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Multi-objective optimisation of an outranking model for public resources allocation on competing projects

Author

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  • Eduardo Fernandez
  • Luz Flerida Felix
  • Gustavo Mazcorro

Abstract

This paper develops a model for composing social-oriented project portfolios. The information concerning the quality of the projects is in the form of a project-ranking, which can be obtained by the application of a proper multi-criteria method, but the ranking does not assume an appropriate evaluation of social impact. Inspired by outranking methods, the model provides a preference relation over project portfolios related to project rank positions, single-project costs, and the Decision-Maker's aversion to expensive projects. A best portfolio is primarily found through a multi-objective optimisation that regards violations to pre-established decision-maker's preferences and the competing portfolios' cardinalities. The overall solution is obtained by developing an evolutionary method, which is found to perform very well in some test examples.

Suggested Citation

  • Eduardo Fernandez & Luz Flerida Felix & Gustavo Mazcorro, 2009. "Multi-objective optimisation of an outranking model for public resources allocation on competing projects," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 5(2), pages 190-210.
    • Handle: RePEc:ids:ijores:v:5:y:2009:i:2:p:190-210
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    Cited by:

    1. Akhter Mohiuddin Rather, 2012. "Portfolio selection using mean-risk model and mean-risk diversification model," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 14(3), pages 324-342.

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