A new framework for high-technology project evaluation and project portfolio selection based on Pythagorean fuzzy WASPAS, MOORA and mathematical modeling

Abstract

High-technology projects are known as tools that help achieving productive forces through scientific and technological knowledge. These knowledge-based projects are associated with high levels of risks and returns. The process of high-technology project and project portfolio selection has technical complexities and uncertainties. This paper presents a novel two-parted method of high-technology project portfolio selection. In the first part, a new decision-making model under Pythagorean fuzzy set (PFS) uncertainty is introduced that is last aggregation and avoids defuzzification until the last step of the process. In the last step, a new PFS ranking method is used to make crisp and comparable values. Outcomes from this part form the objective function of a new integer programming (IP) of the project portfolio selection. To display the model's application, data from a real case study of high-technology project evaluation and selection is presented, and the steps of the approach are illustrated in addition to presenting the efficacy of the model.