A novel project portfolio selection framework: An application of fuzzy DEMATEL and multi-choice goal programming

Project portfolio selection is an important problem for having an ecient and e ective project management. This paper proposes a new framework to identify the optimal project portfolio. First, the in uencing criteria are derived with respect to higher priorities from the fuzzy DEMATEL method under the balanced scorecard framework. Afterwards, a utility-based multi-choice goal programming technique is applied to determine the project portfolio in regard to the chosen criteria and some other operational limitations. The synergy amongst projects and the outsourcing option are also taken into account in order to provide a more realistic selection process. Finally, applicability and validity of the proposed integrated model are tested by a case study conducted in a pharmaceutical company.

[1]  Christian Stummer,et al.  Interactive R&D portfolio analysis with project interdependencies and time profiles of multiple objectives , 2003, IEEE Trans. Engineering Management.

[2]  Chih-Hung Wu,et al.  Fuzzy DEMATEL method for developing supplier selection criteria , 2011, Expert Syst. Appl..

[3]  Ping-Teng Chang,et al.  A fuzzy DEA and knapsack formulation integrated model for project selection , 2012, Comput. Oper. Res..

[4]  Mohammad Modarres,et al.  Optimal constrained non-renewable resource allocation in PERT networks with discrete activity times , 2012 .

[5]  Shamsuddin Ahmed,et al.  Expanded DEMATEL for Determining Cause and Effect Group in Bidirectional Relations , 2014, TheScientificWorldJournal.

[6]  R. Hosnavi,et al.  Application of Fuzzy DEMATEL in Risks Evaluation of Knowledge-Based Networks , 2013 .

[7]  Chung-Hsing Yeh,et al.  An integrated approach to evaluation and planning of best practices , 2012 .

[8]  Chiwoon Cho,et al.  A study on process evaluation and selection model for business process management , 2011, Expert Syst. Appl..

[9]  Ching-Ter Chang,et al.  Multi-choice goal programming with utility functions , 2011, Eur. J. Oper. Res..

[10]  Kin Keung Lai,et al.  Genetic algorithm-based multi-criteria project portfolio selection , 2012, Ann. Oper. Res..

[11]  Robert LIN,et al.  NOTE ON FUZZY SETS , 2014 .

[12]  Amin Vafadarnikjoo,et al.  Intuitionistic fuzzy based DEMATEL method for developing green practices and performances in a green supply chain , 2015, Expert Syst. Appl..

[13]  Madjid Tavana,et al.  A fuzzy multidimensional multiple-choice knapsack model for project portfolio selection using an evolutionary algorithm , 2013, Ann. Oper. Res..

[14]  Pankaj Kumar,et al.  Fuzzy R&D portfolio selection of interdependent projects , 2011, Comput. Math. Appl..

[15]  Gwo-Hshiung Tzeng,et al.  Defuzzification within a Multicriteria Decision Model , 2003, Int. J. Uncertain. Fuzziness Knowl. Based Syst..

[16]  Mehrdad Tamiz,et al.  Goal programming for decision making: An overview of the current state-of-the-art , 1998, Eur. J. Oper. Res..

[17]  Parag C. Pendharkar,et al.  A decision-making framework for justifying a portfolio of IT projects , 2014 .

[18]  Hsu Chen-Yi,et al.  FMCDM with Fuzzy DEMATEL Approach for Customers' Choice Behavior Model , 2007 .

[19]  Peide Liu,et al.  The trapezoid fuzzy linguistic Bonferroni mean operators and their application to multiple attribute decision making , 2012 .

[20]  Madjid Tavana,et al.  Solving multi-period project selection problems with fuzzy goal programming based on TOPSIS and a fuzzy preference relation , 2013, Inf. Sci..

[21]  You-Shyang Chen,et al.  Identifying the value co-creation behavior of virtual customer environments using a hybrid expert-based DANP model in the bicycle industry , 2015, Human-centric Computing and Information Sciences.

[22]  Walter J. Gutjahr,et al.  Multi-objective decision analysis for competence-oriented project portfolio selection , 2010, Eur. J. Oper. Res..

[23]  Rafael Caballero,et al.  Solving a comprehensive model for multiobjective project portfolio selection , 2010, Comput. Oper. Res..

[24]  Shu-Shun Liu,et al.  Optimizing project selection and scheduling problems with time-dependent resource constraints , 2011 .

[25]  Ching-Ter Chang.  Revised multi-choice goal programming , 2008 .

[26]  S. Sahu,et al.  A Real Option based Six Sigma project evaluation and selection model , 2011 .

[27]  Rudolf Vetschera,et al.  A PROMETHEE-based approach to portfolio selection problems , 2012, Comput. Oper. Res..

[28]  A. Gabus,et al.  World Problems, An Invitation to Further Thought within the Framework of DEMATEL , 1972 .

[29]  Juan Gaytán Iniestra,et al.  Multicriteria decisions on interdependent infrastructure transportation projects using an evolutionary-based framework , 2009, Appl. Soft Comput..

[30]  Adiel Teixeira de Almeida,et al.  A multi-criteria decision model for selecting project portfolio with consideration being given to a new concept for synergies , 2011 .

[31]  Mohammad Jafar Tarokh,et al.  Type-2 fuzzy set extension of DEMATEL method combined with perceptual computing for decision making , 2013 .

[32]  A. Gabus,et al.  Perceptions of the world problematique: communication procedure, communicating with those bearing collective responsibility , 1973 .

[33]  Ming-Lang Tseng,et al.  Implementation and performance evaluation using the fuzzy network balanced scorecard , 2010, Comput. Educ..

[34]  Michael J. Shaw,et al.  A MCDM approach for sourcing strategy mix decision in IT projects , 2010, Expert Syst. Appl..

[35]  Aleksandra Mojsilovic,et al.  A logistic regression framework for information technology outsourcing lifecycle management , 2007, Comput. Oper. Res..