scholarly journals Project Portfolio Selection and Scheduling with Resource Allocation, Synergies, and Project Divisibility

2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Nancy M. Arratia-Martinez ◽  
Nelly M. Hernandez-Gonzalez ◽  
Fernando Lopez-Irarragorri
Keyword(s):  
Resource Allocation ◽  
Portfolio Selection ◽  
Computing Time ◽  
Decision Problems ◽  
Mixed Integer ◽  
Project Portfolio ◽  
Nonrenewable Resource ◽  
Project Portfolio Selection ◽  
Funding Policies ◽  
Task Level

A project portfolio can be defined as a set of project proposals that are selected according to one or more criteria by a decision-maker (individual or group). Regularly, the portfolio selection involves different decision problems, among those evaluation, selection, scheduling, and resource allocation. In published scientific literature, these problems have been addressed mainly separately giving as a result suboptimal solutions (portfolios). In addition, elements as partial allocation and project representation through tasks constitute relevant characteristics in practice that remain unaddressed in depth. The proposal of this research is to integrate the project selection and project scheduling, incorporating all relevant elements of both decision problems through the scheduling of tasks allowing to determine when the task will be funded and executed. The main impact of precedence rules at the task level in the portfolio is also studied. In this work, Project Portfolio Selection and Scheduling Problem (PPSS) is studied and solved through a new mixed-integer linear programming (MILP) model. The model incorporates renewable and nonrenewable resource allocation, along with partial and total funding policies, project divisibility, and interdependences. Scheduling is integrated into the model, both at the project level and at the project task level, which allows scheduling in noncontiguous periods. Small instances (up to 64 projects) and medium instances (up to 128 projects) were solved optimally in very short times. The relationship between the quality of near-optimal solutions and the solution computing time by modifying the parameters of the solver employed was researched. No significant change in the solution’s quality was perceived, but a significant reduction in solution computing time was achieved. Furthermore, the main effects of precedence rules on solution times and portfolio impact were studied. Results show that even if few precedence rules were introduced, the resource allocation of tasks changed significantly, even though the portfolio impact or the number of projects of the selected portfolios remains the same.

scholarly journals A Hybrid Multi-Population Approach to the Project Portfolio Selection and Scheduling Problem for Future Force Design

IEEE Access ◽  
2021 ◽  
pp. 1-1
Author(s):  
Kyle Robert Harrison ◽  
Saber Elsayed ◽  
Ivan L. Garanovich ◽  
Terence Weir ◽  
Michael Galister ◽  
...  
Keyword(s):  
Portfolio Selection ◽  
Project Portfolio ◽  
Scheduling Problem ◽  
Population Approach ◽  
Project Portfolio Selection

scholarly journals Competence-driven project portfolio selection, scheduling and staff assignment

2009 ◽  
Author(s):  
Walter J. Gutjahr ◽  
Stefan Katzensteiner ◽  
Peter Reiter ◽  
Christian Stummer ◽  
Michaela Denk
Keyword(s):  
Portfolio Selection ◽  
Project Portfolio ◽  
Project Portfolio Selection ◽  
Staff Assignment

scholarly journals A TYPE-2 FUZZY OPTIMIZATION MODEL FOR PROJECT PORTFOLIO SELECTION AND SCHEDULING INCORPORATING PROJECT INTERDEPENDENCY AND SPLITTING

2021 ◽  
Vol 27 (2) ◽  
pp. 493-510
Author(s):  
Samaneh Zolfaghari ◽  
Seyed Meysam Mousavi ◽  
Jurgita Antuchevičienė
Keyword(s):  
Portfolio Selection ◽  
Optimization Model ◽  
Fuzzy Optimization ◽  
Project Portfolio ◽  
Time Value Of Money ◽  
Solution Approach ◽  
Project Portfolio Selection ◽  
The Interest Rate ◽  
Interval Type

This paper presents a new optimization model and a new interval type-2 fuzzy solution approach for project portfolio selection and scheduling (PPSS) problem, in which split of projects and re-execution are allowable. Afterward, the approach is realized as a multi-objective optimization that maximizes total benefits of projects concerning economic concepts by considering the interest rate and time value of money and minimizes the tardiness value and total number of interruptions of chosen projects. Besides, budget and resources limitation, newfound relations are proposed to consider dependency relationships via a synergy among projects to solve PPSS problem hiring interval type-2 fuzzy sets. For validation of the model, numerical instances are provided and solved by a new extended procedure based on fuzzy optimistic and pessimistic viewpoints regarding several situations. In the end, their results are studied. The results show that it is more beneficial when projects are allowed to be split.

Fuzzy Improvement-Project Portfolio Selection Considering Financial Performance and Customer Satisfaction

2020 ◽  
Vol 11 (2) ◽  
pp. 41-70
Author(s):  
Nantasak Tansakul ◽  
Pisal Yenradee
Keyword(s):  
Portfolio Selection ◽  
Employee Satisfaction ◽  
Significant Contribution ◽  
Fuzzy Numbers ◽  
Practical Method ◽  
Project Portfolio ◽  
Favorable Result ◽  
Triangular Fuzzy Numbers ◽  
Improvement Project ◽  
Project Portfolio Selection

This article develops a suitable and practical method for improvement-project portfolio selection under uncertainty, based on the requirements of a bank in Thailand. A significant contribution of this article is that the proposed method can determine an optimal project portfolio, to satisfy the customer/employee satisfaction targets and an investment budget constraint. This allows users to estimate parameters as triangular fuzzy numbers under pessimistic, most likely, and optimistic situations. Four mathematical models are proposed to maximize the defuzzified values of fuzzy NPV and fuzzy BCR, and to maximize the possibility that the project portfolio is economically justified under fuzzy situations of NPV and BCR. Results reveal that maximizing the defuzzified value of fuzzy NPV offers the most favorable result since it maximizes the current wealth of the bank. Additionally, the possibility that the entire project portfolio is economically justified under all fuzzy situations is relatively high for all numerical cases.

scholarly journals A project portfolio selection framework for transforming Iranian universities into entrepreneurial institutions

2020 ◽  
Vol 2 (1) ◽  
pp. 2-21
Author(s):  
Nima Golghamat Raad ◽  
Mohsen Akbarpour Shirazi
Keyword(s):  
Portfolio Selection ◽  
Project Portfolio ◽  
Risk Minimization ◽  
Content Type ◽  
Project Portfolio Selection ◽  
Performance Matrix ◽  
University Of Technology ◽  
Objective Model ◽  
Selection Framework ◽  
Almost All

PurposeThis research proposes a framework by which universities can define and implement projects that transform them into entrepreneurial universities. The framework helps decision-makers identify suitable goals and strategies, gather a list of projects to fulfill the goals and strategies and prioritize the projects and form a portfolio.Design/methodology/approachIn the proposed framework, importance–performance matrix, hierarchical strategic planning, Delphi technique, DEMATEL-based ANP and a multi-objective model are used. The mathematical model consists of four objective functions including efficiency, quality and balance maximization and also cost and risk minimization. The proposed framework is applied to Amirkabir University of Technology, Tehran, Iran, and the results are brought in this paper.FindingsThe output of the proposed framework is a portfolio of projects that aims to transform a traditional university into a third-generation one. Although the final portfolio must be customized for different universities, the proposed steps of the framework can be helpful for almost all cases.Originality/valueThe suggested framework is unique and uses both qualitative and quantitative techniques for project portfolio selection.

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