Pharmaceutical project portfolio selection by using fuzzy AHP and fuzzy TOPSIS methodologies

By performing a suitable project portfolio selection before investment, the possibility of project success increases, due to the fact that resources are limited and DM has to decide which project should be given priority in terms of receiving critical resources. This is more sensitive in pharmaceutical industries, because they have been struggling not only to make their project economical but also to satisfy patients’requirement as soon as possible. To assess alternative projects and determine the project portfolio, we applied Fuzzy AHP and Fuzzy TOPSIS methodologies in regard to the five main criteria. The AHP is used to create appropriate weights of the criteria, and fuzzy TOPSIS method is used to obtain final ranking. Finally, applicability and validity of these methodologies are tested by a numerical example conducted in a pharmaceutical company. The results showed that the proposed structure is able to assess and select the project with the contribution of relative importance index. This approach will have potential applications in the future

Keywords:

Project portfolio selection , Decision making , Fuzzy AHP , Fuzzy TOPSIS , Pharmaceutical industry.