A fuzzy DEA and knapsack formulation integrated model for project selection

Publication year: 2012
Source: Computers & Operations Research, Volume 39, Issue 1, January 2012, Pages 112-125

Ping-Teng, Chang , Jung-Hua, Lee

Project selection has become crucial in the fields of science and engineering. This paper discusses the specific problem of selecting a portfolio of projects that achieves an organization’s objectives without exceeding limited capital resources, especially when each project possesses vague input and output data in the selection. In this paper, a data envelopment analysis (DEA), knapsack formulation and fuzzy set theory integrated model is proposed to deal with the problem, and the model is demonstrated via a case study problem in engineering-procurement-construction (EPC) industry. Moreover, this paper applies three constraint handling techniques, which are factor-free penalty function based, to transform…