New Multi-objective Model for Projects Portfolio Optimization considering Integrated Efficiency-risk Approach using NSGA-Ι Ι

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Sharifi Ghazvini Mohammadreza; GHEZAVATI VAHIDREZA; MAKUI AHMAD; RAISSI SADIGH

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Journal: PRODUCTION AND OPERATIONS MANAGEMENT Year:2019 | Volume:9 | Issue:2 (17) Page(s): 139-157

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Title

New Multi-objective Model for Projects Portfolio Optimization considering Integrated Efficiency-risk Approach using NSGA-Ι Ι

Author(s)

Sharifi Ghazvini Mohammadreza | GHEZAVATI VAHIDREZA | MAKUI AHMAD | RAISSI SADIGH | Issue Writer Certificate

Keywords

Projects Portfolio OptimizationQ1

Data Envelopment Analysis (DEA)Q1

Risk Priority Number (RPN)Q1

Non-dominated Sorting Genetic Algorithm ΙQ2

ΙQ1

(NSGAΙQ2

ΙQ2

)Q2

Abstract

A project portfolio is a crucial decision-making process used to prepare an optimum collection of vast alternative projects. In most of the previous modeling methods, the focus is directed towards maximizing project efficiency and so, the role of risky aspects in selecting appropriate projects has been neglected. This paper presents an integrated multi-objective mathematical programming (MOMP) based on efficiency-risk for selecting a project portfolio using various techniques including data envelopment analysis (DEA), risk priority number (RPN) and nondominated sorting genetic algorithm (NSGA-Ι Ι ). The proposed model can support both the capability to nominate mutually exclusive projects (conflicting projects that only one of them can be done) or any type of predecessor projects (doing a project depends on another project) and concurrent projects (need to be done at the same time) selection. Another advantage of the model is that the hyper heuristic solutions can be found in the form of several non-dominated cases and it is possible for organization’ s experts to choose the best and the most suitable solutions.

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APA: Copy

Sharifi Ghazvini, Mohammadreza, GHEZAVATI, VAHIDREZA, MAKUI, AHMAD, & RAISSI, SADIGH. (2019). New Multi-objective Model for Projects Portfolio Optimization considering Integrated Efficiency-risk Approach using NSGA-Ι Ι. PRODUCTION AND OPERATIONS MANAGEMENT, 9(2 (17) ), 139-157. SID. https://sid.ir/paper/217563/en

Vancouver: Copy

Sharifi Ghazvini Mohammadreza, GHEZAVATI VAHIDREZA, MAKUI AHMAD, RAISSI SADIGH. New Multi-objective Model for Projects Portfolio Optimization considering Integrated Efficiency-risk Approach using NSGA-Ι Ι. PRODUCTION AND OPERATIONS MANAGEMENT[Internet]. 2019;9(2 (17) ):139-157. Available from: https://sid.ir/paper/217563/en

IEEE: Copy

Mohammadreza Sharifi Ghazvini, VAHIDREZA GHEZAVATI, AHMAD MAKUI, and SADIGH RAISSI, “New Multi-objective Model for Projects Portfolio Optimization considering Integrated Efficiency-risk Approach using NSGA-Ι Ι,” PRODUCTION AND OPERATIONS MANAGEMENT, vol. 9, no. 2 (17) , pp. 139–157, 2019, [Online]. Available: https://sid.ir/paper/217563/en

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