A multi- objective project portfolio selection and scheduling problem under uncertainty (case study: company of Payafanavaran Ferdowsi)

Document Type : Research Paper

Authors

1 Assistant Prof., Faculty of Industrial Engineering, Sadjad University of Technology, Mashhad, Iran

2 MSc. Student, Industrial Engineering, Sadjad University of Technology, Mashhad, Iran

Abstract

Nowadays organization especially R&D centers are dealing with project portfolio selection decisions under uncertainty. Moreover in the most of the past research, project portfolio selection and scheduling are often considered to be independent problem. This leads to insufficient result in real world. So in this research simultaneous project portfolio selection and scheduling problem is modeling whose objectives are maximizing expected profit and minimizing risk. Moreover there is autocorrelation among annual earnings. Therefore an efficient time series methodology is used for forecasting. Another advantage of proposed model is considering uncertainty of project success and earnings and also risk of dealing with budget deficiency. Due to the complexity of problem, especially for large size, practical swarm, simulated annealing and genetic algorithm are presented and their efficiency is compared by a hypothetical example. The results show efficiency of simulated annealing algorithm in terms of quality and execution time. Finally the model is validated via its application to a knowledge based company in Ferdowsi University of Mashhad.

Keywords

References

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Industrial Management Journal
Volume 7, Issue 3
October 2015
Pages 469-488

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