A fuzzy computational approach for selecting interdependent projects using prioritized criteria

This paper presents a fuzzy computational approach for selecting project portfolio by combining fuzzy logic, Quality Function Deployment (QFD) and Genetic algorithm (GA) approaches with the consideration of prioritized selection criteria as per objectives of the organization to make decisions effectively with incomplete and ambiguous information to help in portfolio selection. This approach addresses the issues of the uncertainty of experts in selecting projects, prioritizing criteria before initiating project selection process and evaluating the number of interdependent projects for their maximal values. It completes the task in three stages. Firstly, it involves interaction with experts to extract fuzzy input about the benefits of organization and selection criteria for selecting a project portfolio. The second stage requires the application of fuzzy QFD to prioritize criteria before deciding the project portfolio. In this stage, the paper contributes a method for using fuzzy values in a distinct way for obtaining priorities of selection criteria. The final stage evaluates the candidate projects concurrently based on top priority selection criteria by considering interrelation among projects by proposing a distinct fitness function of GA. The validity of the proposed approach is demonstrated by an example that considers three experts, three objectives of the organization and four selection criteria.