Sustainability driven multi-criteria project portfolio selection under uncertain decision-making environment. (February 2020)

• Record Type: Journal Article
• Authors: Ma, Junfeng; Harstvedt, James D.; Jaradat, Raed; Smith, Brian
• Is Part Of: Computers & industrial engineering. Volume 140(2020)
• Publication Date: 2020-02
• Subjects: Project portfolio selection -- Key performance indicator -- Uncertainty -- Sustainability -- Fuzzy TOPSIS; PPS Project Portfolio Selection -- KPI Key Performance Indicators -- TOPSIS Technique for Order of Preference by Similarity to Ideal Solution -- PMI Project Management Institute -- MCDM Multi-Criteria Decision Making -- NPV Net Present Value -- ROI Return on Investment -- IRR Internal Rate of Return -- PSM Project Screening Matrix -- WCED World Commission on Environment and Development -- SDG Sustainable Development Goals -- LCA Life Cycle Assessment -- EQFD Environmental Quality Function Deployment -- MET Materials, Energy and Toxicity -- E-FMEA Environmental Failure Mode Effects Analysis -- DEA Data Envelopment Analysis -- AHP Analytic Hierarchy Process -- SW Sum Weighted -- MAVT Multi-Attribute Value function Theory -- MAUT Multi-Attribute Utility function Theory -- ANP Analytic Network Process -- ELECTRE Elimination and choice expressing reality -- PIS Positive Ideal Solution -- NIS Negative Ideal Solution; Engineering -- Data processing -- Periodicals; Industrial engineering -- Periodicals; 620.00285
• DOI: 10.1016/j.cie.2019.106236
• Languages: English
• ISSNs: 0360-8352

Abstract

Highlights: Sustainable project portfolio selection needs to include full-dimension sustainability. Fuzzy logic is able to support decision-making under uncertainty in project portfolio selection. TOPSIS approach can handle several conflict attributes simultaneously in project portfolio selection. Abstract: As competition in the global market has increased over the past decades, new projects are setting the foundation for organizational success. Effective project selection is becoming more complicated to implement; new measures of performance must be examined and integrated into projects to ensure their successful completion. One solution to this problem is the implementation of Project Portfolio Selection (PPS). PPS involves the utilization of Key Performance Indicators (KPI) in combining multi-criteria decision-making methods to analyze and compare the potential success of different projects regarding various dimensions of an organization. Among these KPI, sustainability becomes increasingly important and attracts more attention in society. This study adopts a three-pillar concept: economic, environmental, and social sustainability to investigate and measure sustainability. The main purpose of this study is to target project selection from the perspective of sustainability in an uncertain decision-making environment. To achieve this purpose, a fuzzy logic model based on the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) approach is used to incorporate sustainability under uncertainty to obtain the most sustainable solution. A large-scale paper manufacturing company case study is presented to demonstrate the applications.