A novel project portfolio selection framework towards organizational resilience: Robust Ordinal Priority Approach. (February 2022)

• Record Type: Journal Article
• Authors: Mahmoudi, Amin; Abbasi, Mehdi; Deng, Xiaopeng
• Is Part Of: Expert systems with applications. Volume 188(2022)
• Publication Date: 2022-02
• Subjects: Multiple criteria decision-making -- Organizational resilience -- Project portfolio selection -- Robust ordinal priority approach -- Fuzzy C-means; Expert systems (Computer science) -- Periodicals; Systèmes experts (Informatique) -- Périodiques; Electronic journals; 006.33
• DOI: 10.1016/j.eswa.2021.116067
• Languages: English
• ISSNs: 0957-4174

Abstract

Highlights: The study proposes a novel framework for project portfolio selection problem. The study proposes Robust Ordinal Priority Approach in MCDM. The study considers organizational resilience for portfolio selection problem. Abstract: The COVID-19 pandemic has affected the world's economic condition significantly, and construction projects have faced many challenges and disruptions as well. This should be an alarm bell for project-oriented organizations to be prepared for such events and take necessary actions at the earliest time. In this regard, project-oriented organizations should establish their business based on the resilience concept, making them flexible in dealing with risks and decreasing the recovery time after disruptions. The current study proposes a practical conceptual framework for project-oriented organizations to select the most appropriate portfolio based on organizational resilience strategy. First, portfolios are identified, and the projects are clustered based on organizational resilience strategy using the Elbow and Fuzzy C-Means methods. The projects' scores are then determined employing the stakeholders' opinions and Robust Ordinal Priority Approach (OPA-R), which can handle the uncertainty of the input data. After that, each portfolio's score is determined using the obtained scores of the projects, and the best portfolio linked to the organizational resilience strategy is selected. The application of the proposed method to a project-oriented organization is examined, and its usage for the managers of project-oriented organizations is discussed in detail.