Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies
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, ai...
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doaj-6ee788c10eb44dfdbb22b8d92e618c732021-07-02T06:58:01ZengVilnius Gediminas Technical UniversityTechnological and Economic Development of Economy2029-49132029-49212019-12-0125610.3846/tede.2019.11410Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studiesVahid Mohagheghi0Seyed Meysam Mousavi1Jurgita Antuchevičienė2Mohammad Mojtahedi3Department of Industrial Engineering, Shahed University, Tehran, IranDepartment of Construction Management and Real Estate, Faculty of Civil Engineering, Vilnius Gediminas Technical University, LithuaniaDepartment of Construction Management and Real Estate, Faculty of Civil Engineering, Vilnius Gediminas Technical University, LithuaniaFaculty of Built Environment, Kensington Campus, The University of New South Wales, Sydney, Australia 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. https://btp.vgtu.lt/index.php/TEDE/article/view/11410project portfolio selectionuncertainty approachsolution approachselection approachevaluation criteriacase studies |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Vahid Mohagheghi Seyed Meysam Mousavi Jurgita Antuchevičienė Mohammad Mojtahedi |
spellingShingle |
Vahid Mohagheghi Seyed Meysam Mousavi Jurgita Antuchevičienė Mohammad Mojtahedi Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies Technological and Economic Development of Economy project portfolio selection uncertainty approach solution approach selection approach evaluation criteria case studies |
author_facet |
Vahid Mohagheghi Seyed Meysam Mousavi Jurgita Antuchevičienė Mohammad Mojtahedi |
author_sort |
Vahid Mohagheghi |
title |
Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
title_short |
Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
title_full |
Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
title_fullStr |
Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
title_full_unstemmed |
Project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
title_sort |
project portfolio selection problems: a review of models, uncertainty approaches, solution techniques, and case studies |
publisher |
Vilnius Gediminas Technical University |
series |
Technological and Economic Development of Economy |
issn |
2029-4913 2029-4921 |
publishDate |
2019-12-01 |
description |
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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topic |
project portfolio selection uncertainty approach solution approach selection approach evaluation criteria case studies |
url |
https://btp.vgtu.lt/index.php/TEDE/article/view/11410 |
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