A MULTI-OBJECTIVE OPTIMIZATION MODEL FOR PROJECT PORTFOLIO SELECTION CONSIDERING AGGREGATE COMPLEXITY: A CASE STUDY

Existing project selection models do not consider the complexity of projects as a selection criterion, while their complexity may prolong the project duration and even result in its failure. In addition, existing models cannot formulate the aggregate complexity of the selected projects. The aggregated complexity is not always equal to summation of complexity of projects because of possible synergies or conflicts between them may increase or decrease the total complexity. In this paper, a model is proposed for measuring the aggregate complexity in the selection of project portfolios. A case study is presented to show the usefulness of the model and its applicability in practice. Moreover, several large-sized numerical examples have been tested showing the capability of the model to solve such problems in logical computational time.

Keywords:

project management , mathematical programming , project selection , complexity , synergies , conflicts.