This paper deals with the project selection problem. Project selection problem is one of the problems arose firstly in the field of operations research following some production concepts from primary product mix problem. Afterward, introduction of managerial considerations into the project selection problem have emerged qualitative factors and criteria to be regarded as well as quantitative ones. To overcome both kinds of criteria, an analytic network process is developed in this paper enhanced with fuzzy sets theory to tackle the vagueness of experts- comments to evaluate the alternatives. Additionally, a modified version of Least-Square method through a non-linear programming model is augmented to the developed group decision making structure in order to elicit the final weights from comparison matrices. Finally, a case study is considered by which developed structure in this paper is validated. Moreover, a sensitivity analysis is performed to validate the response of the model with respect to the condition alteration.<\/p>\r\n","references":"[1] X. Hwang, \"Optimal project selection with random fuzzy parameters,\" Int. J Prod. Econ., vol. 106, pp. 513-522, 2007.\r\n[2] J. H. Lorie, and L. J. Savage, \"Three problems in capital rationing,\" J.\r\nBus., vol. 28, pp. 229-239, 1955.\r\n[3] J. Wang, and W.-L. Hwang, \"A fuzzy set approach for R&D portfolio\r\nselection using a real option valuation model,\" Omega, vol. 35, pp. 247-57, 2007.\r\n[4] G. J. Beaujon, S. P. Marin, and G. C. McDonald, \"Balancing and\r\noptimizing a portfolio of R&D projects,\" Naval Res. Logis., vol. 48, no. 1, pp. 18-40, 2001.\r\n[5] G. J. Kyparisis, S. K. Gupta, and C.-M. Ip, \"Project selection with\r\ndiscounted returns and multiple constraints,\" Eur. J. Oper. Res., vol. 94,\r\npp. 87-96, 1996.\r\n[6] R . Santhanam, and J. 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