TOPSIS-grey method applied to project portfolio problem

Abstract

Project portfolio selection is one of the most difficult, yet most important decision-making problems faced by many organizations in government and business sectors. The grey system theory proposed by Deng in 1982 is based on the assumption that a system is uncertain and that the information regarding the system is insufficient to build a relational analysis or to construct a model to characterize the system. The aim of this chapter is to compare a multi-attribute decision-making (MADM) that incorporates a system of preferences TOPSIS (Technique for Order Performance by Similarity to Ideal Solution) by Hwang and Yoon in (Multiple attribute decision making: methods and applications. Springer, Berlin, 1981) with TOPSIS-Grey by Lin et al. in (Expert Syst Appl 35:1638-1644, 2008).