Multi-objective optimisation of an outranking model for public resources allocation on competing projects

Eduardo Fernandez, Luz Flerida Felix and Gustavo Mazcorro

International Journal of Operational Research, 2009, vol. 5, issue 2, 190-210

Abstract: This paper develops a model for composing social-oriented project portfolios. The information concerning the quality of the projects is in the form of a project-ranking, which can be obtained by the application of a proper multi-criteria method, but the ranking does not assume an appropriate evaluation of social impact. Inspired by outranking methods, the model provides a preference relation over project portfolios related to project rank positions, single-project costs, and the Decision-Maker's aversion to expensive projects. A best portfolio is primarily found through a multi-objective optimisation that regards violations to pre-established decision-maker's preferences and the competing portfolios' cardinalities. The overall solution is obtained by developing an evolutionary method, which is found to perform very well in some test examples.

Keywords: public resources allocation; multi-objective optimisation; outranking methods; evolutionary algorithms; resource allocation; modelling; project ranking; decision making; competing projects. (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijores:v:5:y:2009:i:2:p:190-210

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