A fuzzy two- stage Model approach for Project Portfolio Selection and Scheduling in fuzzy conditions

Because of limited resources, Selection of appropriate projects is an extremely important goal for organizations. A poor decision might negatively affect the organization in two ways: On the one hand, organizational resources are spent for weak and non-strategic projects, leading to the loss of time and resources, on the other hand, the organization lose the profit which could be gained by investing the resources in more profitable projects (opportunity cost). Hence, selecting a rich portfolio has been always an important concern of project managers. In real world, selection is complicated by uncertainty in input data, thereby making selection and scheduling more complicated. In this study, the fuzzy Preference Ranking Organization METHod for Enrichment Evaluation (fuzzy PROMETHEE) is presented for portfolio project selection and scheduling in fuzzy conditions; in the first stage, projects are ranked using qualitative and quantitative criteria through fuzzy PROMETHEE, and in the second stage, higher rank alternatives, are selected and scheduled concerning restrictions.