A model of selecting the best of the research and development (R&D) projects is proposed. In many organizations, there is a considerable amount of distributed decision making. In the mission of a technical committee, for instance, entrusted with the assessment of the decision alternatives under certain pre-specified criteria, the relative importance of the criteria may have been formulated in vague verbal terms. Both quantitative criteria, e.g., costs and benefits terms as well as qualitative criteria, e.g., response to competition, are considered in the decision process. In this paper, linguistic terms and triangular fuzzy numbers describe decision-makers' opinions. A new algorithm is developed based on fuzzy measures to deal with such types of ranking problems. One of these problems is R&D project selection issue. Finally, an illustrative example is given to demonstrate the procedure of the proposed methodology. KEYWORDS R&D project selection, Multi-criteria decision making, Assessment of alternatives, Criterion weights, and Fuzzy logic/modeling.