Bi-objective optimization for the project portfolio selection problem in six sigma Academic Article in Scopus uri icon

abstract

  • © 2016 Proceedings of the 2016 Industrial and Systems Engineering Research Conference, ISERC 2016. All rights reserved.There are many aspects of a successful Six Sigma implementation. Projects selection is one of the most critical and challenging activities faced by companies. Typically, decision-makers have to consider multiple conflicting objectives and in many cases they do not have a formal portfolio selection and identification approach. In this paper we propose a 0-1 Bi-objective Quadratic Programming (0-1 BOQP) problem for the project portfolio selection problem. A general model is considered which comprises the maximization of benefits and the minimization of the difficulty from implementation of the project portfolio subject to constraint sets of budget, human resources, working time, mutually exclusive projects and mandatory projects. Finally, we transform the original problem as a Mixed-Integer Quadratically Constrained Programming (MIQCP) problem. The proposed MIQCP model can be easily reformulated as a convex problem which allows to find the optimal solution using optimization solvers.

publication date

  • January 1, 2020