TY - GEN
T1 - On the Use of Simulation-Optimization in Sustainability Aware Project Portfolio Management
AU - Saiz, Miguel
AU - Lostumbo, Marisa Andrea
AU - Juan, Angel A.
AU - Lopez-Lopez, David
N1 - Publisher Copyright:
© 2020 IEEE.
PY - 2020/12/14
Y1 - 2020/12/14
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=85103875464&partnerID=8YFLogxK
U2 - 10.1109/WSC48552.2020.9383941
DO - 10.1109/WSC48552.2020.9383941
M3 - Conference contribution
AN - SCOPUS:85103875464
T3 - Proceedings - Winter Simulation Conference
SP - 2493
EP - 2504
BT - Proceedings of the 2020 Winter Simulation Conference, WSC 2020
A2 - Bae, K.-H.
A2 - Feng, B.
A2 - Kim, S.
A2 - Lazarova-Molnar, S.
A2 - Zheng, Z.
A2 - Roeder, T.
A2 - Thiesing, R.
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - Winter Simulation Conference (WSC 2020)
Y2 - 14 December 2020 through 18 December 2020
ER -