Using Delphi, AHP and TOPSIS Methods for Evaluating and Ranking Investment Projects in Multiple Portfolio

Because of importance and complexity of portfolio management issue, there have been many articles and books on the subject of project evaluation and selection, discussing over one hundred different techniques and tools. This tools and techniques specify a prioritized projects list that should be selected for final allocation. Usually, using financial approaches can’t create an optimal portfolio especially in projects that have more uncertainty, this approaches can make wrong results. In these cases, these financial approaches should be combined with other approaches (such as strategic approaches) in order to make a balance portfolio that is aligned with organization’s strategies and increase profitability and strategic adaption of projects. Beside, various investments are evaluated and selected differently and classification of projects in different portfolio allows organizations to evaluate, prioritize and select similar projects in same portfolio by using similar tools and techniques. In this paper, we selected agriculture field as case study and the manner of evaluating, ranking and conducting of projects by using investment projects categorizations and delphi, AHP and TOPSIS method has been discussed. By determining the type of business and investment and local criteria for each categorization, the results of this paper can be used in similar cases.