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An Invitation to Portfolio Decision Analysis

In: Portfolio Decision Analysis

Author

Listed:
  • Ahti Salo

    (Aalto University School of Science)

  • Jeffrey Keisler

    (University of Massachusetts Boston)

  • Alec Morton

    (Management Science Group)

Abstract

Portfolio Decision Analysis (PDA) – the application of decision analysis to the problem of selecting a subset or portfolio from a large set of alternatives – accounts for a significant share, perhaps the greater part, of decision analysis consulting. PDA has a sound theoretical and methodological basis, and its ability to contribute to better resource allocation decisions has been demonstrated in numerous applications. This book pulls together some of the rich and diverse efforts as a starting point for treating PDA as a promising and distinct area of study and application. In this introductory chapter, we first describe what we mean by PDA. We then sketch the historical development of some key ideas, outline the contributions contained in the chapters and, finally, offer personal perspectives on future work in this sub-field of decision analysis that merits growing attention.

Suggested Citation

  • Ahti Salo & Jeffrey Keisler & Alec Morton, 2011. "An Invitation to Portfolio Decision Analysis," International Series in Operations Research & Management Science, in: Ahti Salo & Jeffrey Keisler & Alec Morton (ed.), Portfolio Decision Analysis, chapter 0, pages 3-27, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-9943-6_1
    DOI: 10.1007/978-1-4419-9943-6_1
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    Citations

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    Cited by:

    1. Gasparini, Gaia & Brunelli, Matteo & Chiriac, Marius Dan, 2022. "Multi-period portfolio decision analysis: A case study in the infrastructure management sector," Operations Research Perspectives, Elsevier, vol. 9(C).
    2. Kemp-Benedict, Eric, 2018. "Investing in a Green Transition," Ecological Economics, Elsevier, vol. 153(C), pages 218-236.
    3. Vilkkumaa, Eeva & Liesiö, Juuso & Salo, Ahti, 2014. "Optimal strategies for selecting project portfolios using uncertain value estimates," European Journal of Operational Research, Elsevier, vol. 233(3), pages 772-783.
    4. Pape, Tom, 2017. "Value of agreement in decision analysis: concept, measures and application," LSE Research Online Documents on Economics 68682, London School of Economics and Political Science, LSE Library.
    5. Rudolf vetschera & Jonatas Araùjo de Almeida, 2021. "Bounds in Tree-Based Approaches to Generate Project Portfolios in the Presence of Interactions," International Journal of Decision Support System Technology (IJDSST), IGI Global, vol. 13(4), pages 1-21, October.
    6. Mavrotas, George & Makryvelios, Evangelos, 2021. "Combining multiple criteria analysis, mathematical programming and Monte Carlo simulation to tackle uncertainty in Research and Development project portfolio selection: A case study from Greece," European Journal of Operational Research, Elsevier, vol. 291(2), pages 794-806.
    7. Tom Pape, 2020. "Prioritising data items for business analytics: Framework and application to human resources," Papers 2012.13813, arXiv.org.
    8. Tobias Fasth & Samuel Bohman & Aron Larsson & Love Ekenberg & Mats Danielson, 2020. "Portfolio Decision Analysis for Evaluating Stakeholder Conflicts in Land Use Planning," Group Decision and Negotiation, Springer, vol. 29(2), pages 321-343, April.
    9. Marttunen, Mika & Haara, Arto & Hjerppe, Turo & Kurttila, Mikko & Liesiö, Juuso & Mustajoki, Jyri & Saarikoski, Heli & Tolvanen, Anne, 2023. "Parallel and comparative use of three multicriteria decision support methods in an environmental portfolio problem," European Journal of Operational Research, Elsevier, vol. 307(2), pages 842-859.
    10. Gawlik, Remigiusz, 2018. "Decision-making under environmental uncertainty," MPRA Paper 93361, University Library of Munich, Germany.
    11. Selin Özpeynirci & Özgür Özpeynirci & Vincent Mousseau, 2021. "An interactive algorithm for resource allocation with balance concerns," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 43(4), pages 983-1005, December.
    12. Tom Pape, 2020. "Value of agreement in decision analysis: Concept, measures and application," Papers 2012.13816, arXiv.org.
    13. Liesiö, Juuso & Salo, Ahti & Keisler, Jeffrey M. & Morton, Alec, 2021. "Portfolio decision analysis: Recent developments and future prospects," European Journal of Operational Research, Elsevier, vol. 293(3), pages 811-825.
    14. Kajal Chatterjee & Sheikh Ahmed Hossain & Samarjit Kar, 2018. "Prioritization of project proposals in portfolio management using fuzzy AHP," OPSEARCH, Springer;Operational Research Society of India, vol. 55(2), pages 478-501, June.
    15. T. R. Wang & N. Pedroni & E. Zio & V. Mousseau, 2020. "Identification of Protective Actions to Reduce the Vulnerability of Safety‐Critical Systems to Malevolent Intentional Acts: An Optimization‐Based Decision‐Making Approach," Risk Analysis, John Wiley & Sons, vol. 40(3), pages 565-587, March.
    16. Antti Punkka & Ahti Salo, 2014. "Scale Dependence and Ranking Intervals in Additive Value Models Under Incomplete Preference Information," Decision Analysis, INFORMS, vol. 11(2), pages 83-104, June.
    17. Carolina Lino Martins & Pascale Zaraté & Adiel Teixeira de Almeida & Jônatas Araújo de Almeida & Danielle Costa Morais, 2021. "Web-Based DSS for Resource Allocation in Higher Education," International Journal of Decision Support System Technology (IJDSST), IGI Global, vol. 13(4), pages 1-23, October.
    18. 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.
    19. Vilkkumaa, Eeva & Liesiö, Juuso & Salo, Ahti & Ilmola-Sheppard, Leena, 2018. "Scenario-based portfolio model for building robust and proactive strategies," European Journal of Operational Research, Elsevier, vol. 266(1), pages 205-220.

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