An Optimization-Based Mathematical Framework for Effective Governance of Project Portfolios in Resource-Limited Project-Oriented Organizations

Project Portfolio Management (PPM) plays a critical role in aligning projects with an organization's strategic objectives and optimizing the allocation of limited resources in project-oriented organizations. However, most existing frameworks are developed qualitatively, revealing a lack of comprehensive mathematical models that simultaneously consider project dependencies, strategic criteria, and resource and time constraints. This gap highlights the need for analytical and mathematical models to improve decision-making accuracy and portfolio effectiveness. This paper proposes a Mixed-Integer Linear Programming (MILP) model that concurrently addresses project dependencies, strategic criteria, and resource and time limitations. A hypothetical dataset of ۱۵ projects from an engineering firm is used to simulate real-world portfolio management challenges. The model is implemented in GAMS software to optimize resource allocation and project prioritization. The results demonstrate the model's efficiency and applicability in project-oriented organizations, enabling managers to make more strategic decisions and optimize the use of limited resources.

کلیدواژه ها:

Project Portfolio Management (PPM) ، Mixed-Integer Linear Programming (MILP) ، Project Dependencies ، Resource Allocation ، Strategic Decision-Making