Work

Optimizing Multi-Stage Project Portfolio Selection Considering Integrating Lifecycle and Interactions

Year: 2024

Type: article

Abstract: Project portfolio selection is essential for a company to achieve its strategic goals. Due to constraints such as budget and manpower, companies cannot undertake all projects simultaneously and must prioritize those offering the highest value. Projects often interact and progress through various phases, adding complexity to the selection process. To address these challenges, this study introduces a model that accounts for the multi-stage execution of projects, their interactions, and multiple objectives. A novel multi-objective optimization algorithm is developed to solve this problem, along with a refined project selection method designed to offer decision-makers enhanced insights. Finally, a numerical example is provided to demonstrate the effectiveness of the proposed approach.

Source: Systems

DOI: 10.3390/systems12100414

Authors: Biaobiao Qiu, Yajie Dou, Ziyi Chen

Institution: National University of Defense Technology

Language: English

Topic: Resource-Constrained Project Scheduling

Subfield: Management Science and Operations Research

Field: Decision Sciences

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $2,728

Funders: National Natural Science Foundation of China, National University of Defense Technology