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Multicriteria decision support for project portfolio selection with the FITradeoff method

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  • Marques, Adriana Cavalcante
  • Frej, Eduarda Asfora
  • de Almeida, Adiel Teixeira

Abstract

The current global scenario of a greater scarcity of resources, uncertainty in several dimensions and problems that seek to reconcile multiple criteria to achieve the best possible results are issues commonly related to problems of selecting a portfolio of projects. This paper presents a new proposal for using the flexible and interactive method, FITradeoff, for portfolio decision analysis in the presence of possible partial information about decision-makers’ preferences. The proposed approach, specifically, uses the concept of c-optimal portfolios and refinement strategies of feasibility and efficiency during the process of generating a portfolio while endeavoring to keep both computational and cognitive efforts within reasonable limits. This approach is built into a Decision Support System. After applying several tests, what can be concluded from the computational results in randomly generated instances is that this method exhibits good performance both in terms of minimizing the computational effort and reducing the cognitive effort demanded from the decision-maker.

Suggested Citation

  • Marques, Adriana Cavalcante & Frej, Eduarda Asfora & de Almeida, Adiel Teixeira, 2022. "Multicriteria decision support for project portfolio selection with the FITradeoff method," Omega, Elsevier, vol. 111(C).
    • Handle: RePEc:eee:jomega:v:111:y:2022:i:c:s0305048322000688
    DOI: 10.1016/j.omega.2022.102661
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    References listed on IDEAS

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