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- Title
INTEGRATION OF A NEW MCDM APPROACH BASED ON THE DEA, FANP WITH MONLP FOR EFFICIENCY-RISK ASSESSMENT TO OPTIMIZE PROJECT PORTFOLIO BY BRANCH AND BOUND: A REAL CASE-STUDY.
- Authors
SHARIFIGHAZVINI, M. R.; GHEZAVATI, V. R.; RAISSI, S.; MAKUI, A.
- Abstract
Project Portfolio Management (PPM) is a modern management model and an instrument for evaluating, prioritizing and reviewing projects. To select a project portfolio that is a combination of these criteria, identifying the opportunities, evaluating the alignment between the project and the purposes and structure of the organization and analyzing the costs, benefits and risks of the project are essential. The present article uses a qualitative and quantitative approach for the optimal selection of project portfolios and applies a set of techniques, including data envelopment analysis (DEA) and fuzzy analytic network process (FANP) for project portfolio management space for the first time. This algorithm can also be used to optimize project portfolios based on a multi-objective non-linear programming (MONLP) model. The MONLP model will be solved by efficient branch and bound algorithm. A more accurate estimation can be accomplished for the selection of a lowrisk portfolio by adding these two new criteria for computing risk numbers in terms of their proximity to the event and the ability to control and modify them in the future. This algorithm will ultimately be applied for a real case study in Mobarakeh Steel Co., a leading Iranian company producing steel sheets.
- Subjects
PORTFOLIO management (Investments); COST effectiveness; ECONOMIC decision making; ECONOMIC efficiency; DATA envelopment analysis
- Publication
Economic Computation & Economic Cybernetics Studies & Research, 2018, Vol 52, Issue 1, p261
- ISSN
0424-267X
- Publication type
Article
- DOI
10.24818/18423264/52.1.18.16