A variable neighborhood search simheuristic for project portfolio selection under uncertainty

Panadero, Javier; Doering, Jana; Kizys, Renatas; Juan, Ángel A.; Fitó, Àngels

doi:10.1007/s10732-018-9367-z

Cited by 58 publications

(34 citation statements)

References 39 publications

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“…(, ) analyze the waste collection problem in modern urban areas and propose a simheuristic algorithm to solve its stochastic variant. Finance : Panadero et al. () consider a project portfolio optimization problem under uncertainty conditions, and employ a simheuristic to support decision making in this context. Methodology : Grasas et al. () and Ferone et al.…”

Section: Literature Reviewmentioning

confidence: 99%

A reactive simheuristic using online data for a real‐life inventory routing problem with stochastic demands

Raba

Estrada‐Moreno

Panadero

et al. 2020

Int Trans Operational Res

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In the context of a supply chain for the animal‐feed industry, this paper focuses on optimizing replenishment strategies for silos in multiple farms. Assuming that a supply chain is essentially a value chain, our work aims at narrowing this chasm and putting analytics into practice by identifying and quantifying improvements on specific stages of an animal‐feed supply chain. Motivated by a real‐life case, the paper analyses a rich multi‐period inventory routing problem with homogeneous fleet, stochastic demands, and maximum route length. After describing the problem and reviewing the related literature, we introduce a reactive heuristic, which is then extended into a biased‐randomized simheuristic. Our reactive approach is validated and tested using a series of adapted instances to explore the gap between the solutions it provides and the ones generated by existing nonreactive approaches.

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Section: Literature Reviewmentioning

confidence: 99%

A reactive simheuristic using online data for a real‐life inventory routing problem with stochastic demands

Raba

Estrada‐Moreno

Panadero

et al. 2020

Int Trans Operational Res

Self Cite

View full text Add to dashboard Cite

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“…Their model was NP-hard and required a meta-heuristic solution approach. Panadero, Doering, Kizys, Juan, and Fito (2018) suggested that by increasing the pool of project proposals and consideration of realistic constraints, PPS becomes NP-hard. Therefore, they presented a variable neighborhood search semi-heuristic for PPS.…”

Section: Heuristic and Meta-heuristicmentioning

confidence: 99%

Project Portfolio Selection Problems: A Review of Models, Uncertainty Approaches, Solution Techniques, and Case Studies

Mohagheghi

Mousavi

Antuchevičienė

et al. 2019

Technological and Economic Development of Economy

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Project portfolio selection has been the focus of many scholars in the last two decades. The number of studies on the strategic process has significantly increased over the past decade. Despite this increasing trend, previous studies have not been yet critically evaluated. This paper, therefore, aims to presents a comprehensive review of project portfolio selection and optimization studies focusing on the evaluation criteria, selection approach, solution approach, uncertainty modeling, and applications. This study reviews more than 140 papers on project portfolio selection research topic to identify the gaps and to present future trends. The findings show that not only the financial criteria but also social and environmental aspects of project portfolios have been focused by researchers in project portfolio selection in recent years. In addition, meta-heuristics and heuristics approach to finding the solution of mathematical models have been the critical research by scholars. Expert systems, artificial intelligence, and big data science have not been considered in project portfolio selection in the previous studies. In future, researchers can investigate the role of sustainability, resiliency, foreign investment, and exchange rates in project portfolio selection studies, and they can focus on artificial intelligence environments using big data and fuzzy stochastic optimization techniques.

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“…With the improved GA, the result was more accurate and robust, and required less computation time than other algorithms. Panadero et al [19] solved the stochastic project portfolio selection problem with a variable neighborhood search simhueristic.…”

Section: Introductionmentioning

confidence: 99%

Project Portfolio Selection Considering Total Cost of Ownership in the Automobile Industry

Lee

Choi

2019

Sustainability

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Project portfolio selection for developing a new product is critical to a company because the attributes of the project reflect on the price, quality, and functionality of the developed product. The market evaluates the developed product and the assessment of the product value determines its sale on the market. The project portfolio selection and sales are interconnected from a corporate perspective. The automobile industry is an industry which responds to the issue of business sustainability sensitively because their business directly relates to the environment. In this study, business sustainability was approached through the perspective of total cost of ownership (TCO) embedded into the project selection model after the attributes of the project, investment and efficiency, and the TCO of the product were combined to generate a sales function. The sales and revenue models were proposed, and the validity of the models was confirmed using a case from the automobile industry. As a result of the experiments, the sales model tended to show that the market share increased by selecting the proper number of projects to maximize sales. In contrast, the revenue model showed a tendency to select projects more than the sales model in order to maximize the profits of the company. By suggesting project selection models in a new perspective different from the ones in existing studies, this study is valuable with regard to the fact that the suggested models preserve project interrelationships, TCO, and product sales in a practical manner to enhance business sustainability.

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A variable neighborhood search simheuristic for project portfolio selection under uncertainty

Cited by 58 publications

References 39 publications

A reactive simheuristic using online data for a real‐life inventory routing problem with stochastic demands

A reactive simheuristic using online data for a real‐life inventory routing problem with stochastic demands

Project Portfolio Selection Problems: A Review of Models, Uncertainty Approaches, Solution Techniques, and Case Studies

Project Portfolio Selection Considering Total Cost of Ownership in the Automobile Industry

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