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Quantitative approach to project portfolio management: proposal for Slovak companies

Author

Listed:
  • Pavol Kral

    (University of Zilina, Slovakia)

  • Viera Valjaskova

    (University of Zilina, Slovakia)

  • Katarina Janoskova

    (University of Zilina, Slovakia)

Abstract

Research background: Project portfolio optimization isa demanding process in the case of considering a large number of project intentions and has so far been the subject of research by many authors, especially foreign authors. However, the issue of project portfolio optimization is an area that is not sufficiently addressed by Slovak authors. This was the main impulse to create a specific mathematical model of integer programming with bivalent variables to optimize the company's project portfolio with the intention to reflect the specific requirements of Slovak companies. Purpose of the article: The aim of the article is to propose a mathematical model of integer programming with bivalent variables to optimize the project portfolio with a focus on Slovak companies. Methods: In accordance with the aim of the article, a questionnaire survey was carried out with the intention of identifying the criteria that are perceived by the managers of Slovak companies as important in the optimization of the project portfolio. These criteria were subsequently reflected in the mathematical model design using the mathematical programming method. Findings & Value added: Based on a literature review aimed at the project portfolio optimization, we have found a gap in considering the compliance of project intentions and strategic objectives of the company within the optimization of the project portfolio. Based on the results of the questionnaire survey, the significance of the mutual compliance of project intentions with the strategic objectives of the company was confirmed from the point of view of Slovak companies. Given the fact that our aim was to create an innovative integer programming model with bivalent variables orientated to the conditions of Slovak companies, we included in the resulting model the criteria that were not considered within the scope of existing research in this area, and which are perceived as important by the Slovak companies.

Suggested Citation

  • Pavol Kral & Viera Valjaskova & Katarina Janoskova, 2019. "Quantitative approach to project portfolio management: proposal for Slovak companies," Oeconomia Copernicana, Institute of Economic Research, vol. 10(4), pages 797-814, December.
    • Handle: RePEc:pes:ieroec:v:10:y:2019:i:4:p:797-814
    DOI: 10.24136/oc.2019.036
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    Citations

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    Cited by:

    1. Pavol Durana & Katarina Valaskova & Darina Chlebikova & Vladislav Krastev & Irina Atanasova, 2020. "Heads and Tails of Earnings Management: Quantitative Analysis in Emerging Countries," Risks, MDPI, vol. 8(2), pages 1-20, June.
    2. Violeta Sima & Ileana Georgiana Gheorghe & Jonel Subić & Dumitru Nancu, 2020. "Influences of the Industry 4.0 Revolution on the Human Capital Development and Consumer Behavior: A Systematic Review," Sustainability, MDPI, vol. 12(10), pages 1-28, May.
    3. Irina Canco & Drita Kruja & Tiberiu Iancu, 2021. "AHP, a Reliable Method for Quality Decision Making: A Case Study in Business," Sustainability, MDPI, vol. 13(24), pages 1-14, December.
    4. Saad Muslet Albogami & Mohd Khairol Anuar Bin Mohd Ariffin & Eris Elianddy Bin Supeni & Kamarul Arifin Ahmad, 2021. "A New Hybrid AHP and Dempster—Shafer Theory of Evidence Method for Project Risk Assessment Problem," Mathematics, MDPI, vol. 9(24), pages 1-30, December.
    5. Drago Cvijanović & Svetlana Ignjatijević & Jelena Vapa Tankosić & Vojin Cvijanović, 2020. "Do Local Food Products Contribute to Sustainable Economic Development?," Sustainability, MDPI, vol. 12(7), pages 1-18, April.

    More about this item

    Keywords

    mathematical model; integer programming; optimization; project portfolio;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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