Article ID: | iaor200968887 |
Country: | United Kingdom |
Volume: | 5 |
Issue: | 2 |
Start Page Number: | 190 |
End Page Number: | 210 |
Publication Date: | May 2009 |
Journal: | International Journal of Operational Research |
Authors: | Fernandez Eduardo, Mazcorro Gustavo, Felix Luz Flerida |
Keywords: | public service, decision theory: multiple criteria |
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.