Recently, a model for project portfolio selection have been proposed. Here, to modify the proposed model, we consider the parameters of model as fuzzy numbers and we call it fuzzy project portfolio selection problem (FPPSP). Since our proposed model is NP-hard problem, then an efficient fuzzy variable neighborhood search (FVNS) algorithm for solving this model is proposed. In several methods, a FPPS is converted to a crisp problem, but in our proposed algorithm, using modified Kerre’s inequality, the fuzzy optimization problem is solved directly, without changing it to a crisp problem. Finally, in order to demonstrate the efficiency of proposed algorithm, the numerical results of FVNS algorithm are compared with the numerical results of recently proposed method.

Keywords