Applying fuzzy multi-objective planning technique to prioritize projects ‎based on social responsibility and risk

Document Type : Research Paper

Authors

1 Department of Industrial Engineering, Faculty of Engineering, Zand Institute of Higher Education, Shiraz, Iran.

2 Department of Management, Marvdasht Branch, Islamic Azad University, Marvdasht , Iran.

Abstract

Social responsibility and risk are some essential issues in projects to consider. Knowing the type of ‎risk in each project and its impact is an important and significant issue in choosing a project or ‎participating in tenders. Considering the increasing growth of urban communities and the need to ‎carry out tasks, and the rising standard of living, trying to carry out projects with advanced ‎technologies seems to be a necessity that requires modern and continuous planning to implement ‎the relevant matters. These plans aim to increase quality and reduce costs due to the high level of ‎demand. In the present study, a fuzzy multi-objective mathematical model has been designed to ‎prioritize projects, minimize the risks involved in implementing each project, maximize profit ‎margins, maximize project costs, and maximize jobs created by the project. Finally, an example ‎appropriate to real-world problems is designed and examined to ensure the correct operation of ‎the proposed model.

Keywords

[1] N. P. Archer and F. Ghasemzadeh, An integrated framework for project portfolio selection, international Journal
of Project Management, 17(4), (1999) 207-216.
[2] K. A. Artto, P. H. Dietrish and M. I.Nurminen, Strategy by Implementation of Projects, Innovations-Project
Management Research, PMI, 2004.
[3] Farshad Boyeri, S. M. Mousavi and B. Vahdani, A Mathematical Model for Selecting a Project Portfolio Considering the Interdependence between Projects, Project Failure Capability, Reinvestment and Various Methods of
Providing Resources, University of Industrial Engineering Journal (Tehran- iran), Volume 52, Number 2, (2015)
163-177.
[4] Cooper and Robbert, Portfolio Management for New Products: Picking the Winners, Product Innovation Best
Practices Series, Product Development Institute Inc, 2008.
[5] A. Crane, D. Matten and L. Spence, Corporate social responsibility: in global context. Corporate Social Responsibility: Readings and Cases in Global Context, Routledge, London, 2008, pp.3-20.
[6] H. Danesh, Investigating the Impact of Project Management on Cost Control Component in Cost Management of
Varzeqan Earthquake Reconstruction Project (East Azerbaijan Province, Iran), Case Study: Mika Dej Construction
Company, International Conference on New Research in Management, Economics and Accounting, Volume 2. 2015.
[7] B. Dori, B. Asadi and S. Mazaheri, Presenting a model for selecting a project portfolio with interactions and
sharing resources between projects using artificial neural networks, Journal of Industrial Management in iran, 7(1)
, (2015) 21-42.
[8] Kh. Faghani Makrani, K. Heidari Rostami and V. Amin, A Study of the Relationship between Social Responsibility
and Stock Price Risk in Companies Listed in Tehran Stock Exchange, Journal of Investment Knowledge, No. 192016.
[9] E. Fama and K. French, Disagreement, Tastes, and Asset Prices. Journal of Financial Economics, No. 83,(2007)
667-689.
[10] A. Hesarsorkh, Hamidi, J. Ashayeri, A. Naeini and Bonyadi, Pharmaceutical RandD project portfolio selection and
scheduling under uncertainty, A robust possibilistic optimization approach, Computers and Industrial Engineering,
Volume 155, (2021) 107-114.
[11] M. R. Imani Moghaddam, M. Khalilzadeh, Using Fuzzy Multi-Objective Decision Making Method to Present
Project. Risk Assessment Model (Azar Oil Well Drilling), Industrial Management (Sanandaj Azad) in iran, Tenth
Year, No. 31, 2015.
[12] D. Kacprzak, Objective Weights Based on Ordered Fuzzy Numbers for Fuzzy Multiple Criteria Decision-Making
Methods, Faculty of Computer Science, Bialystok University of Technology, Bialystok, Poland, (2017)15-351.
[13] S. J. Kalayathankal, J. V. Kureethara and S. Narayanamoorthy, A modified fuzzy approach to project team
selection, Soft Computing Letters, Volume 3, (2021) 100012.[14] K. Khalili Damghani and S.Sadi Nezhad, A decision support system for fuzzy multi-objective multi-period
sustainable project selection, Computers and Industrial Engineering, 64(4), (2013) 1045-1060.
[15] J. P. Martino, Research and Development Project Selection. 1 Edition, Wiley, ISBN- 13, (1995) 978-0471595373.
[16] V. Mohagheghi, S. M. Mousavi, J. AntucheviC˘iene and M. MojtAahed, Project portfolio selection problems:
A review of models, uncertainty approaches, solution techniques and case studies, Technological and Economic
Development of Economy, Vol. 25, Issue 6, Pages (2019) 1380-1412.
[17] V. Mohagheghi, S. M. Mousavi and B. Vahdani, Sustainable Construction Project Portfolio Selection Under
Interval-Valued Type-2 Fuzzy Sets, Journal of Industrial Engineering, Vol. 50, No. 2, 2016, PP. 327-340.
[18] P. Pangsri, Application of the Multi Criteria Decision Making Methods for Project Selection. Universal Journal
of Management, 3(1), 2015 , pp. 15-20.
[19] PMI (Project Management Institute), A Guide to the Project Management Body of Knowledge (PMBOK Guide).
4nd ed., Pennsylvania, 2008.
[20] A. Purnus and C. N. Bodea, Project Prioritization and Portfolio Performance Measurement in Project Oriented
Organizations, Procedia-Social and Behavioral Sciences, Vol. 119, No. 1, 2014, PP. 339-348.
[21] F. Reginaldo, Portfolio Management in Brazil and a Proposal for Evaluation and Balancing of Portfolio Projects
with ELECTRE TRI and IRIS, Procedia Computer Science, Vol 55, No. 1, 2015 , PP. 1265-1274.
[22] K. Rudnik, G. Bocewicz, A. Kuci´nska-Landw´ojtowicz and I. D. Czabak-G´orska, Ordered fuzzy WASPAS method
for selection of improvement projects, Expert Systems with Applications, Volume 169,(2021) 114471.
[23] A. Shafahi and A. Haghani, Project selection and scheduling for phase-able projects with interdependencies
among phases, Automation in Construction 93, (2018) 47-62.
[24] R. Shahrjerdi , M. Raufinia, S. H. Sajjadifar and Ab. Khalili, Approach to qualitative methods and fuzzy decision
making for selecting risk-based BOT and BOO projects in water and wastewater industry, Journal of Water and
Sustainable Development in iran, Year First, No. 3, 2014.
[25] A. A. Tofighian and B. Naderi, Modeling and solving the project selection and scheduling, Computers and
Industrial Engineering, Volume 83, (2015) 30-38.
Volume 12, Special Issue
December 2021
Pages 361-380
  • Receive Date: 24 April 2021
  • Revise Date: 21 May 2021
  • Accept Date: 29 June 2021