A mathematical modeling approach for high and new technology-project portfolio selection under uncertain environments

Abstract

High and new technology-project as a tool to achieve productive forces through scientific and technological knowledge is characterized as knowledge based with high risk and returns. Often conflicting objectives of these projects have complicated their assessment and selection process. This paper offers a novel approach of high technology-project portfolio selection in two main parts. In the first part, a new risk reduction compromise decision-making model is proposed that applies a new approach in determining the weights of experts and in avoiding information loss. The objective function of a new interval type-2 fuzzy sets (IT2Fs) based mathematical model of project portfolio selection is formed by the outcome. To depict model’s applicability, data from case study of high technology-project selection in the literature is used to present the efficacy of the model.