DEVELOPING AN MCDA MODEL FOR CHOOSING CRITERIA USED IN PROJECT RANKING

Abstract

In order to select criteria that express a dimension of expected project values, there is proposed a model for the selection of criteria in the area of Portfolio project management. The suggested model is created as an integrated model by combining multi-criteria decision-making methods for simply choosing project selection criteria. The integrated model uses the Analytic hierarchy process (AHP) and The Weighted Aggregates Sum Product Assessment method (WASPAS) for evaluating criteria and sub-criteria, and uses the ABC method to group ranked criteria according to their total value to project selection. This model achieves an efficient and simple selection of criteria in accordance with the strategic goals of the organization. The Model gives direction for effective engagement of limited funds and resources to the projects. The convenience and efficiency of the proposed AHP WASPAS ABC approach are presented through an illustrative case study of selection criteria.