Expanded model of the project portfolio selection problem with divisibility, time profile factors and cardinality constraints

Xingmei Li, Shu-Cherng Fang, Ye Tian and Xiaoling Guo
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Xingmei Li: North China Electric Power University, Beijing, China
Shu-Cherng Fang: North Carolina State University, Raleigh, USA
Ye Tian: Southwestern University of Finance and Economics, Chengdu, China
Xiaoling Guo: College of Engineering and Information Technology, University of Chinese Academy of Sciences, Beijing, China

Journal of the Operational Research Society, 2015, vol. 66, issue 7, 1132-1139

Abstract: This paper develops a new model for project portfolio selection over a planning horizon with multiple time periods. The model considers the divisibility of projects and combines reinvestment, set-up cost, cardinality constraints and precedence relationship in the scheduling, simultaneously. For efficient computation, an equivalent mixed integer linear programming representation is provided. One numerical example with three scenarios is given to highlight the capability and characteristics of the proposed model.

Date: 2015
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