A new approach in considering vagueness and lack of knowledge for selecting sustainable portfolio of production projects

Today´s changing and competitive market forces the organizations to consider uncertain factors in any production related decision making efforts. On the other hand, considering sustainability in choosing a portfolio of production projects to make justice between generations is essential. Achieving satisfactory results in sustainable goals without considering uncertainty is almost out of the question. Therefore, in this paper a new approach in considering uncertainty in sustainable decision making is introduced that is based on Atanassov fuzzy sets. This new model of sustainable project portfolio selection with application in production projects has two main phases: first, a new decision index is extended to evaluate the proposed projects. Second, a mathematical model is proposed to consider sustainability and risk. Moreover, a highly flexible method of ranking is introduced. Eventually, to depict the effectiveness and efficiency of the approach, it is used to solve a practical example and the results are presented.