A Comprehensive System to Support Decision Making in Highly Complex Project Portfolio Situations

This paper describes a new approach in project portfolio selection (PPS) problems, emphasizing the need to overcome traditional deficiencies with respect to multicriteria decision-making and multiobjective optimization. While existing methods typically allow the solving of partial aspects of the PPS problem, the proposed approach seeks to provide a holistic framework dealing with aspects like interdependence between projects, interaction among criteria, the incorporation of both cardinal and ordinal information, and a hierarchical multiobjective optimization. Unlike approaches that optimize portfolios neglecting superiority of some projects, or those that only assess individual projects without considering overall portfolio performance, the proposal allows for a compromise between both objectives. A case study is given, proving the application of the proposal for developing well-balanced portfolios aligned with strategic organizational goals and stakeholder preferences. The results point to significant improvements in the efficiency and effectiveness of decision-making, especially in complex project environments. This research contributes not only to the advancement of the theoretical framework of PPS but also to practical implications for portfolio management in a wide variety of organizational contexts.