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Project Management for a Country with Multiple Objectives

Author

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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.

Suggested Citation

  • Willem K. M. Brauers, 2012. "Project Management for a Country with Multiple Objectives," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 6(1), pages 80-101, March.
  • Handle: RePEc:fau:aucocz:au2012_080
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    File URL: http://auco.cuni.cz/mag/article/download/id/125/type/attachment
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    References listed on IDEAS

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    1. Arrow, Kenneth J, 1974. "General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice," American Economic Review, American Economic Association, vol. 64(3), pages 253-272, June.
    2. 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.
    3. 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.
    4. 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.
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    Cited by:

    1. Balezentiene, Ligita & Streimikiene, Dalia & Balezentis, Tomas, 2013. "Fuzzy decision support methodology for sustainable energy crop selection," Renewable and Sustainable Energy Reviews, Elsevier, vol. 17(C), pages 83-93.

    More about this item

    Keywords

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

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • O22 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis
    • P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform

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