Investment Project Selection with Multi Criteria Decision Making Techniques in FMCG Industry


  • Özge YIKICI Student, Department of Industrial Engineering, Sakarya University, TURKEY
  • Tijen Över ÖZÇELİK Assistant Professor, Department of Industrial Engineering, Sakarya University, TURKEY



Investment Project Selection, Multi Criteria Decision Techniques, AHP(Fuzzy), TOPSIS(Fuzzy), VIKOR, ARAS


In today's our modern world, where rivalry is increasing from day to day and technological developments are advancing very fast, decision-making processes are becoming more difficult. Especially for companies, investment projects are a critical decision-making problem due to their huge budgets and their impact on the company. Therefore, making decisions by utilizing scientific methods is of the essence for companies.

Related in the thesis, it is determined to select the most optimum project for the company to invest in a leading company in the FMCG sector based on a project selection problem with 5 main criteria, 8 sub-criteria and 5 alternatives.

In problem solving, AHP, which is the most widely utilized method for weighting criteria in the literature, and TOPSIS, VIKOR, which are the most typically used methods in project selection in the literature, and ARAS method, which is rarely used, were used to address the project selection problem. Since ARAS method studies are impreplance in the literature, it is purposed to fill gap in this thesis is supported by Fuzzy AHP and Fuzzy TOPSIS procedures. In the thesis, it was make firm that the ARAS method, which is scarce used in the literature, works in harmony with the widely used AHP, TOPSIS and VIKOR procedures.

With this work;

It is forecast that companies can use these mathematical methods to enable decision making in cases involving many criteria and alternatives.

This application in the FMCG sector, where project selection decisions are frequently made, has brought a academic approach to investment project selection problems.

The use of AHP, BAHP in project criteria weighting; TOPSIS, Fuzzy TOPSIS, VIKOR and ARAS methodologies in project selection has make a help to the literature and proved that the methods work in concord with one together. It is estimated that these mathematical modeling can be used in particular decision-making trouble of the company.


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How to Cite

Özge YIKICI, & Tijen Över ÖZÇELİK. (2023). Investment Project Selection with Multi Criteria Decision Making Techniques in FMCG Industry. International Journal of Engineering and Management Research, 13(3), 116–133.