This study describes a procedure for the evaluation and choice of new airport projects (or upgrading of existing ones) when different alternatives are proposed for each airport component and when a budget is set for the whole project. Some major objectives which are important to the different groups concerned with airports are identified and considered in the analysis. A multi-objective investment planning model is set up and a computer program is developed by the authors to carry out the analysis. The program is applied to rank the various airport proposals according to their overall effectiveness in satisfying the objectives. Each airport proposal, in this context, consists of a combination of different alternatives for the various components. No more than one alternative for each component is included in one proposal. The effectiveness of an alternative with regard to a certain objective is a measure of the degree to which the objective is satisfied by the alternative.Since there is usually a budget assigned to each public project, such as an airport, the capital costs of the feasible proposals should fall within the budget limit. Proposals exceeding the budget are considered infeasible and are removed from the analysis by the program at an early stage.