APPLICATION OF FUZZY CBR AND MODM APPROACHES IN THE PROJECT PORTFOLIO SELECTION IN CONSTRUCTION COMPANIES

10.22099/ijstc.2013.938

Abstract

Project  selection  is  a  fundamental  decision  in  construction  companies.  Regarding  the high  complexity  and  dynamic  nature  of  construction  projects,  the  level  of  uncertainty  in  this industry  is  very  high.  Portfolio  selection  strategy  can  be  considered  as  one  of  the  best  ways  for mitigating  the  risk  of  project  selection.  With  respect  to  the  considerable  importance  of  project portfolio selection in reducing the risk to a company, developing research in this area is crucial. The  main  focus  of  this  paper  is  to  present  a  hybrid  model  according  to  the  fuzzy  case-based reasoning for prescreening of projects according to the factors generating risk in the construction industry  and  the  historical  records  of  the  company,  also  allocating  the  most  appropriate prescreened  projects  to  the  portfolio  of  company  with  the  use  of  zero-one  linear  goal programming.  A  real  case  study  has  been  presented  for  model  implementation  and  for  more understanding.  

Keywords