Fuzzy Evaluation Method for Project Profitability

Abstract

The problem of the project management is performed with the optimization task under uncertainty and subject to real-world constraints. We use the probability theory and insufficiently proved methods, due to unavailable data indeed we need different methods for a best way to evaluate uncertainty. One of these approaches is based on the application of the fuzzy sets theory. Since its inception in 1965, the theory of fuzzy sets has advanced in a variety of ways and in many disciplines. Applications of this theory can be found, for example, in artificial intelligence, computer science, medicine, control engineering, decision theory, expert systems, logic, management science, operations research, pattern recognition, and robotics. This paper proposes a fuzzy decision making approach for project selection problem under uncertainty. An evaluation is provided as an illustration of the proposed approach. In the conclusion, we show how this method can help decision makers in the selection of appropriate project based on their profitability.