Feasibility study of industrial projects: A fuzzy AHP approach

The main objective of this research is to develop a Fuzzy Analytic Hierarchy Process (FAHP) for the aim of conducting feasibility study in the electrical industries. Regardless of the numerous quantity of researches on feasibility study and related techniques, proposing an integrated approach to combine and unify critical factors of feasibility with analytic approaches is less investigated. To fill this gap, this study was conducted to develop a framework to evaluate the feasibility of industrial project aligned with addressing a FAHP to assist managers for selecting the best alternative. Particularly, 6 key indicators proper for feasibility study of industrial projects were proposed using literature survey. The validity of proposed indicators was accredited using a Nominal Group Technology (NGT). The proposed indicators were used to assist an investment company to evaluate three projects. Finally, a FAHP were used to choose the best choice with the aim of proposed indicators. Therefore, the ranking of industrial projects is the main result of this study.

[1]  Masoud Rahiminezhad Galankashi,et al.  Agile supplier selection: A fuzzy analytic hierarchy process (FAHP) approach , 2016 .

[2]  Theodor J. Stewart,et al.  A Multi-criteria Decision Support System for R&D Project Selection , 1991 .

[3]  Noordin Mohd Yusof,et al.  An efficient integrated simulation–Taguchi approach for sales rate evaluation of a petrol station , 2016, Neural Computing and Applications.

[4]  Ali Shafahi,et al.  Modeling contractors' project selection and markup decisions influenced by eminence , 2014 .

[5]  Maciej A. Nowak,et al.  Project Portfolio Selection Using Interactive Approach , 2013 .

[6]  Temel Öncan,et al.  Determining key capabilities in technology management using fuzzy analytic hierarchy process: A case study of Turkey , 2006, Inf. Sci..

[7]  Pin-Yu Chu,et al.  A fuzzy AHP application in government-sponsored R&D project selection☆ , 2008 .

[8]  Fadi A. Zaraket,et al.  Skill-based framework for optimal software project selection and resource allocation , 2014, Eur. J. Oper. Res..

[9]  Masoud Rahiminezhad Galankashi,et al.  Assessment of hybrid Lean-Agile (Leagile) supply chain strategies , 2016 .

[10]  Prasanta Kumar Dey,et al.  Integrated project evaluation and selection using multiple-attribute decision-making technique , 2006 .

[11]  Thomas L. Saaty.  What is the analytic hierarchy process , 1988 .

[12]  J. R. Turner,et al.  Goals-and-methods matrix: coping with projects with ill defined goals and/or methods of achieving them , 1993 .

[13]  M. Bohanec,et al.  The Analytic Hierarchy Process , 2004 .

[14]  Masoud Rahiminezhad Galankashi,et al.  Lean supplier selection: a data envelopment analysis (DEA) approach , 2016 .

[15]  Minghe Sun,et al.  Robust optimization for interactive multiobjective programming with imprecise information applied to R&D project portfolio selection , 2014, Eur. J. Oper. Res..

[16]  John H Payne,et al.  Management of multiple simultaneous projects: a state-of-the-art review , 1995 .

[17]  Iman Ramezani,et al.  Application of Fuzzy AHP Approach for Financial Performance Evaluation of Iranian Petrochemical Sector , 2014, ITQM.

[18]  Kamal Golabi,et al.  Selecting a group of dissimilar projects for funding , 1987, IEEE Transactions on Engineering Management.

[19]  Jonathan F. Bard,et al.  An interactive approach to R&D project selection and termination , 1988 .

[20]  Morteza Pakdin Amiri,et al.  Project selection for oil-fields development by using the AHP and fuzzy TOPSIS methods , 2010, Expert Syst. Appl..

[21]  Juuso Liesiö,et al.  Baseline value specification and sensitivity analysis in multiattribute project portfolio selection , 2014, Eur. J. Oper. Res..

[22]  Ludmil Mikhailov,et al.  Evaluation of services using a fuzzy analytic hierarchy process , 2004, Appl. Soft Comput..

[23]  José Luis Duarte Ribeiro,et al.  An economic–probabilistic model for project selection and prioritization , 2014 .

[24]  Robert LIN,et al.  NOTE ON FUZZY SETS , 2014 .

[25]  Noordin Mohd Yusof,et al.  Performance evaluation of a petrol station queuing system: A simulation-based design of experiments study , 2016, Adv. Eng. Softw..

[26]  Hepu Deng.  Multicriteria analysis with fuzzy pairwise comparison , 1999, FUZZ-IEEE'99. 1999 IEEE International Fuzzy Systems. Conference Proceedings (Cat. No.99CH36315).

[27]  J. Tisdell,et al.  Wildlife corridor market design: An experimental analysis of the impact of project selection criteria and bidding flexibility , 2014 .

[28]  D. Chang.  Applications of the extent analysis method on fuzzy AHP , 1996 .

[29]  Chao-Ton Su,et al.  A systematic methodology for the creation of Six Sigma projects: A case study of semiconductor foundry , 2008, Expert Syst. Appl..

[30]  Liyin Shen,et al.  Key assessment indicators for the sustainability of infrastructure projects , 2011 .

[31]  Masoud Rahiminezhad Galankashi,et al.  Supplier selection in automobile industry: A mixed balanced scorecard–fuzzy AHP approach , 2016 .

[32]  Heng Li,et al.  Analytic network process applied to project selection , 2005 .

[33]  R. P. Mohanty,et al.  A fuzzy ANP-based approach to R&D project selection: A case study , 2005 .