Project Portfolio Selection with Scheduling: An Evolutionary Approach

Abstract

This paper addresses the project portfolio selection problem enriched with scheduling. The factors considered for project scheduling are: the planning time horizon and the negative impact of the project completion time on the total profit. The objective is to select a subset of projects which maximizes the discounted total gain by late completion time, respecting resource constraints and without exceeding the time horizon. A mixed integer linear programming model was formulated and compared to two recent models addressing the same problem. To show the potential of the model on the large scale we used a metaheuristic based on the genetic algorithm Non-dominated Sorting Genetic Algorithm II. We show experimentally the benefits of our proposal and leave open the possibility of its study applied on a larger scale in future works.