A multicriteria approach to project portfolio selection: Using multiobjective optimization and Analytic Hierarchy Process

This paper presents an approach to solve the problem of project portfolio selection (PSPP) in the presence of limited resources, multiple criteria, different types of projects, constraints, functions to be optimized, interdependent projects, and scenarios with a large number of projects available. For this purpose, it is divided into two stages, one for (i) optimization using the multiobjective algorithm NSGA-II and another (ii) post-optimization using the Analytic Hierarchy Process (AHP). Among their contributions, we can name (i) a solution to the combinatorial analysis 2ⁿ and (ii) the structure of a hierarchy of criteria derived from subjective aspects.