Affiliations: Donlinks School of Economics and Management, University of Science and Technology Beijing, Beijing, P.R. China
Correspondence:
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Corresponding author. Fu Yingshi, Donlinks School of Economics and Management, University of Science and Technology Beijing, Beijing, P.R. China. Tel.: +86 18811329268; E-mail: yingshi_fu@163.com.
Abstract: Project selection is a significant decision-making process in most companies. Most previous researches focused only on the investment profit and used random variables to determine project parameters. However, in some cases, the distributions of parameters cannot be obtained from similar projects due to the rapid changing environment. So experts’ estimations will be adopted. In order to handle inaccurate estimation, an uncertainty theory is applied to solve project selection decision-making in this situation. In addition, besides considering financial aspects, the non-financial aspects including compatibility, are taken into account. A new project selection model is developed and the deterministic form of the model is given. For the sake of illustration, an example has been presented. This paper aims at proposing a new project appraisal method comprehensively considering financial and non-financial aspects.
