An Investigation into the Decision Makers’s Risk Attitude Index Ranking Technique for Fuzzy Critical Path Analysis
In this paper, the effectiveness of the decision maker’s risk attitude index for fuzzy critical path analysis is considered. The fuzzy CPM algorithm was implemented in Visual Basic .Net and used to obtain the project’s activities times as well as the total float of project activities. Numerical computation reveals that for a benchmark problem, the decision maker’s risk attitude index ranking method produces unrealistic results when the decision maker’s attitude towards risk was neutral. However, a modified problem derived from the benchmark problem produced realistic results. The study shows that the utility of the ranking technique may be limited by the risk index associated with the problem. Therefore users of the technique for ranking fuzzy numbers have to proceed with caution.