A hybrid multi‐attribute decision‐making procedure for ranking project proposals: A historical data perspective

This paper develops a hybrid multiattribute decision‐making methodology for ranking project proposals (PPs) through a judicious usage of historical data of completed projects to determine attribute weights, enabling elimination of problems associated with projected data such as cost and schedule ove...

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Bibliographic Details
Published in:Managerial and decision economics 2020-04, Vol.41 (3), p.461-472
Main Authors: Oukil, Amar, Govindaluri, Srikrishna Madhumohan
Format: Article
Language:English
Subjects:
Attributes
Data
Data envelopment analysis
Elimination
Ratings & rankings
Robustness
Subjectivity
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Summary:This paper develops a hybrid multiattribute decision‐making methodology for ranking project proposals (PPs) through a judicious usage of historical data of completed projects to determine attribute weights, enabling elimination of problems associated with projected data such as cost and schedule overruns of real‐world projects. The weights generated from data envelopment analysis are explicitly utilized for ranking PPs while allowing subjectivity to be ingeniously incorporated into the decision process. The new approach is implemented for ranking 25 PPs, and the rankings it yields are found indifferent to the decision maker's attitude, which ascertains the robustness of the ranking methodology.
ISSN:0143-6570
1099-1468
DOI:10.1002/mde.3113