Multicriteria portfolio decision analysis for project selection

Alec Morton, Jeffrey M. Keisler, Ahti Salo

Research output: Chapter in Book/Report/Conference proceedingChapter

8 Citations (Scopus)

Abstract

Multicriteria Portfolio Analysis spans several methods which typically employ build on MCDA to guide the selection of a subset (i.e.,portfolio) of available objects, with the aim of maximising the performance of the resulting portfolio with regard to multiple criteria, subject to the requirement that the selected portfolio does not consume of resources consumed by the portfolio does not exceed the availability of resources and, moreover, satisfies other relevant constraints as well. In this chapter, we present a formal model of this selection problem and describe how this model can present both challenges (e.g. portfolio value may, due to the interactions of elements, depend on project-level decisions in complex and non-additive ways) and opportunities (e.g.triage rules can be used to focus elicitation on projects which are critical) for value assessment. We also survey the application of Portfolio Decision Analysis in several domains, such as allocation of R&D expenditure, military procurement, prioritisation of healthcare projects, and environment and energy planning, and conclude by outlining possible future research directions.
LanguageEnglish
Title of host publicationMultiple Criteria Decision Analysis
Subtitle of host publicationState of the Art Surveys
EditorsS Greco, M Ehrgott, J R Figueira
Place of PublicationNew York
PublisherSpringer
Pages1269-1298
Number of pages30
Volume233
Edition2
ISBN (Print)9781493930937, 9781493979851
DOIs
Publication statusPublished - 21 Mar 2016

Publication series

NameInternational Series in Operations Research & Management Science
PublisherSpringer
No.2
Volume233
ISSN (Print)0884-8289

Fingerprint

Resources
Project selection
Decision analysis
Multi-criteria
Prioritization
Military expenditure
Multiple criteria
Interaction
Formal model
Procurement
Healthcare
Planning
Portfolio analysis
Energy
Research directions

Keywords

  • multicriteria portfolio analysis
  • decision analysis
  • portfolio planning

Cite this

Morton, A., Keisler, J. M., & Salo, A. (2016). Multicriteria portfolio decision analysis for project selection. In S. Greco, M. Ehrgott, & J. R. Figueira (Eds.), Multiple Criteria Decision Analysis: State of the Art Surveys (2 ed., Vol. 233, pp. 1269-1298). (International Series in Operations Research & Management Science; Vol. 233, No. 2). New York: Springer. https://doi.org/10.1007/978-1-4939-3094-4
Morton, Alec ; Keisler, Jeffrey M. ; Salo, Ahti. / Multicriteria portfolio decision analysis for project selection. Multiple Criteria Decision Analysis: State of the Art Surveys. editor / S Greco ; M Ehrgott ; J R Figueira. Vol. 233 2. ed. New York : Springer, 2016. pp. 1269-1298 (International Series in Operations Research & Management Science; 2).
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Morton, A, Keisler, JM & Salo, A 2016, Multicriteria portfolio decision analysis for project selection. in S Greco, M Ehrgott & JR Figueira (eds), Multiple Criteria Decision Analysis: State of the Art Surveys. 2 edn, vol. 233, International Series in Operations Research & Management Science, no. 2, vol. 233, Springer, New York, pp. 1269-1298. https://doi.org/10.1007/978-1-4939-3094-4

Multicriteria portfolio decision analysis for project selection. / Morton, Alec; Keisler, Jeffrey M.; Salo, Ahti.

Multiple Criteria Decision Analysis: State of the Art Surveys. ed. / S Greco; M Ehrgott; J R Figueira. Vol. 233 2. ed. New York : Springer, 2016. p. 1269-1298 (International Series in Operations Research & Management Science; Vol. 233, No. 2).

Research output: Chapter in Book/Report/Conference proceedingChapter

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Morton A, Keisler JM, Salo A. Multicriteria portfolio decision analysis for project selection. In Greco S, Ehrgott M, Figueira JR, editors, Multiple Criteria Decision Analysis: State of the Art Surveys. 2 ed. Vol. 233. New York: Springer. 2016. p. 1269-1298. (International Series in Operations Research & Management Science; 2). https://doi.org/10.1007/978-1-4939-3094-4