MCDM in a fuzzy setting: Investment projects assessment application [An article from: International Journal of Production Economics]

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Description:
The problem of investment project estimation is considered as the multiple criteria hierarchical task of choosing the optimal alternative (project). The mathematical tools of fuzzy sets theory are used for representation of uncertainty and building of local criteria, based on the quantitative and qualitative parameters characterizing the considered projects. The problems of ranked local criteria aggregation are analyzed and some new theoretical results, which can be useful for proper choice of aggregation method, are presented. The new method for generalization of aggregation schemes based on level-2 fuzzy sets mathematical tools is proposed and illustrated. The method for dealing with hierarchical structures of local criteria is presented as well. The theoretical consideration is illustrated with simple examples and their realization by authors' software.