Appraising the triple bottom line utility of sustainable project portfolio selection using a novel multi-criteria house of portfolio

Sustainable development is one of the most fundamental scientific and practical fields of development in modern societies which its importance is more comprehensible in underdevelopment countries. Project management methodologies have been incorporated sustainable criteria to enhance the quality of their scope. The purpose of this research is to design an effective three-stage novel combination approach to estimate the sustainability utility of projects based on the sustainable principles and the ranking of projects through a novel multi-criteria house of portfolio in analytical network process (ANP) and quality function deployment (QFD) approaches. In the first step, using Sustainable Balanced Scorecard, key sustainability indicators are identified for ranking projects; then, using the QFD-ANP combination approach, identifying the relationships between the indicators, determining their significance and ranking projects are being implemented. Finally, the estimation of the sustainability utility function of reference projects is made according to the ranking of the projects from the QFD-ANP stage and using the UTASTAR method. The results of this research, in addition to identifying key indicators of sustainable development and classifying them in the form of Sustainable Balanced Scorecard, contain a prioritization pattern to select sustainable projects for current and future projects in an automotive company.

[1]  Sascha Meskendahl The influence of business strategy on project portfolio management and its success — A conceptual framework , 2010 .

[2]  H. Gemünden,et al.  Formalization of project portfolio management: The moderating role of project portfolio complexity , 2012 .

[3]  Bernhard Hirsch,et al.  Functional fixation and the balanced scorecard , 2014 .

[4]  Thomas L. Saaty,et al.  Marketing Applications of the Analytic Hierarchy Process , 1980 .

[5]  T. Saaty The Analytic Network Process , 2001 .

[6]  Mario Enea,et al.  Project Selection by Constrained Fuzzy AHP , 2004, Fuzzy Optim. Decis. Mak..

[7]  D. Milosevic,et al.  Project portfolio selection: From past to present , 2008, 2008 4th IEEE International Conference on Management of Innovation and Technology.

[8]  Yael Grushka-Cockayne,et al.  The impact of project portfolio management on information technology projects , 2005 .

[9]  Kaveh Khalili Damghani,et al.  A hybrid fuzzy multiple criteria group decision making approach for sustainable project selection , 2013, Appl. Soft Comput..

[10]  Pin-Yu Chu,et al.  A fuzzy AHP application in government-sponsored R&D project selection☆ , 2008 .

[11]  S. Schaltegger,et al.  The Sustainability Balanced Scorecard – linking sustainability management to business strategy , 2002 .

[12]  Luc Martens,et al.  The Average Value Ranking Multi-criteria Method for Project Evaluation in Regional Planning , 1992 .

[13]  J. Linton,et al.  Analysis, ranking and selection of R&D projects in a portfolio , 2002 .

[14]  Cor P.M. Govers,et al.  QFD not just a tool but a way of quality management , 2001 .

[15]  Ming-Lang Tseng,et al.  Improving corporate sustainable development by using an interdependent closed-loop hierarchical structure , 2017 .

[16]  G. Dantzig,et al.  POSITIVE (SEMI-) DEFINITE MATRICES AND MATHEMATICAL PROGRAMMING , 1963 .

[17]  Sung-Lin Hsueh,et al.  Enhancing Sustainable Community Developments: A Multi-criteria Evaluation Model for Energy Efficient Project Selection , 2011 .

[18]  Jamal Shahrabi,et al.  PROJECT SELECTION BY USING FUZZY AHP AND TOPSIS TECHNIQUE , 2007 .

[19]  Madjid Tavana,et al.  A hybrid fuzzy rule-based multi-criteria framework for sustainable project portfolio selection , 2013, Inf. Sci..

[20]  Kayvan Salehi,et al.  A hybrid fuzzy MCDM approach for project selection problem , 2015 .

[21]  Mahdi Sahafzadeh,et al.  Utilisation of BSC to transform corporate-level goals into project portfolio strategies , 2015 .

[22]  Zeynep Tuğçe Kalender,et al.  The Fifth Pillar of the Balanced Scorecard: Sustainability☆ , 2016 .

[23]  Matthew J. Liberatore,et al.  An extension of the analytic hierarchy process for industrial R&D project selection and resource allocation , 1987, IEEE Transactions on Engineering Management.

[24]  J. Siskos Assessing a set of additive utility functions for multicriteria decision-making , 1982 .

[25]  Madjid Tavana,et al.  A fuzzy hybrid project portfolio selection method using Data Envelopment Analysis, TOPSIS and Integer Programming , 2015, Expert Syst. Appl..

[26]  Martin Skitmore,et al.  A hybrid quality function deployment and cybernetic analytic network process model for project manager selection , 2014 .

[27]  Stefan Schaltegger,et al.  The Sustainability Balanced Scorecard as a Framework for Eco‐efficiency Analysis , 2005 .

[28]  Thomas L. Saaty,et al.  Diagnosis with Dependent Symptoms: Bayes Theorem and the Analytic Hierarchy Process , 1998, Oper. Res..

[29]  M. Goumas,et al.  An extension of the PROMETHEE method for decision making in fuzzy environment: Ranking of alternative energy exploitation projects , 2000, Eur. J. Oper. Res..

[30]  Alireza Talebpour,et al.  Developing aMulti Criteria Model for Stochastic IT Portfolio Selection by AHP Method , 2012 .

[31]  Basar Oztaysi,et al.  A decision model for information technology selection using AHP integrated TOPSIS-Grey , 2014 .

[32]  L. Ocampo Applying fuzzy AHP–TOPSIS technique in identifying the content strategy of sustainable manufacturing for food production , 2019, Environment, Development and Sustainability.

[33]  Anthony S.F. Chiu,et al.  Using FANP approach on selection of competitive priorities based on cleaner production implementation: a case study in PCB manufacturer, Taiwan , 2008 .

[34]  Norman P. Archer,et al.  Project portfolio selection through decision support , 2000, Decis. Support Syst..

[35]  Basar Öztaysi,et al.  A decision model for information technology selection using AHP integrated TOPSIS-Grey: The case of content management systems , 2014, Knowl. Based Syst..

[36]  Pablo Aragonés-Beltrán,et al.  An AHP (Analytic Hierarchy Process)/ANP (Analytic Network Process)-based multi-criteria decision approach for the selection of solar-thermal power plant investment projects , 2014 .

[37]  P. Patanakul Key attributes of effectiveness in managing project portfolio , 2015 .

[38]  Marc J. Schniederjans,et al.  Using the analytic hierarchy process and goal programming for information system project selection , 1991, Inf. Manag..

[39]  Jantanee Dumrak,et al.  Investigating Association of Benefits and Barriers in Project Portfolio Management to Project Success , 2017 .

[40]  C. Zopounidis,et al.  Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard , 2012 .

[41]  R. P. Mohanty,et al.  A fuzzy ANP-based approach to R&D project selection: A case study , 2005 .

[42]  Madjid Tavana,et al.  A Comprehensive Framework for Sustainable Project Portfolio Selection Based on Structural Equation Modeling , 2014 .

[43]  Madjid Tavana,et al.  A hybrid mathematical programming model for optimal project portfolio selection using fuzzy inference system and analytic hierarchy process. , 2019, Evaluation and program planning.

[44]  Saurabh Gupta,et al.  An overview of sustainability assessment methodologies , 2009 .

[45]  Xiaoxia Huang,et al.  Sustainable project selection: Optimal project selection considering sustainability under reinvestment strategy , 2018, Journal of Cleaner Production.

[46]  Robert A Hunt,et al.  Project portfolio management for product innovation , 2008 .

[47]  Ricardo J. Machado,et al.  Project Management Practices for Collaborative University-Industry R&D: A Hybrid Approach , 2018, CENTERIS/ProjMAN/HCist.

[48]  Maciej A. Nowak,et al.  Project Portfolio Selection Using Interactive Approach , 2013 .

[49]  Petter Eik-Andresen,et al.  Managing Cost and Time in a Large Portfolio of Projects , 2015 .

[50]  M. Martens,et al.  Key factors of sustainability in project management context: A survey exploring the project managers' perspective , 2017 .

[51]  Chih-Hong Wang,et al.  An advanced quality function deployment model using fuzzy analytic network process , 2010 .

[52]  Fereidoun Ghasemzadeh,et al.  A zero-one model for project portfolio selection and scheduling , 1999, J. Oper. Res. Soc..

[53]  Metin Dagdeviren,et al.  Using the fuzzy analytic network process (ANP) for Balanced Scorecard (BSC): A case study for a manufacturing firm , 2010, Expert Syst. Appl..

[54]  Huiru Zhao,et al.  Evaluating the performance of thermal power enterprises using sustainability balanced scorecard, fuzzy Delphic and hybrid multi-criteria decision making approaches for sustainability , 2015 .

[55]  Muhittin Oral,et al.  A methodology for collective evaluation and selection of industrial R&D projects , 1991 .

[56]  Ming-Lang Tseng,et al.  Application of ANP and DEMATEL to evaluate the decision-making of municipal solid waste management in Metro Manila , 2009, Environmental monitoring and assessment.

[57]  Mohamed A. El-Haram,et al.  Mapping sustainability assessment with the project life cycle , 2011 .

[58]  Sergio Juárez-Hernández,et al.  Assessing the potential of alternative farming practices for sustainable energy and water use and GHG mitigation in conventional maize systems , 2020, Environment, Development and Sustainability.

[59]  W. Cook,et al.  Preference voting and project ranking using DEA and cross-evaluation , 1996 .

[60]  OztaysiBasar A decision model for information technology selection using AHP integrated TOPSIS-Grey , 2014 .

[61]  A BSC-ANP model for evaluation of strategic fit of new product development projects , 2013, 2013 25th Chinese Control and Decision Conference (CCDC).

[62]  Osman Taylan,et al.  Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies , 2014, Appl. Soft Comput..

[63]  Morteza Pakdin Amiri,et al.  Project selection for oil-fields development by using the AHP and fuzzy TOPSIS methods , 2010, Expert Syst. Appl..

[64]  R. Müller,et al.  Project Portfolio Control and Portfolio Management Performance in Different Contexts , 2008 .

[65]  Alan C. Brent,et al.  Sustainable Project Life Cycle Management : the need to integrate life cycles in the manufacturing sector , 2005 .

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

[67]  T. Saaty,et al.  Dependence and independence: From linear hierarchies to nonlinear networks , 1986 .

[68]  Edmundas Kazimieras Zavadskas,et al.  Proposing a new integrated model based on sustainability balanced scorecard (SBSC) and MCDM approaches by using linguistic variables for the performance evaluation of oil producing companies , 2014, Expert Syst. Appl..

[69]  Chandra Prakash Garg,et al.  Sustainable outsourcing partner selection and evaluation using an integrated BWM–VIKOR framework , 2018, Environment, Development and Sustainability.

[70]  Adrien Presley,et al.  R&D project selection using the analytic network process , 2002, IEEE Trans. Engineering Management.

[71]  Murad Habib,et al.  Analytic network process applied to R&D project selection , 2009, 2009 International Conference on Information and Communication Technologies.

[72]  M. Horner,et al.  Development of an Integrated Sustainability Assessment Toolkit , 2009 .