On the Use of Simulation-Optimization in Sustainability Aware Project Portfolio Management

Miguel Saiz, Marisa Andrea Lostumbo, Angel A. Juan, David Lopez-Lopez

Producció científica: Capítol de llibreContribució a congrés/conferènciaAvaluat per experts


Among other variables, uncertainty and limitation of resources make real-life project portfolio management a complex activity. Simulation-optimization is considered an appropriate technique to face stochastic problems like this one. The main objective of this paper is to develop a hybrid model, which combines optimization with Monte Carlo simulation, to deal with stochastic project portfolio management. A series of computational experiments illustrate how these hybrid approach can include uncertainty into the model, and how this is an essential contribution for informed decision making. A relevant novelty is the inclusion of a sustainability dimension, which allows managers to select and prioritize projects not only based on their monetary profitability but also taking into account the associated environmental and/or social impact. This additional criterion can be necessary when evaluating projects in areas such as civil engineering, building and construction, or urban transformation.

Idioma originalAnglès
Títol de la publicacióProceedings of the 2020 Winter Simulation Conference, WSC 2020
EditorsK.-H. Bae, B. Feng, S. Kim, S. Lazarova-Molnar, Z. Zheng, T. Roeder, R. Thiesing
EditorInstitute of Electrical and Electronics Engineers Inc.
Nombre de pàgines12
ISBN (electrònic)9781728194998
Estat de la publicacióPublicada - 14 de des. 2020
EsdevenimentWinter Simulation Conference (WSC 2020): On the use of simulation-optimization in sustainability aware project portfolio management - Phoenix, United States
Durada: 14 de des. 202018 de des. 2020

Sèrie de publicacions

NomProceedings - Winter Simulation Conference
ISSN (imprès)0891-7736


ConferènciaWinter Simulation Conference (WSC 2020)
País/TerritoriUnited States


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