Skip to main content
SpringerLink
Log in

Sustainable project portfolio selection and optimization with considerations of outsourcing decisions, financing options and staff assignment under interval type-2 fuzzy uncertainty

  • Original Article
  • Published:
Neural Computing and Applications Aims and scope Submit manuscript

Abstract

Selecting the best portfolio of projects by considering several objectives, including financial, social, and environmental goals, is the main goal in sustainable project portfolio selection problems while addressing staff assignment and financing options. Issues, such as global warming or social unrests, have made the problem of sustainable project portfolio selection a vital process for many firms. In other words, the success of firms in reaching their stated goals requires a selection of the best portfolio of projects. Given the importance of this topic, this paper presents a novel mathematical modeling approach for sustainable project portfolio selection. The model regards staff assignment based on learning and forgetting effects. Moreover, financing each phase of the projects is determined while addressing the possibility of outsourcing. To make it possible to consider uncertain decision-making environments, interval type-2 fuzzy sets are used, and a new uncertain optimization process is extended. The application of the model shows that it is capable of assisting the main decision makers in finding the best portfolio of sustainable projects while performing staff assignments based on learning and forgetting effects, finding a proper outsourcing plan, and selecting the best financing option for projects under uncertainty.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2
Fig. 3
Fig. 4
Fig. 5
Fig. 6
Fig. 7
Fig. 8
Fig. 9

Similar content being viewed by others

References

  1. Adhami S, Giudici G, Anh HPN (2020) New frontiers in green project financing: leveraging on the crowd. new frontiers in entrepreneurial finance research. World Scientific, p 121–48

  2. Akbari N, Jones D, Arabikhan F (2021) Goal programming models with interval coefficients for the sustainable selection of marine renewable energy projects in the UK. Eur J Oper Res 293(2):748–760

    Article  MathSciNet  Google Scholar 

  3. Alavipour SR, Arditi D (2019) Time-cost tradeoff analysis with minimized project financing cost. Autom Constr 98:110–121

    Article  Google Scholar 

  4. Alvarez-García B, Fernández-Castro A (2018) A comprehensive approach for the selection of a portfolio of interdependent projects. An application to subsidized projects in Spain. Comput Indus Eng.118:153–159

  5. Aoufi A, Schoeman M, Turner N (2021) How to Outsource Agile Projects Effectively: Suppliers and client advisors need to work closely with client organizations to ensure key enablers are in place to increase success when outsourcing Agile projects. Res Technol Manag 65(1):59–66

    Article  Google Scholar 

  6. Bektur G (2021) A hybrid fuzzy MCDM approach for sustainable project portfolio selection problem and an application for a construction company. Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 23(2):182–194

    Google Scholar 

  7. Cai X, Wang J, Zhong S, Shi K, Tang Y (2021) Fuzzy quantized sampled-data control for extended dissipative analysis of T-S fuzzy system and its application to WPGSs. J Franklin Inst 358(2):1350–1375

    Article  MathSciNet  Google Scholar 

  8. Castillo O, Valdez F, Peraza C, Yoon JH, Geem ZW (2021) High-speed interval type-2 fuzzy systems for dynamic parameter adaptation in harmony search for optimal design of fuzzy controllers. Mathematics 9(7):758

    Article  Google Scholar 

  9. Cevikcan E, Kose Y (2021) Optimization of profitability and liquidity for residential projects under debt and equity financing. Built Environ Proj Asset Manage

  10. Chatterjee K, Hossain SA, Kar S (2018) Prioritization of project proposals in portfolio management using fuzzy AHP. Opsearch 55(2):478–501

    Article  MathSciNet  Google Scholar 

  11. Chatterjee K, Kar S (2016) Multi-criteria analysis of supply chain risk management using interval valued fuzzy TOPSIS. Opsearch 53(3):474–499

    Article  MathSciNet  Google Scholar 

  12. Chen S-M, Lee L-W (2010) Fuzzy multiple attributes group decision-making based on the ranking values and the arithmetic operations of interval type-2 fuzzy sets. Exp Syst Appl 37(1):824–833

    Article  MathSciNet  Google Scholar 

  13. Cuevas F, Castillo O, Cortes P (2021) Optimal setting of membership functions for interval type-2 fuzzy tracking controllers using a shark smell metaheuristic algorithm. Int J Fuzzy Syst 2021:1–24

  14. Elkington J (1997) Cannibals with forks. The triple bottom line of 21st century 73

  15. Ghannadpour SF, Hoseini AR, Bagherpour M, Ahmadi E (2021) Appraising the triple bottom line utility of sustainable project portfolio selection using a novel multi-criteria house of portfolio. Environ Dev Sustain 23(3):3396–3437

    Article  Google Scholar 

  16. Gutjahr WJ, Froeschl KA (2013) Project portfolio selection under uncertainty with outsourcing opportunities. Flex Serv Manuf J 25(1):255–281

    Article  Google Scholar 

  17. Gutjahr WJ, Katzensteiner S, Reiter P, Stummer C, Denk M (2010) Multi-objective decision analysis for competence-oriented project portfolio selection. Eur J Oper Res 205(3):670–679

    Article  MathSciNet  Google Scholar 

  18. Gutjahr WJ, Reiter P (2010) Bi-objective project portfolio selection and staff assignment under uncertainty. Optimization 59(3):417–445

    Article  MathSciNet  Google Scholar 

  19. Heimerl C, Kolisch R (2010) Scheduling and staffing multiple projects with a multi-skilled workforce. OR Spectrum 32(2):343–368

    Article  MathSciNet  Google Scholar 

  20. Hesarsorkh AH, Ashayeri J, Naeini AB. Pharmaceutical R&D project portfolio selection and scheduling under uncertainty: a robust possibilistic optimization approach. Comput Indus Eng 155:107114

  21. Huang W (2016) Comparative analysis on BOT, PPP and ABS project financing models. In: 6th international conference on electronic, mechanical, information and management society

  22. Jafarzadeh H, Akbari P, Abedin B (2018) A methodology for project portfolio selection under criteria prioritisation, uncertainty and projects interdependency–combination of fuzzy QFD and DEA. Exp Syst Appl 110:237–249

    Article  Google Scholar 

  23. Javanmard M, Nehi HM (2019) A solving method for fuzzy linear programming problem with interval type-2 fuzzy numbers. Int J Fuzzy Syst 21(3):882–891

    Article  MathSciNet  Google Scholar 

  24. Javanmard S, Afshar-Nadjafi B, Niaki STA (2021) A bi-objective model for scheduling of multiple projects under multi-skilled workforce for distributed load energy usage. Oper Res 1–36

  25. Kopanos GM, Kyriakidis TS, Georgiadis MC (2014) New continuous-time and discrete-time mathematical formulations for resource-constrained project scheduling problems. Comput Chem Eng 68:96–106

    Article  Google Scholar 

  26. Kudratova S, Huang X, Zhou X (2018) Sustainable project selection: optimal project selection considering sustainability under reinvestment strategy. J Clean Prod 203:469–481

    Article  Google Scholar 

  27. Lotfian Delouyi F, Ghodsypour SH, Ashrafi M (2021) Dynamic portfolio selection in gas transmission projects considering sustainable strategic alignment and project interdependencies through value analysis. Sustainability 13(10):5584

    Article  Google Scholar 

  28. MacKerron G, Kumar M, Benedikt A, Kumar V (2015) Performance management of suppliers in outsourcing project: case analysis from the financial services industry. Prod Plan Control 26(2):150–165

    Article  Google Scholar 

  29. Martins CL, López HML, de Almeida AT, Almeida JA, de Oliveira Bortoluzzi MB (2017) An MCDM project portfolio web-based DSS for sustainable strategic decision making in an electricity company. Indus Manage Data Syst

  30. Mazelis LS, Solodukhin KS, Tarantaev AD (2018) Fuzzy optimization models for project portfolio rolling planning taking into account risk and stakeholder interests. J Social Sci Res 3:201–210

  31. Mohagheghi V, Mousavi SM, Antuchevičienė J, Dorfeshan Y (2019) Sustainable infrastructure project selection by a new group decision-making framework introducing MORAS method in an interval type 2 fuzzy environment. Int J Strateg Prop Manag 23(6):390–404

    Article  Google Scholar 

  32. Mohagheghi V, Mousavi SM, Mojtahedi M, Newton S (2020) Evaluating large, high-technology project portfolios using a novel interval-valued pythagorean fuzzy set framework: An automated crane project case study. Exp Syst Appl 162:113007

  33. Mohagheghi V, Mousavi SM, Vahdani B (2016) A new multi-objective optimization approach for sustainable project portfolio selection: a realworld application under interval-valued fuzzy environment. Iranian J Fuzzy Syst 13(6):41–68

    MathSciNet  Google Scholar 

  34. Mohagheghi V, Mousavi SM, Vahdani B (2017) Analyzing project cash flow by a new interval type-2 fuzzy model with an application to construction industry. Neural Comput Appl 28(11):3393–3411

    Article  Google Scholar 

  35. Mohammed HJ (2021) The optimal project selection in portfolio management using fuzzy multi-criteria decision-making methodology. J Sust Finance Invest 1–17

  36. Mousavi SM, Tavakkoli-Moghaddam R, Jolai F (2013) A possibilistic programming approach for the location problem of multiple cross-docks and vehicle routing scheduling under uncertainty. Eng Optim 45(10):1223–1249

    Article  MathSciNet  Google Scholar 

  37. Ozgen D, Gulsun B (2014) Combining possibilistic linear programming and fuzzy AHP for solving the multi-objective capacitated multi-facility location problem. Inf Sci 268:185–201

    Article  MathSciNet  Google Scholar 

  38. Pérez F, Gómez T, Caballero R, Liern V (2018) Project portfolio selection and planning with fuzzy constraints. Technol Forecast Soc Chang 131:117–129

    Article  Google Scholar 

  39. Ranjbar M, Nasiri MM, Torabi SA (2022) Multi-mode project portfolio selection and scheduling in a build-operate-transfer environment. Exp Syst Appl 189:116134

  40. RezaHoseini A, Ghannadpour SF, Hemmati M (2020) A comprehensive mathematical model for resource-constrained multi-objective project portfolio selection and scheduling considering sustainability and projects splitting. J Cleaner Prod 269:122073

  41. Sanchez MA, Castillo O, Castro JR (2015) Generalized type-2 fuzzy systems for controlling a mobile robot and a performance comparison with interval type-2 and type-1 fuzzy systems. Expert Syst Appl 42(14):5904–5914

    Article  Google Scholar 

  42. Sandhu MA, Shamsuzzoha A, Helo P (2018) Does outsourcing always work? A critical evaluation for project business success. Benchmarking Int J

  43. Shi K, Wang J, Tang Y, Zhong S (2020) Reliable asynchronous sampled-data filtering of T-S fuzzy uncertain delayed neural networks with stochastic switched topologies. Fuzzy Sets Syst 381:1–25

    Article  MathSciNet  Google Scholar 

  44. Shi K, Wang J, Zhong S, Tang Y, Cheng J (2020) Non-fragile memory filtering of TS fuzzy delayed neural networks based on switched fuzzy sampled-data control. Fuzzy Sets Syst 394:40–64

    Article  MathSciNet  Google Scholar 

  45. Solomons D (1983) In search of excellence: lessons from america's best-run companies. J Account (pre-1986) 156(000006):150

  46. Sun H, Liang Y, Wang Y, Liu X, Chen J (2021) An optimal investment portfolio for BOT freeway projects from the perspective of transportation and construction enterprises. KSCE J Civ Eng 25(10):3636–3649

    Article  Google Scholar 

  47. Sundararajan SK, Tseng C-L (2017) Managing project performance risks under uncertainty: using a dynamic capital structure approach in infrastructure project financing. J Constr Eng Manag 143(8):04017046

    Article  Google Scholar 

  48. Wang X, Ferreira FA, Chang C-T (2021) Multi-objective competency-based approach to project scheduling and staff assignment: case study of an internal audit project. Socio-Econ Plan Sci 2021:101182

  49. Sws WCED (1987) World commission on environment and development. Our Common Future 17(1):1–91

    Google Scholar 

  50. Williamson OE (2007) The economic institutions of capitalism. Firms, markets, relational contracting. Das Summa Summarum des Management. Springer, p 61–75

  51. Wu L-H, Wu L, Shi J, Chou Y-T (2021) Project portfolio selection considering uncertainty: stochastic dominance-based fuzzy ranking. Int J Fuzzy Syst 2021:1–19

  52. Yuan L, Wang Y, Sun Y (2018) Method for urban rail transit project financing decision-making based on triangular fuzzy number. In: Proceedings of the 21st international symposium on advancement of construction management and real estate. Springer, pp 1041–1053

  53. Zarjou M, Khalilzadeh M (2021) Optimal project portfolio selection with reinvestment strategy considering sustainability in an uncertain environment: a multi-objective optimization approach. Kybernetes

  54. Zavadskas EK, Kaklauskas A, Kalibatas D, Turskis Z, Krutinis M, Bartkienė L (2018) Applying the topsis-F method to assess air pollution in vilnius. Environ Eng Manage J 17(9)

  55. Zavadskas EK, Šaparauskas J, Antucheviciene J (2018) Sustainability in construction engineering. Multidisciplinary Digital Publishing Institute, p 2236

Download references

Acknowledgements

The authors would like to express their appreciation to the editor and anonymous reviewers for their valuable recommendations on this study.

Author information

Authors and Affiliations

  1. Department of Industrial Engineering, Faculty of Engineering, Shahed University, Tehran, Iran

    Vahid Mohagheghi & Seyed Meysam Mousavi

  2. School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran

    Reza Shahabi-Shahmiri

Authors
  1. Vahid Mohagheghi
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Seyed Meysam Mousavi
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Reza Shahabi-Shahmiri
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Seyed Meysam Mousavi.

Ethics declarations

Conflict of interest

The authors declare that they have no conflict of interest.

Additional information

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Mohagheghi, V., Mousavi, S.M. & Shahabi-Shahmiri, R. Sustainable project portfolio selection and optimization with considerations of outsourcing decisions, financing options and staff assignment under interval type-2 fuzzy uncertainty. Neural Comput & Applic 34, 14577–14598 (2022). https://doi.org/10.1007/s00521-022-07207-3

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s00521-022-07207-3

Keywords

Search

Navigation