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Over the past four decades, portfolio selection has been one of the most important concerns of researchers, project managers, project-oriented companies, and public agencies around the world. Although numerous studies have been done in this field, still there is a room for more improvement in both theory and practice. One of the yet unspoiled topics in this field is improving and balancing the efficiency of sub-portfolios while paying attention to portfolio optimization. This study employsdoi:10.5267/j.jpm.2019.8.003 fatcat:lmkcdte3tvhvvczjsbqyuj2n6u