Project portfolio selection for construction using the fuzzy logic and TOPSIS method

The limitation of government resources, especially in the field of budget, for the development of infrastructure on the one hand and the possibility of defining multiple plans and projects on the other hand, makes the issue of prioritizing and choosing the best portfolio of feasible projects vital. The basic question is which projects should be done and how the projects will be managed. The model used to select the project portfolio should be realistic, capable, flexible, affordable, and simple. It is natural that the correct choice of the prioritization model and the selection of projects with the help of economic and non-economic criteria can help in the development of infrastructures as quickly as possible and in achieving the goals. In this research, we are trying to prioritize projects using the TOPSIS method and the innovative method of fuzzy group decision making. Among the main indicators identified in this research, we can mention financial indicators, technical indicators, risk indicators, environmental indicators and political-social indicators; Each of these indicators has sub-criteria. As a case study, we rated four dam construction projects using this decision-making method. The sensitivity analysis of the ranking based on changing the weights of the sub-criteria showed that the ranking has high robustness. The results show that this method can be used to select projects of the same type in other project portfolios.