An Interval-Based Approach for Evolutionary Multi-Objective Optimization of Project Portfolios

Fausto Balderas (), Eduardo Fernandez (), Claudia Gomez-Santillan (), Nelson Rangel-Valdez and Laura Cruz ()
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Fausto Balderas: Postgraduate & Research Division, National Mexican Institute of Technology/Madero Institute of Technology, 89440, Tamaulipas, Mexico
Eduardo Fernandez: #x2020;Faculty of Civil Engineering, Autonomous University of Sinaloa, 80040, Sinaloa, Mexico
Claudia Gomez-Santillan: Postgraduate & Research Division, National Mexican Institute of Technology/Madero Institute of Technology, 89440, Tamaulipas, Mexico
Nelson Rangel-Valdez: #x2021;CONACYT-Research Fellow, National Mexican Institute of Technology/Madero Institute of Technology, 89440, Tamaulipas, Mexico
Laura Cruz: Postgraduate & Research Division, National Mexican Institute of Technology/Madero Institute of Technology, 89440, Tamaulipas, Mexico

International Journal of Information Technology & Decision Making (IJITDM), 2019, vol. 18, issue 04, 1317-1358

Abstract: Project portfolio selection is addressed here as a multi-objective optimization problem. This work introduces an interval-based method that takes into consideration imperfect knowledge of the contribution of projects to a portfolio, the project requirements, available resources and preference parameters in the model. The multi-objective optimization problem is solved using an evolutionary algorithm that is adapted to handle intervals. To direct the search toward the region of interest of the Pareto frontier, the preferences of the decision maker (DM) are incorporated using an interval-based outranking approach. This allows to address problems with many objective functions; intransitive preferences and incomparability situations can also be handled using this approach. In terms of analyzing robustness, the DM can obtain different solutions according to his/her level of conservatism. The effectiveness of this proposal was tested both on an example from the related literature and another example of a public project portfolio with nine objective functions and large number of applicant projects.

Keywords: Project portfolio selection; multi-objective optimization; evolutionary computation; outranking methods; imperfect knowledge (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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DOI: 10.1142/S021962201950024X

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