Genetic algorithm-based multi-criteria project portfolio selection

Lean Yu (), Shouyang Wang, Fenghua Wen and Kin Lai

Annals of Operations Research, 2012, vol. 197, issue 1, 86 pages

Abstract: Project portfolio selection is one of the most important decision-making problems for most organizations in project management and engineering management. Usually project portfolio decisions are very complicated when project interactions in terms of multiple selection criteria and preference information of decision makers (DMs) in terms of the criteria importance are taken into consideration simultaneously. In order to solve this complex decision-making problem, a multi-criteria project portfolio selection problem considering project interactions in terms of multiple selection criteria and DMs’ preferences is first formulated. Then a genetic algorithm (GA)-based nonlinear integer programming (NIP) approach is used to solve the multi-criteria project portfolio selection problem. Finally, two illustrative examples are presented for demonstration and verification purposes. Experimental results obtained indicate that the GA-based NIP approach can be used as a feasible and effective solution to multi-criteria project portfolio selection problems. Copyright Springer Science+Business Media, LLC 2012

Keywords: Multi-criteria decision making; Nonlinear integer programming; Genetic algorithm; Project portfolio selection; Project interactions; Preference (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (13)

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DOI: 10.1007/s10479-010-0819-6

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