Making a company investment plan is a complex and difficult management issue. Project selection and ranking are crucial steps for the company’s success in the market. Strategic decisions, such as the development of a project investment plan, depend on many factors, with different relevance usually changeable over time. Some relationships of the system’s elements are functions of time. The subject ... [Show full abstract] of this paper is time dependent decision making in transport project management. Several transport projects have been evaluated using Dynamic Priorities in Multi-criteria decision making. Here we consider rail investment projects as part of the Serbian railway network.