Development of Hesitant Fuzzy-Based Project Selection Method with Consideration of Benefits, Opportunities, Costs and Risks
Abstract
PT X, a power generation company, hasn’t been able to meet their target in the business development segment over the past few years. This is due to a problem detected in their Project Portfolio Management, in which PT X’s project selection method hasn’t considered the ambiguity nature of project’s information and risks. This study is going to develop a project selection method for PT X using MCDM (multi criteria decision making) with BOCR (benefit, opportunity, cost, risk) Concept to evaluate many criteria that need to be considered by the company, especially conflicting criteria such as benefit with cost and opportunity with risk. Not only that, hesitant fuzzy will be used because project itself has many uncertain or ambiguous information, so stakeholder will face difficulties in determining the value for the evaluation. From the integration of those things in this study, it is found that for PT X, Benefit has the biggest priority, followed by Opportunity, Risk, and Cost in Project Selection for PT X. It is also found that based on additive-BOCR, Project C gives the optimal value for PT X, followed by Project B, Project A, Project D, dan Project E.
Keywords
Full Text:
PDFReferences
. Fitra, S., “Presiden Jokowi Resmikan Program Listrik 35.000 Megawatt” katadata. [Online]. Available: https://katadata.co.id/berita/2015/05/04/presiden-jokowi-resmikan-program-listrik-35000-megawatt. [Accessed: 15 September 2019]
. Project Management Institute, The Standard for Portfolio Management, Project Management Institute, 2006.
. Levine, H., Project Portfolio Management: A Practical Guide to Selecting Projects, Managing Portfolios, and Maximizing Benefits. Jossey-Bass, 2005.
. Rajegopal, S., McGuin, P., & Waller, J., Project Portfolio Management: Leading the Corporate Vision. Palgrace Macmillan, 2007.
. Archer, N., & Ghasemzadeh, F., “Project Portfolio Selection and Management” in The Wiley Guide to Managing Projects, J. Pinto, & P. Morris, John Wiley & Sons, 2004, pp. 237–254.
. Cooper, R., Edgett, S., & Kleinschmidt, E., “New Product Portfolio Management: Practices and Performance” in Product Innovation Management, 1999, pp. 333-351.
. Colson, G., Bruyn, C., & Rodin, E., Models and Methods in Multiple Criteria Decision Making. Pergamon Press, 1989.
. Kahraman, C., Fuzzy Multi-Criteria Decision-Making: Theory and Applications with Recent Developments. Springer, 2008.
. Bellman, R., & Zadeh, L., “Decision Making in a Fuzzy Enviroment” in Management Sciences, 1970, pp. 141–164.
. Zadeh, L., “Fuzzy sets” in Information and Control, 1965, pp. 338-353.
. Zadeh, L., “The Concept of A Linguistic Variable and Its Application to Approximate Reasoning-1” in Information Sciences, 1975, pp. 199-249.
. Torra, V., “Hesitant Fuzzy Sets” in International Journal of Intelligent Systems, 2010, pp. 529-539.
. Saaty, T., Theory and Applications of the Analytic Network Process: Decision Making With Benefits, Opportunities, Costs, and Risks. RWS Publications, 2004.
. Wang, W.-M., Lee, A., Peng, L.-P., & Wu, Z.-L., “An integrated decision making model for district revitalization and regeneration” in Decision Support Systems, 2013, pp. 1092-1103.
. Bai, H., & Zhan, Z., “An IT Project Selection Method Based On Fuzzy Analytic Network Process” in International Conference on System Science, Engineering Design and Manufacturing Informatization, 2011.
. Ciptomulyono, U., “Model Keputusan untuk Pemilihan Proyek Pembangkit Listrik: Integrasi Metode Analytic Hierarchy Process (AHP) dan Zero-One Goal Programming” in The 4th Indonesia Symposium on Analytic Hierarchy Process, 2006, pp. 147–162.
. Colak, M., & Kaya, I., “Prioritization of renewable energy alternatives by using an integrated fuzzy” in Renewable and Sustainable Energy Reviews, 2017, pp. 840-853.
. Ebrahimnejad, S., Mousavi, S., Tavakkoli-Moghaddam, R., Hashemi, H., & Vahdani, B., “A novel two-phase group decision making approach for construction project selection in a fuzzy environment” in Applied Mathematical Modelling, 2012, pp. 4197-4217.
. Erdogan, M., & Kaya, I., “An Integrated Multi-Criteria Decision Making Methodology Based on Type-2 Fuzzy Sets for Selection Among Energy Alternatives in Turkey” in Iranian Journal of Fuzzy Systems, 2015, pp. 1-25.
. Kabak, M., & Dagdeviren, M. (2014). Prioritization of renewable energy sources for Turkey by using a hybrid MCDM methodology. Energy Conversion and Management, 25-33.
. Saaty, T., & Vargas, L., Decision Making With The Analytic Network Process: Economic, Political, Scoial and Technological Applications with Benefits, Opportunities, Costs, and Risks. Springer Science+Business Media, 2006.
. Saaty, T., The Analytic Hierarchy Process. McGraw-Hill, 1980.
. Ishizaka, A., & Nemery, P., Multi-Criteria Decision Analysis: Methods and Software. Wiley, 2013.
. Saaty, T., Decision Making with Dependence and Feedback: The Analytic Network Process. RWS Publications, 1996.
. Fontela, E., & Gabus, A., The DEMATEL Observer. Battelle Geneva Research Center, 1976.
. Zimmermann, H., Fuzzy set theory and its applications. Kluwer Academic Publishers, 1991.
. Atanassov, K. T., “Intuitionistic Fuzzy Sets” in Fuzzy Sets and Systems, 1986, pp. 87–96.
. Azadeh, A., Nazari-Shirkouhi, S., Hatami-Shirkouhi, L., & Ansarinejad, A., “A unique fuzzy multi-criteria decision making: computer simulation approach for productive operators' assigment in cellular manufacturing system with uncertainty and vagueness” in International Journal Advance, 2011, pp. 329-343.
. Kiani Mavi, R. and Standing, C., “Cause and effect analysis of business intelligence (BI) benefits with fuzzy DEMATEL” in Knowledge Management Research & Practice, 2018, pp. 1-13.
. Acar, C., Beskese, A., and Temur, G., “Sustainability analysis of different hydrogen production options using hesitant fuzzy AHP” in International Journal of Hydrogen Energy, 2018, pp. 1–18.
. Tabatabaee, S., Mahdiyar, A., Durdyev, S., Mohades, S. R., & Ismail, S., “An assessment model of benefits, opportunities, costs, and risks of green roof installation: A multi criteria decision making approach” in Journal of Cleaner Production, 2019, pp. 1-11.
. Liu, H., & Rodriguez, R. (2014). A fuzzy envelope for hesitant fuzzy linguistic term set and its application to multicriteria decision making. Information Sciences, 220-238.
DOI: http://dx.doi.org/10.12962/j23546026.y2020i1.11328
Refbacks
- There are currently no refbacks.
View my Stat: Click Here
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.