Affiliations: [a] Institute of Water Resources and Hydro-electric Engineering, Xi’an University of Technology, Xi’an, PR China | [b] School of Civil Engineering and Architecture, Xi’an University of Technology, Xi’an, PR China | [c] School of Economics and Management, Xi’an Shiyou University, Xi’an, PR China
Correspondence:
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Corresponding author. Shou-Yi Li, Institute of Water Resources and Hydro-electric Engineering, Xi’an University of Technology, NO. 5 South Jinhua Road, Xi’an, Shaanxi 710048, PR China. Tel.: +86 13109550476; E-mail: [email protected].
Abstract: 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.
Keywords: Fuzzy discounted cash flow, fuzzy real options, fuzzy multi-criteria decision-making, project investment decision making, methodological taxonomy, literature review
