JISE

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Journal of Information Science and Engineering, Vol. 34 No. 1, pp. 65-79

A Hesitant Fuzzy Set Theory Based Approach for Project Portfolio Selection with Interactions under Uncertainty

MARYAM AZARI TAKAMI¹, REZA SHEIKH² AND SHIB SANKAR SANA³
¹Department of Accounting and Management
Shahid Beheshti University
Pin 1983969411, Iran
E-mail: maryam.azari90@gmail.com
²Department of Management and Industrial Engineering
Shahrood University
Shahroud, Iran
E-mail: resheikh@shahroodut.ac.ir
³Department of Mathematics
Bhangar Mahavidyalaya
South 24 Parganas, W.B. 743502 India
E-mail: shib sankar@yahoo.com

This paper proposes a new practical model for project portfolio selection focusing on two issues; the first issue relates to managing uncertainty provoked by hesitant situations and the second issue relates to the interaction effect of projects on final value of portfolio. Based on the above issues, the hesitant fuzzy weighted averaging (HFWA) operator is applied to aggregate the hesitant fuzzy information corresponding to each project and its interactions. A linear programming model is proposed to optimize project portfolio selection problem considering interactive project sets and its dependency unlike the previously literature. Finally, the effectiveness of the proposed technique is illustrated by means of a practical example.

Keywords: project portfolio selection, project interaction, uncertainty, hesitant fuzzy set, group decision making

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