Multiple objective project portfolio selection based on reference points

The problem of selecting a portfolio of research and development projects from a set of proposed projects subject to resource constraints is formulated as a multiobjective optimization problem. Three categories of objectives are identified, namely quantitative, qualitative and balance/distributional...

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Vydáno v:Zeitschrift für Betriebswirtschaft Ročník 86; číslo 1-2; s. 23 - 33
Hlavní autor: Stewart, Theodor J.
Médium: Journal Article
Jazyk:angličtina
Vydáno: Berlin/Heidelberg Springer Berlin Heidelberg 01.01.2016
Springer Nature B.V
Témata:
Accounting/Auditing
Business and Management
Business Taxation/Tax Law
Human Resource Management
Operations Management
Organization
Original Paper
Pareto optimum
Project management
90C29
Reference point method
Project portfolios
90B50
Multiobjective programming
ISSN:0044-2372, 1861-8928
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Shrnutí:The problem of selecting a portfolio of research and development projects from a set of proposed projects subject to resource constraints is formulated as a multiobjective optimization problem. Three categories of objectives are identified, namely quantitative, qualitative and balance/distributional. The first two are linear in the binary decision variables, but the third involves nonlinear measures of discrepancy between desired and actual distributions of activity amongst defined categories. The result is a nonlinear combinatorial multiobjective optimization problem. A form of reference point approach is motivated and developed as a solution method, and a special purpose genetic algorithm is implemented for obtaining the solution numerically. Extensions to interactive approaches for exploration of the efficient frontier are presented and discussed.
Bibliografie:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
ISSN:0044-2372
1861-8928
DOI:10.1007/s11573-015-0797-x