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A zero-one model for project portfolio selection and scheduling

Author

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  • F Ghasemzadeh

    (McMaster University)

  • N Archer

    (McMaster University)

  • P Iyogun

    (Wilfrid Laurier University)

Abstract

A zero-one integer linear programming model is proposed for selecting and scheduling an optimal project portfolio, based on the organisation's objectives and constraints such as resource limitations and interdependence among projects. The model handles some of the issues that frequently arise in real world applications but are not addressed by previously suggested models, such as situations in which the amount of available and consumed resources varies in different periods. It also allows for interactive adjustment following the optimisation process, to provide decision makers a method for controlling portfolio selection, based on criteria that may be difficult to elicit directly. It is critical for such a system to provide fast evaluation of alternatives the decision makers may want to examine, and this requirement is addressed. The proposed model not only suggests projects that should be incorporated in the optimal portfolio, but it also determines the starting period for each project. Scheduling considerations can have a major impact on the combination of projects that can be incorporated in the portfolio, and may allow the addition of certain projects to the portfolio that could not have been selected otherwise. An example problem is described and solved with the proposed model, and some areas for future research are discussed.

Suggested Citation

  • F Ghasemzadeh & N Archer & P Iyogun, 1999. "A zero-one model for project portfolio selection and scheduling," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 50(7), pages 745-755, July.
    • Handle: RePEc:pal:jorsoc:v:50:y:1999:i:7:d:10.1057_palgrave.jors.2600767
    DOI: 10.1057/palgrave.jors.2600767
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    Citations

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    Cited by:

    1. Karsu, Özlem & Morton, Alec, 2014. "Incorporating balance concerns in resource allocation decisions: A bi-criteria modelling approach," Omega, Elsevier, vol. 44(C), pages 70-82.
    2. Christian Meier & Dennis Kundisch & Jochen Willeke, 2017. "Is it Worth the Effort?," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(2), pages 81-95, April.
    3. Yunhui Zhu & Ying Zhou, 2023. "Study on Sustainable Development Oriented Community Public Hospital in China Based on Optimal Decision Making Model for Environment Renovation," Sustainability, MDPI, vol. 15(9), pages 1-27, April.
    4. Faraz Salehi & S. Mohammad J. Mirzapour Al-E-Hashem & S. Mohammad Moattar Husseini & S. Hassan Ghodsypour, 2023. "A bi-level multi-follower optimization model for R&D project portfolio: an application to a pharmaceutical holding company," Annals of Operations Research, Springer, vol. 323(1), pages 331-360, April.
    5. Pérez, Fátima & Gómez, Trinidad & Caballero, Rafael & Liern, Vicente, 2018. "Project portfolio selection and planning with fuzzy constraints," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 117-129.
    6. Charles Éric Manyombé & Sébastien H. Azondékon, 2021. "A Multi-criteria Approach in the Project Selection Process in Multi-Project Context," International Business Research, Canadian Center of Science and Education, vol. 14(6), pages 125-125, June.
    7. Hassanzadeh, Farhad & Nemati, Hamid & Sun, Minghe, 2014. "Robust optimization for interactive multiobjective programming with imprecise information applied to R&D project portfolio selection," European Journal of Operational Research, Elsevier, vol. 238(1), pages 41-53.
    8. Jafarzadeh, M. & Tareghian, H.R. & Rahbarnia, F. & Ghanbari, R., 2015. "Optimal selection of project portfolios using reinvestment strategy within a flexible time horizon," European Journal of Operational Research, Elsevier, vol. 243(2), pages 658-664.
    9. R?zvan C?t?lin DOBREA & Felicia Alina DINU, 2014. "A Build-Up Algorithm For Sustainable Discount Rates Projections," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 8(1), pages 1181-1191, November.
    10. Christian Meier & Dennis Kundisch & Jochen Willeke, 2015. "Is it Worth the Effort? - A Decision Model to Evaluate Resource Interactions in IS Project Portfolios," Working Papers Dissertations 21, Paderborn University, Faculty of Business Administration and Economics.
    11. Sarnataro, Michele & Barbati, Maria & Greco, Salvatore, 2021. "A portfolio approach for the selection and the timing of urban planning projects," Socio-Economic Planning Sciences, Elsevier, vol. 75(C).
    12. Dey, Prasanta Kumar, 2006. "Integrated project evaluation and selection using multiple-attribute decision-making technique," International Journal of Production Economics, Elsevier, vol. 103(1), pages 90-103, September.
    13. Fliedner, Thomas & Liesiö, Juuso, 2016. "Adjustable robustness for multi-attribute project portfolio selection," European Journal of Operational Research, Elsevier, vol. 252(3), pages 931-946.
    14. Jian Xiong & Rui Wang & Jiang Jiang, 2019. "Weapon Selection and Planning Problems Using MOEA/D with Distance-Based Divided Neighborhoods," Complexity, Hindawi, vol. 2019, pages 1-18, November.
    15. Seyed Farid Ghannadpour & Ali Reza Hoseini & Morteza Bagherpour & Elmira Ahmadi, 2021. "Appraising the triple bottom line utility of sustainable project portfolio selection using a novel multi-criteria house of portfolio," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(3), pages 3396-3437, March.
    16. Farhad Hassanzadeh & Hamid Nemati & Minghe Sun, 2013. "Robust Optimization for Interactive Multiobjective Programming with Imprecise Information Applied to R&D Project Portfolio Selection," Working Papers 0194mss, College of Business, University of Texas at San Antonio.
    17. H S Ryoo, 2007. "A compact mean-variance-skewness model for large-scale portfolio optimization and its application to the NYSE market," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 58(4), pages 505-515, April.
    18. Janne Gustafsson & Ahti Salo, 2005. "Contingent Portfolio Programming for the Management of Risky Projects," Operations Research, INFORMS, vol. 53(6), pages 946-956, December.
    19. Solak, Senay & Clarke, John-Paul B. & Johnson, Ellis L. & Barnes, Earl R., 2010. "Optimization of R&D project portfolios under endogenous uncertainty," European Journal of Operational Research, Elsevier, vol. 207(1), pages 420-433, November.

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