Evaluation and selection of development projects of steel using grey systems theory, vague sets theory, and zero one goal programming: A hybrid approach

One of issues that managers face is decision about selecting a set of most appropriate projects. Choosing more effective projects and allocating resource optimally is part of strategic decisions in an organization which requires the judgment of specialists in evaluation process. In many cases, judgments of decision makers in evaluation have some uncertainty. Methods which take into account the ambiguity in human judgments accurately would be very desirable. The aim of this research is to propose a suitable approach for evaluation development projects and finally select the most suitable ones, based on qualitative and quantitative indices. Proposed approach takes into account the ambiguity in human judgments by using grey systems theory and vague sets theory which both are the fuzzy sets theory expanded. This hybrid approach would make it possible to select the most appropriate projects based on both qualitative and quantitative indices.