From: Stochastic forecasting of project streams for construction project portfolio management
Author(s) | Research Problem | Solution | Limitations and Gap |
---|---|---|---|
Henriksen and Traynor (1999) | Project evaluation and selection in a portfolio | Developed a new algorithm with criteria of relevance, risk, reasonableness, and return | Limited application to research and development project evaluation and only focuses on project selection within a pool of known projects |
Liu and Wang (2011) | Project selection and scheduling problems with time-dependent resource constraints | Developed an optimization model using constraint programming | Considers only known projects and financial objectives and lacks monitoring of resource utilization |
Ghasemzadeh et al. (1999) | Selecting and scheduling an optimal project portfolio, based on the organization’s objectives and constraints such as resource limitations and interdependence among projects | Developed a zero-one integer linear programming model | Lacks the ability of dynamic and real-time analysis. Only considers known projects. Lack of consideration of uncertainties in the model. |
Archer and Ghasemzadeh (1999) | Selecting projects for a portfolio | A qualitative multistage framework is developed for selecting projects | Qualitative, only considers known projects and focuses on selecting projects. |
Browning and Yassine (2010) | Performance of priority rules in Static resource constrained multi-project scheduling | Sensitivity analysis of priority rule method in different context by simulation | Deterministic, and only considers known projects. |
Carazo et al. (2010) | Selection and scheduling of project portfolios from a set of candidate projects | A multi-objective binary programming model using a metaheuristic procedure based on Scatter Search | Only works for a pool of known projects. |
Araúzo et al. (2010) | Dynamic scheduling of resources within a portfolio | Distributing resources by a multi-agent system through an auction mechanism | Model is limited to resource allocation optimization. It considers only known projects within the portfolio. |
Pajares and López (2014) | The inclusion of resource allocation in PPM models | Suggests a research agenda for developing models for PPM including operative issues | A conceptual paper, showing that a proper PPM model should include operations management as well. |