Selection among ranked projects under segmentation, policy and logical constraints

Mavrotas, G; Diakoulaki, D; Kourentzis, A

dc.contributor.author	Mavrotas, G	en
dc.contributor.author	Diakoulaki, D	en
dc.contributor.author	Kourentzis, A	en
dc.date.accessioned	2014-03-01T01:29:06Z
dc.date.available	2014-03-01T01:29:06Z
dc.date.issued	2008	en
dc.identifier.issn	0377-2217	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/19135
dc.subject	Funding	en
dc.subject	Integer programming	en
dc.subject	Knapsack	en
dc.subject	Multicriteria	en
dc.subject	Project selection	en
dc.subject.classification	Management	en
dc.subject.classification	Operations Research & Management Science	en
dc.subject.other	Cost effectiveness	en
dc.subject.other	Integer programming	en
dc.subject.other	Mathematical models	en
dc.subject.other	Optimization	en
dc.subject.other	Public policy	en
dc.subject.other	Funding	en
dc.subject.other	Knapsack	en
dc.subject.other	Multicriteria	en
dc.subject.other	Project selection	en
dc.subject.other	Project management	en
dc.title	Selection among ranked projects under segmentation, policy and logical constraints	en
heal.type	journalArticle	en
heal.identifier.primary	10.1016/j.ejor.2007.03.010	en
heal.identifier.secondary	http://dx.doi.org/10.1016/j.ejor.2007.03.010	en
heal.language	English	en
heal.publicationDate	2008	en
heal.abstract	The paper proposes a method for project selection under a specific decision situation, where a final selection is guided by two aspects: (1) satisfaction of certain segmentation, policy and/or logical constraints, and (2) assurance that the individual evaluation of the projects is respected to the maximum degree. This approach is somewhat different than the usual portfolio optimization, where combinations of projects are compared without special concern on respecting the project's ranking. The entire process is implemented in two phases: the projects are first ranked, usually through a multicriteria approach. The obtained complete preorder of the projects is then used in an integer programming module in order to effectively drive the final selection that satisfies the segmentation and/or logical constraints. The innovative part of the proposed approach is the way it overcomes the well-known bias towards low cost projects which is caused by the knapsack formulation commonly used in the integer programming phase. Actually this is the main source of divergence between the final selection and the initial complete preorder of the projects. The proposed method improves an agreement between the final selection of projects obtained from the integer programming model and the ranking obtained from the multicriteria approach. (c) 2007 Elsevier B.V. All rights reserved.	en
heal.publisher	ELSEVIER SCIENCE BV	en
heal.journalName	European Journal of Operational Research	en
dc.identifier.doi	10.1016/j.ejor.2007.03.010	en
dc.identifier.isi	ISI:000251891000012	en
dc.identifier.volume	187	en
dc.identifier.issue	1	en
dc.identifier.spage	177	en
dc.identifier.epage	192	en