Multicriteria Portfolio Modeling for the Development of Shared Action Agendas

In this paper, we present a novel risk-based methodology for optimizing the inspections of large underground infrastructure networks in the presence of incomplete information about the network features and parameters. The methodology employs Multi Attribute Value Theory to assess the risk of each pipe in the network, whereafter the optimal inspection campaign is built with Portfolio Decision Analysis (PDA). Specifically, Robust Portfolio Modeling (RPM) is employed to identify Pareto-optimal portfolios of pipe inspections. The proposed methodology is illustrated by reporting a real case study on the large-scale maintenance optimization of the sewerage network in Espoo, Finland

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“…Further research will focus on incorporating the expertise of a group of experts, such as utility employees [45].…”

Section: Case Studymentioning

confidence: 99%

Risk-based optimization of pipe inspections in large underground networks with imprecise information

Mancuso

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Salo

et al. 2016

Reliability Engineering & System Safety

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“…The ‡exibility of the metaheuristic approach can be seen in [90] where a multicriteria combined portfolio selection and manpower planning model is studied and solved, and in [91] which deals with a stochastic bicriteria version of the same problem. Moreover, recently the RPM approach [47], which blends decision analysis and optimisation methods and concepts, has been deployed in the R&D/ innovation context, both at the level of prioritisation of speci…c projects [92], as well as at the level of prioritisation of research themes or topics [93] [94].…”

Section: Randd Project Selectionmentioning

confidence: 99%

Multicriteria Portfolio Decision Analysis for Project Selection

Morton

Keisler

Salo

2016

Multiple Criteria Decision Analysis

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Multicriteria Portfolio Analysis spans several methods which typically employ build on MCDA to guide the selection of a subset (i.e., portfolio) of available objects, with the aim of maximising the performance of the resulting portfolio with regard to multiple criteria, subject to the requirement that the selected portfolio does not consume of resources consumed by the portfolio does not exceed the availability of resources and, moreover, satis…es other relevant constraints as well. In this chapter, we present a formal model of this selection problem and describe how this model can present both challenges (e.g. portfolio value may, due to the interactions of elements, depend on project-level decisions in complex and non-additive ways) and opportunities (e.g. triage rules can be used to focus elicitation on projects which are critical) for value assessment. We also survey the application of Portfolio Decision Analysis in several domains, such as allocation of R&D expenditure, military procurement, prioritisation of healthcare projects, and environment and energy planning, and conclude by outlining possible future research directions.

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“…The method handles incomplete project scores with regard to each criterion, project costs and criterion weights. In [12] a group PDA method, which supports the development of shared action agendas of topics are developed. The topic, in their context, is a tentative proposal as opposed to an alternative in classical decision analysis.…”

Section: Introductionmentioning

confidence: 99%

“…Although previous PDA methods have constrained portfolios with resources such as a budget and other constraints e.g., [4], [5], [7]- [9], [12], to the best of our knowledge, no studies have used stakeholder disagreement as a constraint. We suggest a method for portfolio decision analysis, to be used in situations with multiple stakeholders, multiple actions, and when it is important to elucidate how disagreement between stakeholders affects the portfolio composition.…”

Section: Introductionmentioning

confidence: 99%

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Disagreement Constrained Action Selection in Participatory Portfolio Decision Analysis

Fasth¹,

Larsson²,

Kalinina³

2016

IJIMT

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In some portfolio decision problems it is not possible or interesting to constrain portfolios with a monetary budget. Instead it might be of interest to investigate how disagreement among a group of decision makers or stakeholders can be used as a constraint, and how this affects the portfolio composition. In this paper we present complementary decision evaluation methods for group portfolio decision analysis in situations where the stakeholders have conflicting preferences. The approach supports the analysis of a portfolio of planned actions in urban planning when a large group of stakeholders have inconsistent opinions with respect to the performance of each action. The group of stakeholders is, for each criterion, partitioned into two disagreeing groups based upon their views on the actions' performance. The distance between these two groups is then measured. An action's aggregated disagreement taking into account all criteria is then used as the action's associated resource constraint, and portfolios can be generated by solving a sequence of Knapsack problems. The robustness of the portfolios can be further evaluated with an a priori sensitivity analysis. The suggested approach supports decision makers by elucidating how the portfolio composition changes when the actions' aggregated disagreement increases.

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Multicriteria Portfolio Modeling for the Development of Shared Action Agendas

Cited by 26 publications

References 35 publications

Risk-based optimization of pipe inspections in large underground networks with imprecise information

Risk-based optimization of pipe inspections in large underground networks with imprecise information

Multicriteria Portfolio Decision Analysis for Project Selection

Disagreement Constrained Action Selection in Participatory Portfolio Decision Analysis

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