A Decision Support System for Project Portfolio Management in Construction Companies

Gozde Bilgin, Irem Dikmen (), M. Talat Birgonul () and Beliz Ozorhon ()
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Gozde Bilgin: Department of Civil Engineering, Middle East Technical University, Universiteler Mahallesi, Dumlupinar Bulvari No
Irem Dikmen: ��School of Construction Management and Engineering, University of Reading, Whiteknights Campus RG6 6BU Berkshire, Reading, UK
M. Talat Birgonul: Department of Civil Engineering, Middle East Technical University, Universiteler Mahallesi, Dumlupinar Bulvari No
Beliz Ozorhon: ��Department of Civil Engineering, Bogazici University, Bebek, Istanbul 34342, Turkey

International Journal of Information Technology & Decision Making (IJITDM), 2023, vol. 22, issue 02, 705-735

Abstract: Project portfolio management requires a systematic process that comprises assessment of portfolio risk and expected profitability, as well as strategic fit of individual projects with company objectives. After a needs analysis based on literature findings and surveys with experts, in this study, a process model and a tool, COPPMAN (COnstruction Project Portfolio MANagement), were developed to support project portfolio decisions in construction companies. COPPMAN was developed in collaboration with construction professionals. Different from previous studies, it incorporates a portfolio risk and strategic fit assessment model considering project dependencies and integrates knowledge of previous, on-going and potential projects to estimate value of alternative project portfolios. COPPMAN was implemented in a construction company and evaluated as a useful tool due to its features such as knowledge integration, forecasting of portfolio profitability and recommendation of strategies as well as its visualization features. Research design and findings can be used for development of similar tools in other project-based industries.

Keywords: Construction management; decision support systems; project portfolio management; risk management (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0219622022500821

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