Developing a project portfolio selection model for contractor firms considering the risk factor

Abbasianjahromi, Hamidreza; Rajaie, Hossein
December 2012
Journal of Civil Engineering & Management;2012, Vol. 18 Issue 6, p879
Academic Journal
Regarding to the high importance of project selection in the project life cycle, solving bid/no-bid problems, especially in the construction industry, is a subject of most recent research. Portfolio selection has been the most interesting area in the last two decades in management research but there is poor investigation in the construction industry. Taking into account the risk, which is inherent in the construction industry and especially in the project selection phase is inevitable. This paper intends to propose a model for project selection and developing two main concepts including company portfolio and risk. The main innovation of this paper is presenting a new framework, which attempts to optimize project selection based on the endurable risk level of a company with regard to the existing portfolio. Considering the user-friendly characteristic of the model, this paper has applied the fuzzy multi criteria decision-making approaches. Finally, the model is implemented in a real case study.


Related Articles

  • APPLICATION OF FUZZY LOGIC AND FUZZY SETS FOR QUANTIFICATION OF INPUT AND OUTPUT PARAMETRES IN DEA ANALISYS. Đorović, Boban; Pamucar, Dragan; Dimitrijević, Nenad // Metalurgia International;May2012, Vol. 17 Issue 5, p78 

    Data envelopment analysis (DEA) is becoming increasingly important as a tool for evaluating and improving the performance of manufacturing and service operations. It has been extensively applied in performance evaluation and benchmarking of schools, hospitals, bank branches, production plants,...

  • A uniform approach of linguistic truth values in sensor evaluation. Zou, Li; Liu, Xin; Wu, Zhengjiang; Xu, Yang // Fuzzy Optimization & Decision Making;Dec2008, Vol. 7 Issue 4, p387 

    During the sensor evaluation procedure, each valuator uses his/her own ordinary linguistic truth values for the same factor because of different preference. That will brings some disadvantages to aggregate the information. For a uniform criterion, the standard linguistic truth value (SLTV) set...

  • Contact Relation and Continuous Lattice in Fuzzy Setting. Xueyou Chen // International Journal of Advancements in Computing Technology;Sep2012, Vol. 4 Issue 17, p599 

    Some researchers have studied a contact relation on Boolean algebras. In the paper, we introduce the notion of a contact relation in fuzzy setting, define a kind of generalization of way below relation by an L-contact relation on the set of all fuzzy sets, and investigate the theory of...

  • Hesitant fuzzy soft set and its lattice structures. Xiaoqiang Zhou; Qingguo Li // Journal of Computational Analysis & Applications;Jan2016, Vol. 20 Issue 1, p72 

    Hesitant fuzzy set and soft set were introduced by Torra and Molodtsov, respectively. The two sets have been used successfully as effective mathematical tools for dealing with vagueness and uncertainties. By combining hesitant fuzzy set and soft set, in this paper, we propose a new model named...

  • Optimum risk allocation model for construction contracts: fuzzy TOPSIS approach. Khazaeni, Garshasb; Khanzadi, Mostafa; Afshar, Abas // Canadian Journal of Civil Engineering;Jul2012, Vol. 39 Issue 7, p789 

    Risk allocation, a responsibility-sharing scheme for each party in a risk management process, is an important decision-making process for project success. Although previous studies have discussed risk allocation extensively, no comprehensive quantitative modeling approach for risk allocation...

  • Decision Making Models on the Basis of Expert Knowledge for an Engineering Enterprise Strategic Management. Zakharova, Alexandra A. // Applied Mechanics & Materials;2015, Vol. 770, p645 

    The paper outlines the complex of related models and decision making support methods based on expert knowledge in strategic management of an engineering enterprise. Represented models are considered to be multi-purpose ones; these models can be used for any engineering enterprise. The...

  • Study on Choosing Enterprise's Strategy Implementation Method. Guowen Qin; Bin Li; Huiyao Zhao // Journal of Systems Science & Information;Jun2005, Vol. 3 Issue 2, p327 

    Putting forward the choice model of the tactics puts into practice in the strategy implementation of power supply enterprise. On the basis of studying the relevant theories about fuzzy extended economy control and set pair analysis, propose adjusting the tactics and producing models step by...

  • Fuzzy Based Risk Register for Construction Project Risk Assessment. Kuchta, Dorota; Ptaszyńska, Ewa // AIP Conference Proceedings;2017, Vol. 1863 Issue 1, p1 

    The paper contains fuzzy based risk register used to identify risks which appear in construction projects and to assess their attributes. Risk is considered here as a possible event with negative consequences for the project [4]. We use different risk attributes in the proposed risk register....

  • Fuzzy Risk Analysis Model for Construction Projects. Rezakhani, Pejman // International Journal of Civil & Structural Engineering;2011, Vol. 2 Issue 2, p507 

    Compared with many other industries, the construction industry is subject to more risk due to the unique features of construction activities. Risk management aims at identifying sources of risk and uncertainty, determining their impact, and developing appropriate management response. A...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics