FUZZY MODELS FOR OPTIMIZING A UNIVERSITY’S PROJECT PORTFOLIO INCLUSIVE OF CHARACTERISTICS OF RELATIONSHIPS WITH STAKEHOLDERS

L. S. Mazelis (), K. S. Solodukhin () and A. Ya. Chen ()

University Management: Practice and Analysis, vol. 21, issue 5

Abstract: The aim of this article is to develop and test fuzzy optimization models for supporting decision making concerning choosing project portfolio in the framework of university strategic development program. Risk evaluation in the models is conducted within the framework of portfolio investment theory by G. Markoviz with the use of scenario approach. The main difference of suggested model from the previously formulated ones is the fact that utility function is used as fuzzy target function supported by the degree of stakeholders’ desire for change in respect of the university once the project is completed considering the importance of interested parties and cost of the project. It is suggested that the project utility is higher if the integral degree of stakeholders’ desire for change is lower once the project is completed, that is the satisfaction level of interested parties increases and their expectations improve. Stakeholders’ desire for changer upon project completion is defined with the use of given fuzzy conclusion rules. All model limitations are also fuzzy. Fuzzy optimization tasks are transformed into clear ones and are solved using standard methods. We can look as single-period characteristics as the limitation of suggested models. Once we broaden the planning period we need to consider alterations at every step of previously chosen project portfolio depending on achieved results and changes in external and internal factors. The other limitation is the absence of mechanisms for evaluating the project influence on relations between stakeholders as hair change can have further influence on relations between stakeholders and university. Improvement of models in this area can be a topic for further research. Materials presented in the article are of interest for university executives in charge of forming strategic development program in the context of limited budget and existing risks.

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Persistent link: https://EconPapers.repec.org/RePEc:adf:journl:y::id:121

DOI: 10.15826/umpa.2017.05.061

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