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An Interactive Decomposable Heuristic for Project Selection

Author

Listed:
  • Tomislav Mandakovic

    (College of Business Administration, Florida International University, Miami, Florida 33199)

  • William E. Souder

    (Management Studies Group, University of Pittsburgh, Pittsburgh, Pennsylvania 15228)

Abstract

Decomposable systems, decomposition and 0-1 integer programming techniques are reviewed relative to project selection problems. It is concluded that a heuristic procedure is a suitable way to handle such problems in organizational settings. A hierarchical multiperiod multidimensional model is proposed. Good results are obtained based on an existing heuristic algorithm by Toyoda, by means of a decomposable interactive formulation. Examples and discussions are included that show how the use of this model can improve management decisions. A major advantage of this formulation is its flexibility to handle many different R&D situations, a feature which should increase its usefulness over many other R&D Project Selection Models. The model can be used in a multihierarchy ambience, can use parametric budgeting, and can be used as a control tool. The interactive feature provides the means for improving organizational communications and integrating divergent viewpoints.

Suggested Citation

  • Tomislav Mandakovic & William E. Souder, 1985. "An Interactive Decomposable Heuristic for Project Selection," Management Science, INFORMS, vol. 31(10), pages 1257-1271, October.
    • Handle: RePEc:inm:ormnsc:v:31:y:1985:i:10:p:1257-1271
    DOI: 10.1287/mnsc.31.10.1257
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    Citations

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    Cited by:

    1. Kyparisis, George J. & Gupta, Sushil K. & Ip, Chi-Ming, 1996. "Project selection with discounted returns and multiple constraints," European Journal of Operational Research, Elsevier, vol. 94(1), pages 87-96, October.
    2. Scott A. Shane & Karl T. Ulrich, 2004. "50th Anniversary Article: Technological Innovation, Product Development, and Entrepreneurship in Management Science," Management Science, INFORMS, vol. 50(2), pages 133-144, February.
    3. Santhanam, Radhika & Kyparisis, George J., 1996. "A decision model for interdependent information system project selection," European Journal of Operational Research, Elsevier, vol. 89(2), pages 380-399, March.
    4. Madjid Tavana, 2003. "CROSS: A Multicriteria Group-Decision-Making Model for Evaluating and Prioritizing Advanced-Technology Projects at NASA," Interfaces, INFORMS, vol. 33(3), pages 40-56, June.
    5. M Tavana & M A Sodenkamp, 2010. "A fuzzy multi-criteria decision analysis model for advanced technology assessment at Kennedy Space Center," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(10), pages 1459-1470, October.
    6. Hussein, Mohammad L. & Abd El-Ghaffar, F. S., 1996. "An interactive approach for vector optimization problems," European Journal of Operational Research, Elsevier, vol. 89(1), pages 185-192, February.
    7. A Morton & D Bird & A Jones & M White, 2011. "Decision conferencing for science prioritisation in the UK public sector: a dual case study," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 62(1), pages 50-59, January.

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