Afshar, M R and Asadzadeh Zenozi, H (2022) Introducing a fuzzy MCDM model for financial management in multiple project environments. Construction Innovation, 22(2), pp. 305-319. ISSN 1471-4175
Abstract
Purpose: Statistics in the construction industry show that lack of timely injection of funds to projects by clients is one of the common problems confronted by contractors. This problem is intensified when contractors construct multiple projects simultaneously. In these situations, it is rational that contractors share their financial resources among projects according to project conditions and the firm’s vision. This study aims to propose a fuzzy multi-criteria decision making (MCDM) model for financial management in multiple project environments. Design/methodology/approach: First, the project evaluation criteria are defined using exploratory study and interviews with experts. Second, the weights of criteria are determined based on company strategies. Then, each of the projects are evaluated in each criterion. Finally, the fuzzy weighted average approach is used to determine the proportion of each project from the financial resources. Findings: The proposed model is prepared as an applicable model for general contractors to assign financial recourses among the multiple projects optimally. Originality/value: As a lack of applicable model assigning the financial resources among the multiple projects, this study is one of the first research studies that proposed a fuzzy MCDM model to assign financial resources to multiple projects optimally.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction engineering management; financial management; fuzzy concept; general contractor; multi-criteria decision-making; multiple project environments |
| Index terms: | decision-making, methodology, construction engineering management, injection, interview, multi-criteria decision-making, fuzzy concept, general contractor, strategy, exploratory study, multiple project environment, construction industry, statistics, project evaluation, financial management |
| Subjects: | economic analysis, practitioner, value management, mathematical modelling, data collection methods, industry analysis, decision-making and optimization, decision analysis, project management theory and practice, organizational theory, research methods, manufacturing engineering, management |
| Topics: | Research Practice, Project Management, Engineering Principles, Business Strategy, Risk Management, Roles and Professions |
| Descriptive scope: | 5 PCTEA |
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