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Table 1 Summary of the literature on approaches toward project portfolio management

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.