Title: A hybrid grey-based fuzzy C-means and multiple objective genetic algorithms for project portfolio selection

Authors: Farshad Faezy Razi; Abbas Toloie Eshlaghy; Jamshid Nazemi; Mahmood Alborzi; Alireza Poorebrahimi

Addresses: Department of Industrial Management, College of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran ' Department of Industrial Management, College of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran ' Department of Industrial Management, College of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran ' Department of Industrial Management, College of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran ' Department of Industrial Management, College of Accounting and Management, Karaj Branch, Islamic Azad University, Karaj, Iran

Abstract: Project portfolio selection is an important issue in project portfolio management (PPM) process. This paper presents a novel decision support system (DSS) to aid the manager in project portfolio selection approach. The selection model is based on grey relational analysis (GRA) with intuitionistic trapezoidal fuzzy number as well as fuzzy C-means (FCM) algorithm. The proposed approach of this paper first clusters different projects based on fuzzy C-means algorithm and then ranks various projects in each cluster by grey relational analysis (GRA) concept. Finally, Pareto combination of rank and risk in a portfolio is determined by multiple objective genetic algorithm. The proposed framework is tested in a case study to show its usefulness and applicability in practice.

Keywords: fuzzy GRA; grey relational analysis; FGRA; fuzzy C-means; grey-based C-means; project portfolio selection; FMEA; failure mode and effects analysis; fuzzy inference systems; project portfolio management; decision support systems; DSS; trapezoidal fuzzy numbers.

DOI: 10.1504/IJISE.2015.071503

International Journal of Industrial and Systems Engineering, 2015 Vol.21 No.2, pp.154 - 179

Received: 08 Aug 2013
Accepted: 15 Feb 2014
Published online: 31 Aug 2015 *

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