Project Portfolio Selection in the Construction Industry by Optimization Approach

Abstract

In the construction industry, Project Portfolio Selection (PPS) is crucial for enhancing resource allocation, maximizing returns, and minimizing risks. This paper presents an in-depth analysis of PPS using optimization techniques. By leveraging mathematical models and decision-making frameworks, we emphasize the significance of optimization in achieving strategic objectives. The study reviews existing literature, identifies key factors influencing project selection, and proposes a comprehensive methodology that integrates quantitative and qualitative criteria. Numerical simulations demonstrate the effectiveness of the proposed approach. The findings indicate that utilizing optimization can significantly improve project outcomes and align them with organizational goals.