Multicriteria decision-making based on goal programming and fuzzy analytic hierarchy process: An application to capital budgeting problem

Our objective in this paper is to develop a decision-making model to assist decision-makers and researchers in understanding the effect of multiple criteria decision-making on a capital budgeting investment. This decision-making model helps decision-makers with reducing decision-making time and choosing a suitable decision alternative for a capital budgeting investment within the companies’ goals, constraints and strategies. The methods utilized in this paper are goal programming (GP) and fuzzy analytic hierarchy process (FAHP). We demonstrate a case study of the capital budgeting investment by using these two methods in a small car rental company. 2011 Elsevier B.V. All rights reserved.