Transformations  in
Business & Economics

A NEW INTERVAL-VALUED FUZZY MCDM APPROACH TO PRIORITIZE SOLUTION STRATEGIES IN PROJECT DISRUPTION MANAGEMENT
Maziar Khoshsirat, Seyed Meysam Mousavi, Edmundas Kazimieras Zavadskas, Jurgita Antucheviciene

ABSTRACT: The selection of appropriate solution strategies to deal with the disruption in project management has become an essential topic. The evaluation of the ranking of solution strategies for dealing with disruption as a complex multi-criteria decision-making (MCDM) problem includes several alternatives with conflicting criteria in the implementation phase of the project. This paper introduces a new MCDM method by a novel integration of grey relational analysis (GRA) and measurement alternatives and ranking according to the compromise solution (MARCOS) approaches under interval-valued fuzzy sets (IVFSs). The contribution of this paper is not only to extend the MARCOS method with both GRA techniques and IVFSs but also to propose a method for weighting the criteria that considers both the subjective and the objective weight based on entropy in an integrated manner. In this proposed method, the subjective weights assigned by decision makers (DM) and the objective weights are based on interval Shannon’s entropy theory. Subsequently, the proposed method is evaluated through an empirical example, which demonstrates its applicability and validity in prioritising solution strategies for managing project disruption. The paper also provides managerial insights.

KEYWORDS:  fuzzy multi-criteria decision-making, interval-valued fuzzy sets, subjective and objective weights, MARCOS method, disruption in projects.

JEL classification:  C44, D81, O22.