A support tool for selecting and scheduling project portfolios

  1. TRINIDAD GÓMEZ 1
  2. ANA F. CARAZO 2
  3. FÁTIMA PÉREZ 1
  4. JULIÁN MOLINA 1
  1. 1 Universidad de Málaga
    info

    Universidad de Málaga

    Málaga, España

    ROR https://ror.org/036b2ww28

  2. 2 Universidad Pablo de Olavide
    info

    Universidad Pablo de Olavide

    Sevilla, España

    ROR https://ror.org/02z749649

Revista:
Rect@: Revista Electrónica de Comunicaciones y Trabajos de ASEPUMA

ISSN: 1575-605X

Ano de publicación: 2017

Volume: 18

Número: 2

Páxinas: 153-176

Tipo: Artigo

DOI: 10.24309/RECTA.2017.18.2.04 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Outras publicacións en: Rect@: Revista Electrónica de Comunicaciones y Trabajos de ASEPUMA

Resumo

Project portfolio selection is an important issue that arises repeatedly over an organization's lifetime. The problem consists of how to plan and allocate a limited set of resources among a set of candidate projects within a given time horizon, while taking into account multiple objectives and constraints that can be different at each period of the planning horizon. This article describes a software tool with a user-friendly environment called the Project Portfolio Selection Tool (PPST), which assists decision makers (DMs) to simultaneously select and schedule efficient project portfolios. This software tool incorporates a general multiobjective model and uses a metaheuristic algorithm as a search engine. By using an interactive procedure, PPST also supports DMs in exploring the solution space to find the most suitable portfolio according to their preferences. We present an application of the software in a state university setting to illustrate the rationale underlying this environment and its usefulness.

Información de financiamento

This research was partially funded by the Regional Government of Andalusia (Excellence Research Project P10-TIC-06618).

Financiadores

  • Regional Government of Andalusia Spain
    • P10-TIC-06618

Referencias bibliográficas

  • Archer, N.P., Ghasemzadeh, F. (1999). An integrated framework for project selection. International Journal of Project Management, 17(4), 207-216.
  • Arratia, N.M., López, F., Schaeffer, S.E., Cruz-Reyes, L. (2016). Static R&D portfolio selection in public organizations. Decision Support Systems, 84, 53-63.
  • Badri, M.A., Davis, D., Davis, D. (2001). A comprehensive 0-1 goal programming model for project selection. International Journal of Project Management, 19(4), 243-252.
  • Ballestero, E., Romero, C. (1998). Multiple criteria decision making and its applications to economic problems. Kluwer Academic Publishers.
  • Branke, J., Deb, K., Miettinen, K., Slowínski, R. (2008). Multiobjective optimization: interactive and evolutionary approaches. Lecture Notes in Computer Sciences, 5252. Germany: Springer-Verlag.
  • Carazo, A.F., Gómez, T., Molina, J., Hernández-Díaz, A., Guerrero, F., Caballero, R. (2010). Solving a comprehensive model for multi-objective project portfolio selection. Computers and Operational Research, 37, 630-639.
  • Chien, C.A. (2002). Portfolio-evaluation framework for selecting R&D projects. R&D Management, 32(4), 359-368.
  • Coffin, M.A., Taylor III, B.W. (1996). Multiple criteria R&D project selection and scheduling using fuzzy logic. Computers and Operations Research archive, 23(3), 207-220.
  • Cooper, R.G., Edgett, S.J., Kleinschmidt, E.J. (2001). Portfolio management for new product development: results of an industry practices study. Research-Technology Management, 31(4), 361 380.
  • Cruz, L., Fernandez, E., Gomez, C., Rivera, G., Perez, F. (2014). Many-objective portfolio optimization of interdependent projects with ‘a priori’ incorporation of decision-maker preferences. Applied Mathematics Information Science, 8(4), 1517-1531.
  • Deb, K. (2001). Multi-objective optimization using evolutionary algorithms. John Wiley and Sons. Chichester, U.K.
  • Demeulemeester, E.L., Herroelen, W.S. (2002). Project Scheduling: a research handbook. Springer.
  • Dickinson, M.W., Thornton, A.C., Graves, S. (2001). Technology portfolio management: optimizing interdependent projects over multiple time periods. IEEE Transactions on Engineering Management, 48(4), 518-527.
  • Ding, W., Cao, R. (2008). Methods for selecting the optimal portfolio of projects. IEEE International Conference on Service Operations and Logistics, and Informatics (IEEE/SOLI), 2, 2617-2622.
  • Dobson, M.S. (2002). Juggling the interdependent project portfolio. In: L.D. Dye and J.S. Pennypacker (Eds.), Managing Multiple Projects: Planning, Scheduling and Allocating Resources for Competitive Advantage (pp. 211-228). New York, USA: Marcel Dekker Publishers, Centre for Business Practices.
  • Duarte, B.P.M., Reis, A. (2006). Developing a project evaluation system based on multiple attribute value theory. Computers & Operations Research, 33(5), 1488-1504.
  • Ehrgott, M., Gandibleux, X. (2000). A survey and annotated bibliography of multicriteria combinatorial optimization. OR Spektrum, 22, 425-460.
  • Emami, M., Yakhchali, S.H., Namazian, A., Nimgaz, S. K. (2016). Project Selection Based on Project Scheduling with Renewable Resource, Nonrenewable Resource and Budget Constraints. International Journal of Humanities and Management Sciences, 4(4), 389-391.
  • Feng, B., Ma, J., Fan, Z-P. (2011). An integrated method for collaborative R&D project selection: Supporting innovative research teams. Expert System with application, 38, 5532-5543.
  • Ghasemzadeh, F., Archer, N., Iyogun, P. (1999). A zero-one model for project portfolio selection and scheduling. Journal of the Operational Research Society, 50(7), 745-755.
  • Glickman, O.R. (2008). Program portfolio selection for reducing prioritized security risk. European Journal of Operational Research, 190(1), 268-276.
  • González-Pachón, J., Romero, C. (2011). The design of socially optimal decisions in a consensus scenario. Omega, 39, 179-185.
  • Graves, S.B., Ringuest, J.L. (2003). Models & methods for project selection: concepts from management science, finance and information technology. Boston: Kluwer Academic Publishers.
  • Gutjahr, W.J., Katzensteiner, S., Reiter, P., Stummer, C., Denk, M. (2010). Multi-objective decision analysis for competence-oriented project portfolio selection. European Journal of Operational Research, 205(3), 670-679.
  • Jafarzadeh, M., Tareghian, H.R., Rahbarnia, F., Ghanbari, R. (2015). Optimal selection of project portfolios using reinvestment strategy within a flexible time horizon. European Journal of Operational Research, 243(2), 658-664.
  • Klapka, J., Piños, P. (2002). Decision support system for multicriterial R&D and information systems projects selection. European Journal of Operational Research, 140(2), 434-446.
  • Lawson, C.P., Longhurst, P.J., Ivey, P.C. (2006). The application of a new research and development project selection model in SMEs. Technovation, 26(2), 242-250.
  • Li, X., Fang, S-C., Guo, X., Deng, Z., Qi, J. (2016). An extended model for project portfolio selection with project divisibility and interdependency. Journal of Systems Science and Systems Engineering, 25(1), 119-138.
  • Liu, S-S., Wang, C-J. (2011). Optimizing project selection and scheduling problems with time dependent resource constraints. Automation in Construction, 20(8), 1110-1119.
  • Lopes, Y.G., de Almeida, A.T. (2015). Assessment of synergies for selecting a project portfolio in the petroleum industry based on a multi-attribute utility function. Journal of Petroleum Science and Engineering, 126, 131-140.
  • Martino, J.P. (1995). Research and development project selection. New York: Wiley Series in Engineering & Technology Management.
  • Martinsuo, M., (2013). Project portfolio management in practice and in context. International Journal of Project Management, 31, 794-803.
  • Mavrotas, G., Diakoulaki, D., Caloghirou, Y. (2006). Project prioritization under policy restrictions: A combination of MCDA with 0-1 programming. European Journal of Operational Research, 171(1), 296-308.
  • Medaglia, A.L., Hueth, D., Mendieta, J.C., Sefair, J.A. (2008). A multiobjective model for the selection and timing of public enterprise projects. Socio-Economic Planning Sciences, 42(1), 31-45.
  • Miettinen, K. (1999). Nonlinear multiobjective optimization. Massachusetts: Kluwer Academic Publishers.
  • Molina, J., Santana, L.V., Hernández-Díaz, A., Coello, C.A., Caballero, R. (2009). g-dominance: Reference point based dominance for multiobjective metaheuristic. European Journal of Operational Research, 197(2), 685-692.
  • Moore, J.R., Baker, N.R. (1969). An analytical approach to scoring model design-application to research and development project selection. IEEE Transactions on Engineering Management, 16(3), 90-98.
  • Naderi, B. (2013). The project portfolio selection and scheduling problem: mathematical model and algorithms. Journal of Optimization in Industrial Engineering, 13, 65-72.
  • Nowak, M. (2013). Project portfolio selection using interactive approach. Procedia Engineering, 57, 814-822
  • Rabbani, M., Aramoon, M., Khoshkhou, G. (2010). A multiple-objective particle swarm optimization for project selection problem. Expert Systems with Applications, 37(1), 315-321
  • Santhanam, R., Kyparisis, J. (1996). A decision model for interdependent information system project selection, European Journal of Operational Research, 89(2), 380-399.
  • Silvola, H. (2006). Low-intensity R&D and capital budgeting decisions in IT firms. In: Epstein M.J., Lee J.Y. (Eds.), Advances in Management Accounting, 15, 21-49.
  • Stewart, T.J. (2016). Multiple objective portfolio selection based on reference points. Journal of Business Economics, 86, 23-33.
  • Stummer, C., Heidenberger, K. (2003). Interactive R&D portfolio analysis with project interdependencies and time profiles of multiple objectives. IEEE Transactions on engineering Management, 50(2), 175-183.
  • Teller, J., Unger, B.N., Kock, A., Gemünden, H.G. (2012). Formalization of project portfolio management: the moderating role of project portfolio complexity. International Journal of Project Management, 30, 596-607.
  • Tofighian, A.A., Naderi, B. (2015). Modeling and solving the project selection and scheduling. Computers and Industrial Engineering, 83, 30-38.
  • Urli, B., Terrien, F. (2010). Project portfolio selection model, a realistic approach. International Transactions in Operational Research, 17, 809-826.
  • Yu, L., Wang, S., Wen, F., Lai, K.K. (2012). Genetic algorithm-based multi-criteria project portfolio selection. Annals of Operations Research, 197, 71-86.