A decision support system for project portfolio selection
نویسندگان
چکیده
A decision support system (DSS) is developed to help managers select the most appropriate sequences of plans for product research and development (R&D) projects that have strict constraints on budget, time, and resources. The primary objective of the DSS is to provide an optimal combination of R&D projects. The DSS consists of several subsystems, each of which has a specific function. At the core of the DSS are a cost model, which covers time-cost tradeoff analysis, and a strategic selection algorithm, which, based on dynamic programming, provides an optimal development plan for managing R&D projects. A working board supports an interactive environment between managers and the DSS. A data checking system eliminates in’consistent data and plans in advance. This paper identifies key issues in the arrangement of R&D projects and describes various systems that have been interlinked to make the DSS a success. It also reveals that the DSS can be expanded to a decision support system shell to support similar types of problems.
منابع مشابه
A new framework for high-technology project evaluation and project portfolio selection based on Pythagorean fuzzy WASPAS, MOORA and mathematical modeling
High-technology projects are known as tools that help achieving productive forces through scientific and technological knowledge. These knowledge-based projects are associated with high levels of risks and returns. The process of high-technology project and project portfolio selection has technical complexities and uncertainties. This paper presents a novel two-parted method of high-technology ...
متن کاملA Comprehensive Model for R and D Project Portfolio Selection with Zero-One Linear Goal-Programming (RESEARCH NOTE)
Technology centered organizations must be able to identify promising new products or process improvements at an early stage so that the necessary resources can be allocated to those activities. It is essential to invest in targeted research and development (R and D) projects as opposed to a wide range of ideas so that resources can be focused on successful outcomes. The selection of the most ap...
متن کاملMulti-criteria approach to project portfolio selection considering structural hardness and correlations between projects
Project portfolio selection is very important subject of decision-makers in project-based organizations. The best assignment of resources to the most appropriate projects is necessary as financing projects with low benefit is just waste of organization's resources. However, existing project selection models pay not much attention the structure and special features of projects as a selection cri...
متن کاملA NEW MULTI-OBJECTIVE OPTIMIZATION APPROACH FOR SUSTAINABLE PROJECT PORTFOLIO SELECTION: A REALWORLD APPLICATION UNDER INTERVAL-VALUED FUZZY ENVIRONMENT
Organizations need to evaluate project proposals and select the ones that are the most effective in reaching the strategic goals by considering sustainability issue. In order to enhance the effectiveness and the efficiency of project oriented organizations, in this paper a new multi-objective decision making (MODM) approach of sustainable project portfolio selection is proposed which applies in...
متن کاملProject portfolio selection through decision support
Project portfolio selection is a crucial decision in many organizations, which must make informed decisions on investment, where the appropriate distribution of investment is complex, due to varying levels of risk, resource requirements, and interaction among the proposed projects. In this paper, we discuss the implementation of an organized framework for Ž . project portfolio selection through...
متن کاملXML-Based Schemes for Business Project Portfolio Selection
Many methodologies have been introduced to deal with project portfolio selection problem including some techniques that help to evaluate individual projects, or to select a portfolio among available projects. This paper, however, provides several XML-based schemes for building efficient and flexible project portfolio selection systems based on an integrated portfolio selection model proposed. I...
متن کامل