Selecting a portfolio of projects considering both optimization and balance of sub-portfolios

Nima Golghamat Raad, Mohsen Akbarpour Shirazi, S.H. Ghodsypour
2020 Journal of Project Management  
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 employs
more » ... study employs data-mining tools to categorize projects into sub-portfolios and rank them. Multiple Criteria Decision Making (MCDM) methods are also used to weigh the criteria on which the ranking process is based. Finally, a novel multi-objective model is designed to optimize the efficiency of sub-portfolios and the gain of the main portfolio. The model is solved by NSGA II algorithm. This study introduces a hybrid framework by which project portfolio selection process can be carried out regarding strategic alignment, cost, and risk.
doi:10.5267/j.jpm.2019.8.003 fatcat:lmkcdte3tvhvvczjsbqyuj2n6u