A Binary Cuckoo Search Algorithm for Solving Project Portfolio Problem with Synergy Considerations

Many companies are moving toward a project-oriented way of managing their businesses while considering the risk of losing the limited available resources because of selecting incorrect projects to be executed. With a number of candidate projects larger than those which can be funded, organizations aim to select projects that maximize benefit and enhance their competitive advantages. These reasons force organizations to search for more effective techniques to improve their decision with project selection. The consideration of synergy between projects is not addressed much in literature. This paper proposes new meta-heuristic technique which is Cuckoo Search Algorithm to solve Project Portfolio Selection problem with synergy among various projects is considered. Four scenarios are experimented on 0 – 1 optimization problem contains two constraints budget and segmentation to show performance algorithm through iterations with changing scenarios in addition to the effect of synergy on projects selection and total benefit for the