Project portfolio selection under uncertainty with outsourcing opportunities

Abstract

The paper presents a stochastic optimization model for project portfolio selection under uncertainty about the real efforts required for the execution of the work packages contained in the projects. As a subproblem, the assignment of the work to human resources and the distribution of work over time is addressed. The available workforce is assumed as multi-skilled. Required efforts are modeled as random variables. The recourse action for the case where the available capacities of the internal human resources do not suffice to cover the actual work times consists in delegating parts of the work to external human resources. The staffingand-scheduling subproblem is solved by means of a Frank-Wolfe type algorithm. To solve the upper-level problem of project portfolio determination, a modification of the Variable Neighborhood Search (VNS) algorithm is applied. Experimental results for a benchmark of synthetically generated test instances and for an illustrative example from the E-Commerce Competence Center Austria are provided.

Selecting Large Portfolios of Social Projects in Public Organizations

“…Mathematical Problems in Engineering 3 Another important characteristic of the social portfolio problems is considering a project as a set of tasks, each with a certain impact on the project objectives. In [7][8][9], the projects are represented by tasks that require human resources and that have relations of precedence in the planning horizon. In [10,11], tasks are also used in project portfolio scheduling.…”

Multi objective project portfolio selection

“…Liu and Wang (2011) proposed a general model for profit maximization by considering the budget and resource constraints for the project selection, where CP is used to solve the problem. Gutjahr and Froeschl (2013) proposed a multi-objective optimization model that maximizes the productivity of human resources to choose the project portfolio. Shou et al (2014) used a multifactor evolutionary algorithm aimed at maximizing the current net value for the selection and planning of the project portfolio.…”

Research on the Problem of Selection Plannings with Dynamic Multi-mode Multiproject and Multi-task Based on Resource-Constrained

“…Junlan Chen [5], based on mixed priority rules, proposed parallel chaos particle swarm algorithm. Directing at the multi-project scheduling problem in the part implementation of alternative projects, the literature [6][7][8] taking the maximum benefit as the goal, are discussed about the problem of items-combination and selection separately with genetic algorithm [6], neighborhood search [7], and combination auction algorithm [8]. The literature [9][10] aiming at resource equilibrium, are discussed about the problem of multi-project scheduling, respectively with immune optimization algorithm, immune clonal selection algorithm.…”