FUZZY-MULTIPLE OPTIMIZATION OF THE PROJECTS PORTFOLIO TAKING INTO ACCOUNT THE STAKEHOLDERS’ DEMANDS WITHIN THE IMPORT SUBSTITUTION PROGRAM OF “UNITED INSTRUMENT MANUFACTURING CORPORATION” OF THE STATE CORPORATION “ROSTEC”

Currently, the most important challenge facing the state and the society is the issue of import substitution of modern technologies, including the technologies in the sphere of telecommunications and communication tools. Communication speed, quality, and timely information transfer influence both the strategically important decisions made at the state level and the quality of people’s living. The relevance of the research is proved by the necessity of creating the competitive telecommunication equipment and communication tools in the conditions of current economic instability and within the import substitution policy. To implement the program of import substitution for Russian competitive products in the sphere of communications, telecommunications, data storage and transfer, the issue of fusion of strong domestic companies-manufacturers in one large corporation is considered.

Among the companies-manufacturers proposed for the fusion, it is necessary to select those companies that not only satisfy the owners and the employees in terms of the economic indicators and financial capabilities but take into account the needs of other major stakeholders: the state and the society as well. Possible fusion of core “United Instrument Manufacturing Corporation” of SC “Rostec” with each of the companies (a contender for the union) is considered as a project. To solve this issue and to model the uncertainty of input parameters and results of the projects, the authors used the fuzzy model of the formation of the projects portfolio.

The model is the task of fuzzy quadratic programming with the multiplicative objective utility function. Risks consideration is carried out within the theory of portfolio investment of G. Markovits using the scenario approach. The fuzzy task of optimization is reduced to the distinct validity for the objective function and constraints at a given level and is solved by standard numerical methods. Various confidence levels are set and the existing uncertainty is taken into account to a greater or lesser extent. It changes the portfolio structure. The developed technique allowed comparing projects and programs based on the utility function and, using the principle of domination, forming the optimal portfolio.