How to cite this paper
APA: Karakiliç, S., Arici, Y., Oconnor, D & Thümmel, A. (2025). Evaluation and ranking of multi-type projects with mixed multi-criteria cost/benefit and optimization of project portfolio selection. Journal of Project Management, 10(4), 703-724.
Chicago/Turabian: Karakiliç, S., Arici, Y., Oconnor, D & Thümmel, A. 2025. "Evaluation and ranking of multi-type projects with mixed multi-criteria cost/benefit and optimization of project portfolio selection." Journal of Project Management 10, no. 4 (2025): 703-724.
AMA: Karakiliç, S., Arici, Y., Oconnor, D & Thümmel, A. Evaluation and ranking of multi-type projects with mixed multi-criteria cost/benefit and optimization of project portfolio selection. Journal of Project Management. 2025;10(4):703-724.
References
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Abdellaoui, M. (2002). A genuine rank‐dependent generalization of the Von Neumann‐Morgenstern expected utility theorem. Econometrica, 70(2), 717-736.
Adebanjo, D., Samaranayake, P., Mafakheri, F., & Laosirihongthong, T. (2016). Prioritization of Six-Sigma project selection: a resource-based view and institutional norms perspective. Benchmarking: An International Journal, 23(7), 1983-2003.
Allen, M., Alleyne, D., Farmer, C., McRae, A., & Turner, C. (2014). A framework for project success. Journal of Information Technology and Economic Development, 5(2), 1-17.
Amiri, M. P. (2010). Project selection for oil-fields development by using the AHP and fuzzy TOPSIS methods. Expert systems with applications, 37(9), 6218-6224.
Demircan Keskin, F. (2020). A two‐stage fuzzy approach for Industry 4.0 project portfolio selection within criteria and project interdependencies context. Journal of Multi‐Criteria Decision Analysis, 27(1-2), 65-83.
Dhara, A., Kaur, G., Kishan, P. M., Majumder, A., & Yadav, R. (2022). An efficient decision support system for selecting very light business jet using CRITIC-TOPSIS method. Aircraft Engineering and Aerospace Technology, 94(3), 458-472.
Ding, Z., Wang, J., Zuo, J., & Gong, W. (2017). Key performance indicators for regional construction supervision systems in China. Engineering Management Journal, 29(3), 179-188.
Eckhause, J. M., Gabriel, S. A., & Hughes, D. R. (2012). An integer programming approach for evaluating R&D funding decisions with optimal budget allocations. IEEE Transactions on Engineering Management, 59(4), 679-691.
Espinoza, D., & Morris, J. W. (2013). Decoupled NPV: a simple, improved method to value infrastructure investments. Construction management and economics, 31(5), 471-496.
European Commission (2019). Towards a sustainable Europe by 2030 COM(2019)22 of 30 January 2019. Reflection Paper.
European Union (2022). Directive 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Text with EEA relevance). PE/35/2022/REV/1.
Fishburn, P. C. (1990). Skew symmetric additive utility with finite states. Mathematical Social Sciences, 19(2), 103-115.
Heidenberger, K., & Stummer, C. (1999). Research and development project selection and resource allocation: a review of quantitative modelling approaches. International Journal of Management Reviews, 1(2), 197-224.
Huang, C. C., Chu, P. Y., & Chiang, Y. H. (2008). A fuzzy AHP application in government-sponsored R&D project selection. Omega, 36(6), 1038-1052.
Iamratanakul, S., Patanakul, P., & Milosevic, D. (2008, September). Project portfolio selection: From past to present. In 2008 4th IEEE international conference on management of innovation and technology (pp. 287-292). IEEE.
Imperatives, S. (1987). Report of the World Commission on Environment and Development: Our common future. Accessed Feb, 10(42,427).
Jeng, D. J. F., & Huang, K. H. (2015). Strategic project portfolio selection for national research institutes. Journal of Business Research, 68(11), 2305-2311.
Kumar, S., Kumar, S., & Barman, A. G. (2018). Supplier selection using fuzzy TOPSIS multi criteria model for a small scale steel manufacturing unit. Procedia computer science, 133, 905-912.
Laury, S., & Holt, C. (2005). Further reflections on prospect theory. Andrew Young School of Policy Studies Research Paper Series, 06-11.
Lewis, C. D. (1982). Industrial and business forecasting methods: A practical guide to exponential smoothing and curve fitting. (No Title).
Li, H., Cao, Y., & Su, L. (2022). Pythagorean fuzzy multi-criteria decision-making approach based on Spearman rank correlation coefficient. Soft Computing, 26(6), 3001-3012.
Liu, J., & Wei, Q. (2018). Risk evaluation of electric vehicle charging infrastructure public-private partnership projects in China using fuzzy TOPSIS. Journal of cleaner production, 189, 211-222.
Ma, J., Harstvedt, J. D., Jaradat, R., & Smith, B. (2020). Sustainability driven multi-criteria project portfolio selection under uncertain decision-making environment. Computers & Industrial Engineering, 140, 106236.
Mahmoudi, A., Deng, X., Javed, S. A., & Yuan, J. (2021). Large-scale multiple criteria decision-making with missing values: project selection through TOPSIS-OPA. Journal of Ambient Intelligence and Humanized Computing, 12(10), 9341-9362.
Quiggin, J. (1982). A theory of anticipated utility. Journal of economic behavior & organization, 3(4), 323-343.
Ranjbar, M., Nasiri, M. M., & Torabi, S. A. (2022). Multi-mode project portfolio selection and scheduling in a build-operate-transfer environment. Expert Systems with Applications, 189, 116134.
Raval, P., Sarkar, D., & Devani, D. (2022). Application of analytical-network-process (ANP) for evaluation of key-performance-indicators (KPI) for application of blockchain technology in infrastructure projects. Innovative Infrastructure Solutions, 7(6), 358.
Remer, D. S., & Nieto, A. P. (1995). A compendium and comparison of 25 project evaluation techniques. Part 1: Net present value and rate of return methods. International journal of production economics, 42(1), 79-96.
Roy, P., & Patro, B. (2021). Financial performance analysis of NBFC-MFIs in India using TOPSIS and IV-TOPSIS. International Journal of Mathematical, Engineering and Management Sciences, 6(5), 1423.
Saxena, P., Kumar, V., & Ram, M. (2022). A novel CRITIC‐TOPSIS approach for optimal selection of software reliability growth model (SRGM). Quality and Reliability Engineering International, 38(5), 2501-2520.
Schmidt, U. (2001). Lottery dependent utility: a reexamination. Theory and Decision, 50(1), 35-58.
Solangi, Y. A., Tan, Q., Khan, M. W. A., Mirjat, N. H., & Ahmed, I. (2018). The selection of wind power project location in the Southeastern Corridor of Pakistan: A factor analysis, AHP, and fuzzy-TOPSIS application. Energies, 11(8), 1940.
Tavana, M., Keramatpour, M., Santos-Arteaga, F. J., & Ghorbaniane, E. (2015). A fuzzy hybrid project portfolio selection method using data envelopment analysis, TOPSIS and integer programming. Expert Systems with Applications, 42(22), 8432-8444.
Tavana, M., Khosrojerdi, G., Mina, H., & Rahman, A. (2019). A hybrid mathematical programming model for optimal project portfolio selection using fuzzy inference system and analytic hierarchy process. Evaluation and program planning, 77, 101703.
Taylan, O., Bafail, A. O., Abdulaal, R. M., & Kabli, M. R. (2014). Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies. Applied soft computing, 17, 105-116.
Taylan, O., Kabli, M. R., Saeedpoor, M., & Vafadarnikjoo, A. (2015). Commentary on ‘Construction projects selection and risk assessment by Fuzzy AHP and Fuzzy TOPSIS methodologies’[Applied Soft Computing 17 (2014): 105–116]. Applied Soft Computing, 36, 419-421.
United Nations (2005). 2005 World Summit Outcome. United Nations General Assembly, Sixtieth session Agenda items 46 and 120, A/RES/60/1.
United Nations (2015). Resolution adopted by the General Assembly on 25 September 2015 - 70/1. Transforming our world: the 2030 Agenda for Sustainable Development. Seventieth session Agenda items 15 and 116, 15-16301 (E).
Vijayakumar, S. R., Suresh, P., Sasikumar, K., Pasupathi, K., Yuvaraj, T., & Velmurugan, D. (2022). Evaluation and selection of projects using hybrid MCDM technique under fuzzy environment based on financial factors. Materials Today: Proceedings, 60, 1347-1352.
Von Neumann, J., & Morgenstern, O. (1947). Theory of games and economic behavior, 2nd rev.
Wald, A., Spanuth, T., Schneider, C., Futterer, F., Schnellbächer, B., & Schoper, Y. (2015). Makroökonomische vermessung der projekttätigkeit in deutschland. Nürnberg: GPM Deutsche Gesellschaft für Projektmanagement e. V. Retrieved May, 8, 2018.
Wang, J., & Hwang, W. L. (2007). A fuzzy set approach for R&D portfolio selection using a real options valuation model. Omega, 35(3), 247-257.
Wang, X., Zhao, T., & Chang, C. T. (2021). An integrated FAHP-MCGP approach to project selection and resource allocation in risk-based internal audit planning: A case study. Computers & Industrial Engineering, 152, 107012.
Wu, Y., Xu, C., Ke, Y., Chen, K., & Sun, X. (2018). An intuitionistic fuzzy multi-criteria framework for large-scale rooftop PV project portfolio selection: Case study in Zhejiang, China. Energy, 143, 295-309.
Xu, C., Ke, Y., Li, Y., Chu, H., & Wu, Y. (2020). Data-driven configuration optimization of an off-grid wind/PV/hydrogen system based on modified NSGA-II and CRITIC-TOPSIS. Energy Conversion and Management, 215, 112892.
Yu, L., Wang, S., Wen, F., & Lai, K. K. (2012). Genetic algorithm-based multi-criteria project portfolio selection. Annals of operations research, 197, 71-86.
Zhang, X., Fang, L., Hipel, K. W., Ding, S., & Tan, Y. (2020). A hybrid project portfolio selection procedure with historical performance consideration. Expert Systems with Applications, 142, 113003.
Abdellaoui, M. (2002). A genuine rank‐dependent generalization of the Von Neumann‐Morgenstern expected utility theorem. Econometrica, 70(2), 717-736.
Adebanjo, D., Samaranayake, P., Mafakheri, F., & Laosirihongthong, T. (2016). Prioritization of Six-Sigma project selection: a resource-based view and institutional norms perspective. Benchmarking: An International Journal, 23(7), 1983-2003.
Allen, M., Alleyne, D., Farmer, C., McRae, A., & Turner, C. (2014). A framework for project success. Journal of Information Technology and Economic Development, 5(2), 1-17.
Amiri, M. P. (2010). Project selection for oil-fields development by using the AHP and fuzzy TOPSIS methods. Expert systems with applications, 37(9), 6218-6224.
Demircan Keskin, F. (2020). A two‐stage fuzzy approach for Industry 4.0 project portfolio selection within criteria and project interdependencies context. Journal of Multi‐Criteria Decision Analysis, 27(1-2), 65-83.
Dhara, A., Kaur, G., Kishan, P. M., Majumder, A., & Yadav, R. (2022). An efficient decision support system for selecting very light business jet using CRITIC-TOPSIS method. Aircraft Engineering and Aerospace Technology, 94(3), 458-472.
Ding, Z., Wang, J., Zuo, J., & Gong, W. (2017). Key performance indicators for regional construction supervision systems in China. Engineering Management Journal, 29(3), 179-188.
Eckhause, J. M., Gabriel, S. A., & Hughes, D. R. (2012). An integer programming approach for evaluating R&D funding decisions with optimal budget allocations. IEEE Transactions on Engineering Management, 59(4), 679-691.
Espinoza, D., & Morris, J. W. (2013). Decoupled NPV: a simple, improved method to value infrastructure investments. Construction management and economics, 31(5), 471-496.
European Commission (2019). Towards a sustainable Europe by 2030 COM(2019)22 of 30 January 2019. Reflection Paper.
European Union (2022). Directive 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Text with EEA relevance). PE/35/2022/REV/1.
Fishburn, P. C. (1990). Skew symmetric additive utility with finite states. Mathematical Social Sciences, 19(2), 103-115.
Heidenberger, K., & Stummer, C. (1999). Research and development project selection and resource allocation: a review of quantitative modelling approaches. International Journal of Management Reviews, 1(2), 197-224.
Huang, C. C., Chu, P. Y., & Chiang, Y. H. (2008). A fuzzy AHP application in government-sponsored R&D project selection. Omega, 36(6), 1038-1052.
Iamratanakul, S., Patanakul, P., & Milosevic, D. (2008, September). Project portfolio selection: From past to present. In 2008 4th IEEE international conference on management of innovation and technology (pp. 287-292). IEEE.
Imperatives, S. (1987). Report of the World Commission on Environment and Development: Our common future. Accessed Feb, 10(42,427).
Jeng, D. J. F., & Huang, K. H. (2015). Strategic project portfolio selection for national research institutes. Journal of Business Research, 68(11), 2305-2311.
Kumar, S., Kumar, S., & Barman, A. G. (2018). Supplier selection using fuzzy TOPSIS multi criteria model for a small scale steel manufacturing unit. Procedia computer science, 133, 905-912.
Laury, S., & Holt, C. (2005). Further reflections on prospect theory. Andrew Young School of Policy Studies Research Paper Series, 06-11.
Lewis, C. D. (1982). Industrial and business forecasting methods: A practical guide to exponential smoothing and curve fitting. (No Title).
Li, H., Cao, Y., & Su, L. (2022). Pythagorean fuzzy multi-criteria decision-making approach based on Spearman rank correlation coefficient. Soft Computing, 26(6), 3001-3012.
Liu, J., & Wei, Q. (2018). Risk evaluation of electric vehicle charging infrastructure public-private partnership projects in China using fuzzy TOPSIS. Journal of cleaner production, 189, 211-222.
Ma, J., Harstvedt, J. D., Jaradat, R., & Smith, B. (2020). Sustainability driven multi-criteria project portfolio selection under uncertain decision-making environment. Computers & Industrial Engineering, 140, 106236.
Mahmoudi, A., Deng, X., Javed, S. A., & Yuan, J. (2021). Large-scale multiple criteria decision-making with missing values: project selection through TOPSIS-OPA. Journal of Ambient Intelligence and Humanized Computing, 12(10), 9341-9362.
Quiggin, J. (1982). A theory of anticipated utility. Journal of economic behavior & organization, 3(4), 323-343.
Ranjbar, M., Nasiri, M. M., & Torabi, S. A. (2022). Multi-mode project portfolio selection and scheduling in a build-operate-transfer environment. Expert Systems with Applications, 189, 116134.
Raval, P., Sarkar, D., & Devani, D. (2022). Application of analytical-network-process (ANP) for evaluation of key-performance-indicators (KPI) for application of blockchain technology in infrastructure projects. Innovative Infrastructure Solutions, 7(6), 358.
Remer, D. S., & Nieto, A. P. (1995). A compendium and comparison of 25 project evaluation techniques. Part 1: Net present value and rate of return methods. International journal of production economics, 42(1), 79-96.
Roy, P., & Patro, B. (2021). Financial performance analysis of NBFC-MFIs in India using TOPSIS and IV-TOPSIS. International Journal of Mathematical, Engineering and Management Sciences, 6(5), 1423.
Saxena, P., Kumar, V., & Ram, M. (2022). A novel CRITIC‐TOPSIS approach for optimal selection of software reliability growth model (SRGM). Quality and Reliability Engineering International, 38(5), 2501-2520.
Schmidt, U. (2001). Lottery dependent utility: a reexamination. Theory and Decision, 50(1), 35-58.
Solangi, Y. A., Tan, Q., Khan, M. W. A., Mirjat, N. H., & Ahmed, I. (2018). The selection of wind power project location in the Southeastern Corridor of Pakistan: A factor analysis, AHP, and fuzzy-TOPSIS application. Energies, 11(8), 1940.
Tavana, M., Keramatpour, M., Santos-Arteaga, F. J., & Ghorbaniane, E. (2015). A fuzzy hybrid project portfolio selection method using data envelopment analysis, TOPSIS and integer programming. Expert Systems with Applications, 42(22), 8432-8444.
Tavana, M., Khosrojerdi, G., Mina, H., & Rahman, A. (2019). A hybrid mathematical programming model for optimal project portfolio selection using fuzzy inference system and analytic hierarchy process. Evaluation and program planning, 77, 101703.
Taylan, O., Bafail, A. O., Abdulaal, R. M., & Kabli, M. R. (2014). Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies. Applied soft computing, 17, 105-116.
Taylan, O., Kabli, M. R., Saeedpoor, M., & Vafadarnikjoo, A. (2015). Commentary on ‘Construction projects selection and risk assessment by Fuzzy AHP and Fuzzy TOPSIS methodologies’[Applied Soft Computing 17 (2014): 105–116]. Applied Soft Computing, 36, 419-421.
United Nations (2005). 2005 World Summit Outcome. United Nations General Assembly, Sixtieth session Agenda items 46 and 120, A/RES/60/1.
United Nations (2015). Resolution adopted by the General Assembly on 25 September 2015 - 70/1. Transforming our world: the 2030 Agenda for Sustainable Development. Seventieth session Agenda items 15 and 116, 15-16301 (E).
Vijayakumar, S. R., Suresh, P., Sasikumar, K., Pasupathi, K., Yuvaraj, T., & Velmurugan, D. (2022). Evaluation and selection of projects using hybrid MCDM technique under fuzzy environment based on financial factors. Materials Today: Proceedings, 60, 1347-1352.
Von Neumann, J., & Morgenstern, O. (1947). Theory of games and economic behavior, 2nd rev.
Wald, A., Spanuth, T., Schneider, C., Futterer, F., Schnellbächer, B., & Schoper, Y. (2015). Makroökonomische vermessung der projekttätigkeit in deutschland. Nürnberg: GPM Deutsche Gesellschaft für Projektmanagement e. V. Retrieved May, 8, 2018.
Wang, J., & Hwang, W. L. (2007). A fuzzy set approach for R&D portfolio selection using a real options valuation model. Omega, 35(3), 247-257.
Wang, X., Zhao, T., & Chang, C. T. (2021). An integrated FAHP-MCGP approach to project selection and resource allocation in risk-based internal audit planning: A case study. Computers & Industrial Engineering, 152, 107012.
Wu, Y., Xu, C., Ke, Y., Chen, K., & Sun, X. (2018). An intuitionistic fuzzy multi-criteria framework for large-scale rooftop PV project portfolio selection: Case study in Zhejiang, China. Energy, 143, 295-309.
Xu, C., Ke, Y., Li, Y., Chu, H., & Wu, Y. (2020). Data-driven configuration optimization of an off-grid wind/PV/hydrogen system based on modified NSGA-II and CRITIC-TOPSIS. Energy Conversion and Management, 215, 112892.
Yu, L., Wang, S., Wen, F., & Lai, K. K. (2012). Genetic algorithm-based multi-criteria project portfolio selection. Annals of operations research, 197, 71-86.
Zhang, X., Fang, L., Hipel, K. W., Ding, S., & Tan, Y. (2020). A hybrid project portfolio selection procedure with historical performance consideration. Expert Systems with Applications, 142, 113003.