Often capital available for investment is limited and requires selection of projects that are expected to be most profitable for the organization. A decision support system (DSS) provides a means to improve decision making for selecting optimum combination of projects. DSS provides a graphical user interface that enables the decision-maker to interact with the system, and is both interactive and adaptive in nature. Traditionally in budgeting problem mathematical models are used. But these models can take only quantitative data. There are certain decision parameters that are qualitative in nature and are suitable for application of Analytical Hierarchy Process (AHP). So far, these techniques have been applied individually. This study was to develop a prototype using an integrated approach to include Net Present value (NPV), Analytical Hierarchy Process (AHP) and Integer Programming (IP) for taking into consideration both quantitative and qualitative data. This integrated approach allows decision maker to include many more parameters including tangibles and intangible information about the decision context than would be possible with any single technique. The prototype model was developed and tested for validity with field data. The output of the system was found to meet the basic needs and provides comprehensive solutions to overcome some limitations of the previous models.