Industrial Applications of Fuzzy Control
Industrial Applications of Fuzzy Control
A fuzzy decision support system for strategic portfolio management
Decision Support Systems
Portfolio decision-making genres: A case study
Journal of Engineering and Technology Management
A new approach for selecting portfolio of new product development projects
Expert Systems with Applications: An International Journal
A hybrid fuzzy group decision support framework for advanced-technology prioritization at NASA
Expert Systems with Applications: An International Journal
Computers and Industrial Engineering
| Hi-index | 12.05 |
The importance of new product development (NPD) for a company's growth and prosperity is emphasized and a number of methods have been suggested to help decision-making for NPD project portfolio management. In spite of their utilities, however, little attention was paid to develop a supporting system for portfolio management that can help quick but careful decision-makings under uncertainties. Therefore, this research proposes a decision-making framework that uses a fuzzy expert system in portfolio management for dealing with the uncertainty of the fuzzy front-end of product development. For the purpose of developing the framework, we adopted the three tools - strategic bucket for strategic resource allocation, scoring models for evaluating projects and portfolio matrixes for balancing projects - to find an optimal set of projects in the portfolio. In particular, this research established fuzzy inference-based models for evaluation criteria which are too ambiguous to be numerically described. Also, based on the evaluation results, the final selection of projects is made by an expert system, which can encompass the operational knowledge and company strategy in the rule-based system. The suggested framework was applied to the portfolio analysis in an electronics firm in Korea and verified its feasibility.