A decision-making framework for justifying a portfolio of IT projects

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Abstract

This paper presents a comprehensive decision-making framework for evaluating a portfolio of IT projects. A problem of IT project selection with and without project interdependencies is considered. The problem is subject to maximum project funding budget constraint. When IT project portfolio contains independent projects, a dynamic programming (DP) solution procedure is proposed to efficiently solve the portfolio of IT projects' problem. However, when IT project portfolio contains project interdependencies, a mixed integer programming (MIP) approach is needed to solve the problem optimally. Experiments and results using simulated data using Monte Carlo simulation are provided. The results indicate that a large set of project selection problems containing up to 60 projects can be solved easily using the proposed decision-making framework.

Original languageEnglish (US)
Pages (from-to)625-639
Number of pages15
JournalInternational Journal of Project Management
Volume32
Issue number4
DOIs
StatePublished - May 2014

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Management of Technology and Innovation

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