Project investment decision making with fuzzy information: A literature review of methodologies based on taxonomy

摘要

Project investment decision making with fuzzy information (PIDMFI) has been investigated in a lot of literature. The aim of this paper is to discover the features, state of the art, interrelations, and research directions of existing methodologies for PIDMFI. To do this, a literature review of the methodologies including theories, methods and models as well as applications is conducted from a taxonomic perspective of methodology. The hierarchical cluster analysis in SPSS V19 is employed to construct a methodological taxonomy framework which consists of fuzzy discounted cash flow (FDCF), fuzzy real option (FRO) and fuzzy multi-criteria decision making (FMCDM). Some hybrids of these methodologies are also shown. Additionally, a discussion is presented. Finally, a conclusion with new research directions is delineated.