A multi-purpose model for optimising project selection and activities scheduling by balancing resource allocation

Behnaz Keynezhad and Ali Goharshenasan

International Journal of Project Organisation and Management, 2022, vol. 14, issue 1, 20-35

Abstract: This research aims to analyse and solve the problems of project portfolio selection and project scheduling simultaneously based on the resource constraints and specific modelling parameters. The first objective function is to maximise the current value of a particular profit (income) and the second function is levelling the resources. Therefore, a model was presented based on linear programming that had the capacity of expressing different possible situations in this problem. Small problems were solved by the Epsilon constraint method in GAMS whose results are accurate in small scale, and then two platform-independent meta-algorithms were used to check the quality of the proposed answers. Of course, these results show that NSGA-II is more accurate than MOPSO. Big-scale problems were solved by using two platform-independent meta-algorithms in MATLAB software. By testing the results, the quality of the solutions in the two objective functions and the low-level solving time of NSGA-II algorithm were compared with the MOPSO algorithm which had better performance than NSGS-II algorithm. Regarding the C-index, the NSGA-II method provided better answers than the MOPSO method. Also, in the dispersion index, the uniform Pareto border was obtained based on the results of the MOPSO method.

Keywords: project portfolio selection; scheduling project; net present value; MOPOS; NSGA-II. (search for similar items in EconPapers)
Date: 2022
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