevier, vol. 85(C), pages 198-210.
    5. Liesiö, Juuso & Salo, Ahti & Keisler, Jeffrey M. & Morton, Alec, 2021. "Portfolio decision analysis: Recent developments and future prospects," European Journal of Operational Research, Elsevier, vol. 293(3), pages 811-825.
    6. Sajid Ali & Sang-Moon Lee & Choon-Man Jang, 2017. "Determination of the Most Optimal On-Shore Wind Farm Site Location Using a GIS-MCDM Methodology: Evaluating the Case of South Korea," Energies, MDPI, vol. 10(12), pages 1-22, December.
    7. Madjid Tavana & Mariya Sodenkamp & Leena Suhl, 2010. "A soft multi-criteria decision analysis model with application to the European Union enlargement," Annals of Operations Research, Springer, vol. 181(1), pages 393-421, December.
    8. Karasakal, Esra & Aker, Pınar, 2017. "A multicriteria sorting approach based on data envelopment analysis for R&D project selection problem," Omega, Elsevier, vol. 73(C), pages 79-92.
    9. Bojan Srdjevic & Yvonilde Medeiros, 2008. "Fuzzy AHP Assessment of Water Management Plans," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 22(7), pages 877-894, July.
    10. Deng, Yanfei & Xu, Jiuping & Liu, Ying & Mancl, Karen, 2014. "Biogas as a sustainable energy source in China: Regional development strategy application and decision making," Renewable and Sustainable Energy Reviews, Elsevier, vol. 35(C), pages 294-303.
    11. Caprioli, Caterina & Bottero, Marta, 2021. "Addressing complex challenges in transformations and planning: A fuzzy spatial multicriteria analysis for identifying suitable locations for urban infrastructures," Land Use Policy, Elsevier, vol. 102(C).
    12. Pınar Kaya Samut, 2017. "Integrated FANP-f-MIGP model for supplier selection in the renewable energy sector," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 18(3), pages 427-450, May.
    13. Grošelj, Petra & Hodges, Donald G. & Zadnik Stirn, Lidija, 2016. "Participatory and multi-criteria analysis for forest (ecosystem) management: A case study of Pohorje, Slovenia," Forest Policy and Economics, Elsevier, vol. 71(C), pages 80-86.
    14. Paweł Karczmarek & Witold Pedrycz & Adam Kiersztyn, 2021. "Fuzzy Analytic Hierarchy Process in a Graphical Approach," Group Decision and Negotiation, Springer, vol. 30(2), pages 463-481, April.
    15. Mohamed Hanine & Omar Boutkhoum & Tarik Agouti & Abdessadek Tikniouine, 2017. "A new integrated methodology using modified Delphi-fuzzy AHP-PROMETHEE for Geospatial Business Intelligence selection," Information Systems and e-Business Management, Springer, vol. 15(4), pages 897-925, November.
    16. Shen, Yung-Chi & Chou, Chiyang James & Lin, Grace T.R., 2011. "The portfolio of renewable energy sources for achieving the three E policy goals," Energy, Elsevier, vol. 36(5), pages 2589-2598.
    17. Mohamed Hanine & Omar Boutkhoum & Abderrafie El Maknissi & Abdessadek Tikniouine & Tarik Agouti, 2016. "Decision making under uncertainty using PEES–fuzzy AHP–fuzzy TOPSIS methodology for landfill location selection," Environment Systems and Decisions, Springer, vol. 36(4), pages 351-367, December.
    18. Masoud Rahiminezhad Galankashi & Farimah Mokhatab Rafiei & Maryam Ghezelbash, 2020. "Portfolio selection: a fuzzy-ANP approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-34, December.
    19. Ali RezaHoseini & Zahra Rahmani & Morteza BagherPour, 2022. "Performance evaluation of sustainable projects: a possibilistic integrated novel analytic hierarchy process-data envelopment analysis approach using Z-Number information," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(3), pages 3198-3257, March.
    20. Elleuch, Mohamed Ali & Anane, Makram & Euchi, Jalel & Frikha, Ahmed, 2019. "Hybrid fuzzy multi-criteria decision making to solve the irrigation water allocation problem in the Tunisian case," Agricultural Systems, Elsevier, vol. 176(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:opsear:v:55:y:2018:i:2:d:10.1007_s12597-018-0331-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.