A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations
This paper introduces a simheuristic method to the Project Portfolio Selection Problem, designed to maximize the net present value of the portfolio while considering uncertain costs, schedules, interruptions, and inter-project risk correlations. The novel approach combines techniques from Monte Carl...
| Autores: | , , , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2024 |
| País: | España |
| Institución: | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| Repositorio: | Recercat. Dipósit de la Recerca de Catalunya |
| OAI Identifier: | oai:recercat.cat:20.500.14342/5161 |
| Acceso en línea: | https://hdl.handle.net/20.500.14342/5161 http://doi.org/10.1016/j.cie.2024.110694 |
| Access Level: | acceso abierto |
| Palabra clave: | Project portfolio management |
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oai:recercat.cat:20.500.14342/5161 |
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ES |
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España |
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A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations Saiz, Miguel Calvet Liñán, Laura Juan, Angel A. Lopez-Lopez, David Project portfolio management This paper introduces a simheuristic method to the Project Portfolio Selection Problem, designed to maximize the net present value of the portfolio while considering uncertain costs, schedules, interruptions, and inter-project risk correlations. The novel approach combines techniques from Monte Carlo simulation, critical path analysis, queuing theory, and optimization, integrating baseline schedules, project-level uncertainties, budgetary constraints, and risk correlations in a single model. A computational experiment is conducted on a realistic set of ten candidate projects and validated respect to the deterministic version of the problem, demonstrating its ability to select near optimal portfolio proposals with varying combinations of risk and net present value. The findings highlight the significant impact of factors such as contingency reserve allocation policies, operational interruptions, and project risk correlations on portfolio decisions, constituting a helpful framework for the decision-makers at portfolio level. info:eu-repo/semantics/publishedVersion Elsevier Ltd. https://hdl.handle.net/20.500.14342/5161 http://doi.org/10.1016/j.cie.2024.110694 |
| title |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| spellingShingle |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations Saiz, Miguel Project portfolio management |
| title_short |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| title_full |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| title_fullStr |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| title_full_unstemmed |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| title_sort |
A simheuristic for project portfolio optimization combining individual project risk, scheduling effects, interruptions, and project risk correlations |
| author |
Saiz, Miguel |
| author_facet |
Saiz, Miguel Calvet Liñán, Laura Juan, Angel A. Lopez-Lopez, David |
| author_role |
author |
| author2 |
Calvet Liñán, Laura Juan, Angel A. Lopez-Lopez, David |
| author2_role |
author author author |
| topic |
Project portfolio management |
| topic_facet |
Project portfolio management |
| description |
This paper introduces a simheuristic method to the Project Portfolio Selection Problem, designed to maximize the net present value of the portfolio while considering uncertain costs, schedules, interruptions, and inter-project risk correlations. The novel approach combines techniques from Monte Carlo simulation, critical path analysis, queuing theory, and optimization, integrating baseline schedules, project-level uncertainties, budgetary constraints, and risk correlations in a single model. A computational experiment is conducted on a realistic set of ten candidate projects and validated respect to the deterministic version of the problem, demonstrating its ability to select near optimal portfolio proposals with varying combinations of risk and net present value. The findings highlight the significant impact of factors such as contingency reserve allocation policies, operational interruptions, and project risk correlations on portfolio decisions, constituting a helpful framework for the decision-makers at portfolio level. |
| publishDate |
2024 |
| format |
article |
| url |
https://hdl.handle.net/20.500.14342/5161 http://doi.org/10.1016/j.cie.2024.110694 |
| eu_rights_str_mv |
openAccess |
| publisher |
Elsevier Ltd. |
| institution |
Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| collection |
Recercat. Dipósit de la Recerca de Catalunya |
| reponame_str |
Recercat. Dipósit de la Recerca de Catalunya |
| instname_str |
Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| _version_ |
1878730025310617600 |
| publishDateSort |
2024 |
| author_browse |
Calvet Liñán, Laura Juan, Angel A. Lopez-Lopez, David Saiz, Miguel |
| publisherStr |
Elsevier Ltd. |
| score |
6,8972664 |