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Multicriteria Portfolio Modeling for the Development of Shared Action Agendas

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  • Eeva Vilkkumaa

    (School of Science, Aalto University)

  • Ahti Salo

    (School of Science, Aalto University)

  • Juuso Liesiö

    (School of Science, Aalto University)

Abstract

Organizations and collaborative networks set strategic directions by building agendas of action topics that will be implemented subject to limited resources and other constraints. The development of such agendas typically involves several decision makers and possibly other stakeholders who may have divergent views about how the topics contribute to multiple objectives. The processes of developing these agendas can be supported by methods of multicriteria decision analysis which allow the group members’ preferences to be systematically and transparently synthesized. In this paper, we extend methods of portfolio decision analysis with the aim of guiding the development of agendas in the presence of possibly incomplete information about the group members’ preferences and the impacts of the proposed topics. Specifically, we define performance measures that convey (i) what topics are favored by individual group members and (ii) how acceptable alternative portfolios of topic agendas are to the whole group. The methods are illustrated with data from a real case study for the development of a national research agenda on wood products in Finland.

Suggested Citation

  • Eeva Vilkkumaa & Ahti Salo & Juuso Liesiö, 2014. "Multicriteria Portfolio Modeling for the Development of Shared Action Agendas," Group Decision and Negotiation, Springer, vol. 23(1), pages 49-70, January.
  • Handle: RePEc:spr:grdene:v:23:y:2014:i:1:d:10.1007_s10726-012-9328-0
    DOI: 10.1007/s10726-012-9328-0
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    References listed on IDEAS

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    Cited by:

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    2. Mancuso, A. & Compare, M. & Salo, A. & Zio, E. & Laakso, T., 2016. "Risk-based optimization of pipe inspections in large underground networks with imprecise information," Reliability Engineering and System Safety, Elsevier, vol. 152(C), pages 228-238.
    3. Ricardo J. G. Mateus & João C. Bana e Costa & Pedro Verga Matos, 2017. "Supporting Multicriteria Group Decisions with MACBETH Tools: Selection of Sustainable Brownfield Redevelopment Actions," Group Decision and Negotiation, Springer, vol. 26(3), pages 495-521, May.
    4. Selin Özpeynirci & Özgür Özpeynirci & Vincent Mousseau, 2021. "An interactive algorithm for resource allocation with balance concerns," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 43(4), pages 983-1005, December.
    5. Vilkkumaa, Eeva & Liesiö, Juuso & Salo, Ahti & Ilmola-Sheppard, Leena, 2018. "Scenario-based portfolio model for building robust and proactive strategies," European Journal of Operational Research, Elsevier, vol. 266(1), pages 205-220.
    6. Baker, Erin & Bosetti, Valentina & Salo, Ahti, 2020. "Robust portfolio decision analysis: An application to the energy research and development portfolio problem," European Journal of Operational Research, Elsevier, vol. 284(3), pages 1107-1120.
    7. Tom Pape, 2020. "Value of agreement in decision analysis: Concept, measures and application," Papers 2012.13816, arXiv.org.
    8. Tobias Fasth & Samuel Bohman & Aron Larsson & Love Ekenberg & Mats Danielson, 2020. "Portfolio Decision Analysis for Evaluating Stakeholder Conflicts in Land Use Planning," Group Decision and Negotiation, Springer, vol. 29(2), pages 321-343, April.
    9. Pape, Tom, 2017. "Value of agreement in decision analysis: concept, measures and application," LSE Research Online Documents on Economics 68682, London School of Economics and Political Science, LSE Library.

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