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Large-Scale Public R&D Portfolio Selection by Maximizing a Biobjective Impact Measure

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4 Author(s)
Litvinchev, I.S. ; Autonomous Univ. of Nuevo Leon, San Nicolas de los Garza, Mexico ; Lopez, F. ; Alvarez, A. ; Fernandez, E.

This paper addresses R&D portfolio selection in social institutions, state-owned enterprises, and other nonprofit organizations which periodically launch a call for proposals and distribute funds among accepted projects. A nonlinear discontinuous bicriterion optimization model is developed in order to find a compromise between a portfolio quality measure and the number of projects selected for funding. This model is then transformed into a linear mixed-integer formulation to present the Pareto front. Numerical experiments with up to 25 000 projects competing for funding demonstrate a high computational efficiency of the proposed approach. The acceptance/rejection rules are obtained for a portfolio using the rough set methodology.

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Systems, Man and Cybernetics, Part A: Systems and Humans, IEEE Transactions on  (Volume:40 ,  Issue: 3 )