Using Fuzzy Grey VIKOR Method to Select Economic Project

In this article, by using VIKOR technique we propose a new method for project selection problem. We review four common methods of comparing alternatives investment (net present value, rate of return, benefit cost analysis and payback period) and they are our selected attribute. The VIKOR method is used for multiple-attribute optimizations of complex systems. It determines the compromise ranking list with the given weights. Linguistic terms characterised by trapezoidal fuzzy numbers provide weights of selected criteria. Then, a grey relational analysis investigates the extent of connections between two alternatives using of an effective fuzzy distance measurement. Obtained results have been tested in a numerical example to show the feasibility and applicability of the proposed ranking method.

Keywords:

VIKOR , Project Selection , Multiple Criteria Decision-Making , grey relations , fuzzy sets