Evaluating large, high-technology project portfolios using a novel interval-valued Pythagorean fuzzy set framework: An automated crane project case study

• Published in: Expert systems with applications 2020-12, Vol.162, p.113007, Article 113007
• Main Authors: Mohagheghi, Vahid, Mousavi, Seyed Meysam, Mojtahedi, Mohammad, Newton, Sidney
• Format: Article
• Language: English
• Subjects: Agglomeration; Case studies; Cranes; Decision making; Decision support systems; Evaluation framework under uncertainty; Fuzzy sets; High technology; Human resources; Interval-valued Pythagorean fuzzy sets; Last aggregation; Multi-objective model; Project evaluation; Project portfolio; Ranking IVPFS; Subjective and objective criteria weights; Technology assessment
• ISSN: 0957-4174; 1873-6793
• DOI: 10.1016/j.eswa.2019.113007

•A novel method for ranking IVPFSs is presented and implemented in the evaluation algorithm;•A new IVPFS based method of linear assignment and an IVPFS knowledge index are introduced;•The relative superiority/inferiority of experts is computed;•A new multi-objective model is presented to address portfolio value optimization;•A case of high-tech automated crane projects in port operations has been used. The contemporary organization relies increasingly on developing large, high technology projects in order to gain local and global competitive advantage. Uncertainty and the complexity of project evaluation requires improved and tailored decision making support systems. A new framework for high technology project portfolio evaluation is introduced. Novel development of an interval-valued Pythagorean fuzzy set (IVPFS) approach is shown to accommodate degrees of membership, non-membership and hesitancy in the evaluation process. Developed methods of linear assignment, IVPFS ranking, IVPFS knowledge index, and IVPFS comparison provide a new framework for group evaluation based on a weighting for each decision expert. The framework is developed as a last aggregation which avoids information loss and introduces a new aggregation process. A novel multi-objective model is then introduced to address project portfolio selection while optimizing the value of the portfolio in terms of resilience (the risk of disruption and delays) and skill utilization (assignment of human resources). The applicability of this framework is demonstrated through a case study in high technology portfolio evaluation. The case study shows that the presented framework can be applied as the core to a high technology evaluation decision support system.