PROJECT SELECTION REVISITED: CUSTOMIZED TYPE-2 FUZZY ORESTE APPROACH FOR PROJECT PRIORITIZATION
DOI:
https://doi.org/10.23055/ijietap.2024.31.2.9853Keywords:
Interval type-2 fuzzy ORESTE, fuzzy TOPSIS, project selection, multi-criteria decision making, automotive industryAbstract
In this study, a customized version of a less-preferred methodology in decision-making processes, i.e., the interval type-2 fuzzy ORESTE (IT2F-ORESTE), is proposed, and its effectiveness for selecting the most viable projects is demonstrated. The findings are evaluated against those of fuzzy TOPSIS, which is among the most preferred methods, to provide evidence that the proposed method achieves comparable and even superior results. To this end, multicriteria decision-making studies conducted between 2016 and 2021 were examined. Subsequently, 30 automotive manufacturing projects were evaluated over seven criteria using the fuzzy TOPSIS and customized IT2F-ORESTE methods. The results revealed that IT2F-ORESTE assigned the highest ranks to projects with high earning potential, low cost, low number of operations, and high production capacity, whereas fuzzy TOPSIS failed to select the best project. To the best of the authors’ knowledge, this is the first study to utilize this new IT2F-ORESTE method in project evaluation within the automotive industry and demonstrate its superiority over that of conventional methods.
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