Solving a comprehensive model for multiobjective project portfolio selection

Carazo, Ana F.; Gómez, Trinidad; Molina, Julián; Hernández-Díaz, Alfredo G.; Guerrero, Flor; Caballero, Rafael

doi:10.1016/j.cor.2009.06.012

Cited by 153 publications

(86 citation statements)

References 28 publications

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“…Here, we follow the proposal by Stummer and Heidemberger in [5] that was also addressed by Doerner et al [16,17] and Carazo et al [18,19].…”

Section: Description and Formalization Of The Problemmentioning

confidence: 99%

“…Conditions of partial support have no special processing, but it is possible to include dummy projects that represent different versions of the same project. So, dummy projects are treated like redundant proposals, in the same sense as it is suggested in [5,16,17,18,19].…”

Section: Description and Formalization Of The Problemmentioning

confidence: 99%

“…Doerner et al in [17] combine Ant Colony Optimization (ACO) with 0-1 dynamic mathematical programming to initialize the algorithm with enhanced solutions. One of the most complete proposals was suggested by Carazo et al [18,19]; they model interactions among projects (in the same way as Stummer and Heidenberger in [5]) and temporal dependencies, enabling the allocation of resources not used in previous periods. By means of a Scatter Search, Carazo et al [18] outperform SPEA2 [29] in the range of 25-60 projects considering up to six objective functions.…”

Section: A Brief Outline and Some Criticisms Of Previous Approachesmentioning

confidence: 99%

“…Several papers in the literature consider synergy as an inherent characteristic of the portfolio problem (e.g. [5,16,17,18,19] …”

Section: K-preference: This Represents a State Of Doubt Betweenmentioning

confidence: 99%

“…However, there are methods reported in the literature that can approximate this frontier with an acceptable error. In order to verify whether the NO-ACO solutions acceptably approximate the true Pareto frontier, we have estimated the Pareto set by means of SS-PPS, as proposed by Carazo et al [18,19]. This is one of the most recent algorithms for portfolio optimization, and experimental tests prove its high performance, outperforming SPEA2.…”

Section: Evaluation Of No-aco Solutionsmentioning

confidence: 99%

See 4 more Smart Citations

Many-Objective Portfolio Optimization of Interdependent Projects with ‘a priori’ Incorporation of Decision-Maker Preferences

Cruz¹,

Fernández²,

Gómez³

et al. 2014

Appl. Math. Inf. Sci.

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Project portfolio selection is one of the most important problems faced by any organization. The decision process involves multiple conflicting criteria, and has been commonly addressed by implementing a two-phase procedure. The first step identifies the efficient solution set; the second step supports the decision maker in selecting only one portfolio solution from the efficient set. However, several recent studies show the advantages gained by optimizing towards a region of interest (according to the decision maker's preferences) instead of approximating the complete Pareto set. However, these works have not faced synergism and its variants, such as cannibalization and redundancy. In this paper we introduce a new approach called Non-Outranked Ant Colony Optimization, which optimizes interdependent project portfolios with a priori articulation of decision-maker preferences based on an outranking model. Several experimental tests show the advantages of our proposal over the two-phase approach, providing reasonable evidence of its potential for solving real-world high-scale problems with many objectives.

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“…Here, we follow the proposal by Stummer and Heidemberger in [5] that was also addressed by Doerner et al [16,17] and Carazo et al [18,19].…”

Section: Description and Formalization Of The Problemmentioning

confidence: 99%

Section: Description and Formalization Of The Problemmentioning

confidence: 99%

Section: A Brief Outline and Some Criticisms Of Previous Approachesmentioning

confidence: 99%

“…Several papers in the literature consider synergy as an inherent characteristic of the portfolio problem (e.g. [5,16,17,18,19] …”

Section: K-preference: This Represents a State Of Doubt Betweenmentioning

confidence: 99%

Section: Evaluation Of No-aco Solutionsmentioning

confidence: 99%

See 3 more Smart Citations

Many-Objective Portfolio Optimization of Interdependent Projects with ‘a priori’ Incorporation of Decision-Maker Preferences

Cruz¹,

Fernández²,

Gómez³

et al. 2014

Appl. Math. Inf. Sci.

View full text Add to dashboard Cite

show abstract

Process systems engineering applications, challenges and opportunities in the toll manufacturing industry

Arora

Hasan

2020

J Adv Manuf & Process

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There is a drive in chemical industries toward outsourcing many operations so that companies can effectively focus on their core competencies, and can rapidly acquire processing capabilities without setting up new facilities. This concept of toll manufacturing is based on a sharing‐economy model for on‐demand chemical production services. In toll manufacturing, the customer or consumer company provides raw materials to a toll manufacturer who then offers the rest of processing services. Due to distributed chemical production supply chains and decentralized nature of tolling model, a new set of challenges arise for both consumers and manufacturers. This article presents the prevalent applications of toll manufacturing in chemical industries, identifies key challenges of the sharing‐economy model, and highlights the opportunities and key issues of using process systems engineering (PSE) approaches to help toll manufacturing.

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Corporate sustainability and stakeholder value trade‐offs in project selection through optimization modeling: Application of investment banking

Kudratova

Huang

Kudratov

et al. 2019

Corp Soc Responsibility Env

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This study presents a new optimization model for quantitative sustainability measurement in net present value estimation process of corporate investments. Proposed model presents an innovative perspective for the transformation of the logic behind traditional investment project selection practices to the sustainable project selection in corporations. By using the proposed model, it is possible that investors' can find positive sustainability trade‐offs without harming returns on investment. A case study is presented to illustrate the applicability of the proposed model in project selection decision‐making processes. Expected net present value is employed to calculate the return of the project investment for project selection decision‐stage. In order to identify stakeholder value trade‐off gaps, proposed model with sustainability involvement is evaluated in contrast to the traditional net value method estimations of the model. Based on optimization results, comparative analysis of proposed sustainability cost involvement in net present value estimation with traditional net present value estimation in project selection practices restore positive trade‐offs verifying the efficiency of proposed methodology.

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Solving a comprehensive model for multiobjective project portfolio selection

Cited by 153 publications

References 28 publications

Many-Objective Portfolio Optimization of Interdependent Projects with ‘a priori’ Incorporation of Decision-Maker Preferences

Many-Objective Portfolio Optimization of Interdependent Projects with ‘a priori’ Incorporation of Decision-Maker Preferences

Process systems engineering applications, challenges and opportunities in the toll manufacturing industry

Corporate sustainability and stakeholder value trade‐offs in project selection through optimization modeling: Application of investment banking

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