APPLICATION OF FUZZY CBR AND MODM APPROACHES IN THE PROJECT PORTFOLIO SELECTION IN CONSTRUCTION COMPANIES

Abstract

Project selection is a fundamental decision in construction companies. Regarding the high complexity and dynamic nature of construction projects, the level of uncertainty in this industry is very high. Portfolio selection strategy can be considered as one of the best ways for mitigating the risk of project selection. With respect to the considerable importance of project portfolio selection in reducing the risk to a company, developing research in this area is crucial. The main focus of this paper is to present a hybrid model according to the fuzzy case-based reasoning for prescreening of projects according to the factors generating risk in the construction industry and the historical records of the company, also allocating the most appropriate prescreened projects to the portfolio of company with the use of zero-one linear goal programming. A real case study has been presented for model implementation and for more understanding.