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Project Management for a Country with Multiple Objectives

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  • Willem K. M. Brauers

    ()
    (University of Antwerp, Faculty of Applied Economics, Antwerpen, Belgium)

Abstract

This paper proposes project management for a national economy in search for new projects, even with competition between projects. Traditional Cost-Benefit does not respond to this purpose. Indeed Cost-Benefit is only interested in one specific project and not in a competition between projects. In addition all goals (objectives) have to be translated into money terms, leading sometimes to immoral consequences. On the contrary Multi-Objective Optimization takes care of different objectives, whereas the objectives keep their own units. However different methods exist for the application of Multi-Objective Optimization. The author tested them after their robustness resulting in seven necessary conditions for acceptance. Nevertheless these seven conditions concern only Discrete Optimization and not Continuous Optimization or Interactive Multi-Objective Methods. MOORA (Multi-Objective Optimization by Ratio Analysis coupled with Reference Point Theory) and MULTIMOORA (MOORA plus the Full Multiplicative For m), assisted by Ameliorated Nominal Group and Delphi Techniques, satisfy the seven conditions, although in a theoretical way. A simulation exercise illustrates the use of these methods, ideals to be strived for as much as possible.

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File URL: http://auco.cuni.cz/mag/article/download/id/125/type/attachment
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Bibliographic Info

Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal Czech Economic Review.

Volume (Year): 6 (2012)
Issue (Month): 1 (March)
Pages: 80-101

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Handle: RePEc:fau:aucocz:au2012_080

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Related research

Keywords: Project management; cost-benefit; multi-objective optimization; robustness; ameliorated nominal group and Delphi techniques; full multiplicative form; MOORA; MULTIMOORA;

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  1. Teekens, R & Koerts, J, 1972. "Some Statistical Implications of the Log Transformation of Multiplicative Models," Econometrica, Econometric Society, vol. 40(5), pages 793-819, September.
  2. Arrow, Kenneth J, 1974. "General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice," American Economic Review, American Economic Association, vol. 64(3), pages 253-72, June.
  3. Norman Dalkey & Olaf Helmer, 1963. "An Experimental Application of the DELPHI Method to the Use of Experts," Management Science, INFORMS, vol. 9(3), pages 458-467, April.
  4. Willem Karel M. Brauers & Romualdas Ginevičius, 2009. "Robustness in regional development studies. The case of Lithuania," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 10(2), pages 121-140, February.
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