Artificial Intelligence in Industry 4.0 and 5G Technology

14Comparison of Defuzzification Methods for Project Selection

Nancy M. Arratia‐Martinez¹, Paulina A. Avila‐Torres¹, and Lopez‐I Fernando²

¹Universidad de las Américas Puebla, Ex‐Hacienda Santa Catarina Mártir, Department of Business Administration, San Andrés Cholula, Puebla, C.P., 72810, México

²Autonomous University of Nuevo León, Department of Mechanical and Electronic Engineering, San Nicolás de los Garza, Nuevo León, México

14.1 Introduction

Resources of an organization (people, time, money, equipment, etc.) are never endless. As such, a constant and continuous challenge for decision makers is to decide which projects should be given priority in terms of receiving critical resources in a way that the productivity and profitability of an organization are best guaranteed [1].

Projects selection is typically a hard task to solve problems present in most organizations that drive investments and resources assignment based on project's portfolios on several of their business areas and activities. One main reason why a project's portfolio selection is hard to solve is that there are generally more projects to support than resources to distribute among them. Projects selection is also an important problem that managers have to face in large public organizations (like government institutions, universities, foundations, etc.) that are involved in funding or supporting research and development in some way [2].

One of the main tasks of management at different levels in many organizations, ...