Abstract: Abstract: According to the characteristics of decision-making of technology innovation projects, an integrated decision analysis method is proposed which is called Fuzzy Hierarchical Technique for Order Preference by Similarity to Ideal Solution (FH-TOPSIS). Firstly, based on synthetically considering two main factors, risks and benefits, the index system is established for the evaluation of technology innovation projects. Secondly, the analytic hierarchy process (AHP) and the TOPSIS method are integrated to evaluate projects. At last, an application example demonstrates the feasibility and effectiveness of the method FH-TOPSIS. The evaluation method FH-TOPSIS not only absorbs advantages of AHP and TOPSIS, but also is able to conduct sensitivity analysis about weights of criteria. The proposed method provides a new way to analyze the risks and benefits for technology innovation projects.

Key words: technology innovation, risk-benefit analysis, fuzzy multi-criteria decision, sensitivity analysis