Selecting the portfolio of construction projects with a life cycle approach using DEMATEL and TOPSIS Fuzzy techniques (Sarchesmeh Mehrkariman Company)
Subject Areas :
Industrial Management
mohammad forozandeh
1
,
mohsen roozbahani
2
1 - Department of Industrial Engineering, Faculty of Management and Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
2 - Master of Industrial Engineering, Faculty of Management and Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
Received: 2021-09-08
Accepted : 2022-12-20
Published : 2023-02-20
Keywords:
fuzzy DEM,
Fuzzy TOPSIS,
Multi-Criteria Decision Making,
Project Portfolio Management,
Construction Projects,
Abstract :
The multitude of projects and the complexity of making decisions about them, as well as planning and allocating the organization's limited resources to the selected projects, are the main challenges that many project-oriented organizations face. Considering all organizational aspects in obtaining projects is the most key point in the success of project-oriented organizations. For this reason, choosing a portfolio of projects in a way that can meet the goals and strategy of the organization, in addition to considering the organizational limitations, is very vital. For this reason, in this research, while emphasizing the implementation of the portfolio management process in organizations, a two-stage model is presented for evaluating and prioritizing projects to form an optimal portfolio. By examining the life cycle of projects, first, 12 influential indicators in the evaluation of projects are extracted with the help of previous research, and after the confirmation of 8 important indicators by experts, they are analyzed with the help of fuzzyDematel technique, and the weight of each indicator is determined. In the next step, the proposed projects are evaluated and prioritized using the fuzzy TOPSIS technique. Finally, taking into account the capabilities, assets and limitations of the organization, the optimal portfolio of projects is formed and approved by the decision makers. By implementing the above model in a construction company active in public and private projects, it was found that the analysis of relationships between indicators helps a lot to choose the optimal portfolio and prepares the ground for achieving the set goals.
References:
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Alinezhad, A. & Ghorbanian Farahabadi, E. (2015) .Presentation of a combined method of fuzzy TOPSIS and data envelopment analysis and integer programming for project portfolio selection. Scientific-Research Quarterly of Industrial Management Studies,13 (37): 187 -219 (In Persian)
Alinezhad, A. & Simiari, K. (2013). Choosing the optimal project portfolio using DEA/DEMATEL integrated approach. Scientific-Research Quarterly of Industrial Management Studies, 11(28): 41-60 (In Persian)
anyaeche, C.o., Ighravwe, D.E. & Asokeji, T.A. (2017). project portfolio selection of banking sercices using COPRAS and Fuzzy-TOPSIS. journal of project management 2: 51-62
Barati Valijerdi, M. J., Javanshir, H. & Ravanshadnia, M,. (2018). Prioritization and determination of the optimal portfolio in mass construction projects in the construction industry with the fuzzy multi-objective method. 7th National Conference on Civil Engineering, Architecture and Urban Development, (In Persian)
borji, A, Baradaran, V, Zandi, P. & Taheri, M. (2019). a hybrid of Delphi, ahp and topsis methods for project portfolio management. Journal of project management. 4: 141-156
Chung-wei, L. & Gwo-Hshiung, T. (2009). Identification of a threshold value for the DEMATEL method using the maximum mean deentropy algorithm to find crirical services provided by a semiconductor intellectual property mall. Expert Syst. 8(1): 9891-989.
Dari, B., Asadi, B. & Mazaheri, S. (2014). Presenting a model for project portfolio selection with mutual effects and inter-project resource sharing using artificial neural network. Industrial Management, 7(1): 21-42 (In Persian)
Elbok, Gh. & berrdo, a. (2020). project prioritization for portfolio selection using mcda. proceedings of the international conference on industrial engineering and operations management. dubai, uae, march 10- 12, 2020
Foad Darvishi Chadegani, M. & Nilipour Tabatabai, S.A. (2013). Ranking of project evaluation criteria in order to select the project portfolio using the Fuzzy Hierarchy Analysis Process (FAHP) method (Case study: Marine Science and Technology University Complex). Industrial Management Quarterly of the University of Human Sciences, Islamic Azad University, Sanandaj branch, 9(28): 39-54. (In Persian)
Gorgin Karji, A. & Abdul Karim, A. (2019). Presenting the framework of portfolio value management in construction projects. Elite Science and Engineering Magazine, 5(7): 127-137 (In Persian)
Hashemi Majumard, S. M. & Kesai, D. M. (2018). Presenting a new method for evaluating and selecting the portfolio of development projects and new products (case study: a company that manufactures medical equipment and supplies). Scientific-Research Quarterly of Industrial Management Studies, 15(47): 23-43. (In Persian)
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Jassbi, J., Mohamadnejad, F & Nasrollahzadeh, H. (2011). A FUZZY Dematel framework for modeling cause and effect relationships of strategy map", Expert systems with Appications, 38(5): 5967-59-73
Jiang, Z., Zhang, H. & Sutherland, J. (2011). development of multi-criteria decision making model for remanufacturing technology portfolio selection. journal of cleaner production. 19: 1939-1946
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Kohansal, M. R. & Rafiei, H. (2017). Selection and ranking of rainfed and traditional irrigation systems in Razavi Khorasan province. Journal of Agricultural Sciences and Industries, Special Agricultural Economics and Development, 22(1): 91-104. (In Persian)
Marzouk, M. & Sabbah, M. (2021). ahp-topsis social sustainability approach for selecting supplier in costruction supply chain., cleaner environmental systems. 2 100034
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Rahiminezhad Galankashi, M., Mokhatab Rafiei, F. & Ghezelbash, M. ,(2020). portfolio selection: a fuzzy-anp approach" financial innovation, 6:17
Rahmani, M. (2019). providing a framework to manage the portfolio of projects of the specialized parent company Sina Finance and Investment. Master's Thesis, Faculty of Management, University of Tehran. (In Persian)
Rastegar, H. & Rasti-Barzoki, M. (2017). multi-criteria approach to project portfolio selection considering structural hardness and correlations between projects. journal of industrial and systems engineering, 10(4): 141-157
Roh Allelm, V & Yousefi, U. (2016). Selection, ranking and formation of the strategic portfolio of the project in the conditions of resistance economy with the combined method of DEMATEL (DEMATEL) and data envelopment analysis (DEA) in the development plans of the National Steel Company of Iran. the first national research and development conference In management and resistance economy,Tehran, Iran. (In Persian)
Rubio-Aliaga, A., Socorro García-Cascales, M, Sanchez-Lozano, J. & Molina-Garcia, A. (2021). MCDM-based multidimensional approach for selection of optimal groundwater pumoing systems: Design and case example. Renewable Energy. 163: 213-224
Shafaati, H. (2017). Selecting the portfolio of research and development projects using MADM techniques. Master's thesis, Department of Industries, Non-profit and Non-Governmental Institute of Higher Education, Mehr Astan. (In Persian)
Shafiei Nikabadi, M., Hosseini, S. M. H. & Shafiei Nikabadi, M. (2016) Determining the optimal portfolio of construction projects, based on the integrated approach of hierarchical analysis and cumulative ratio evaluation (case study: the deputy engineer and executive of construction projects of a military category). Military Management Quarterly,59: 1-31. (In Persian)
Shih, H., Shyur, H. & Lee, .E. S. (2007). An extension of TOPSIS for group decision making. Mathematical and Computer Modelling. 45: 801-8013
THE STANDARD FOR PORTFOLIO MANAGEMENT, FOOURTH EDITION, 2017
Verdecho, M.j., Pérez-Perales, D & Alarcón-Valero, F. (2020). project portolio selection for increasing sustainability in supply chains. economicics and business letters, 9(4): 317-325
Wu, W. & Lee, y. (2007). developing global managers' competencies using the fuzzy dematel method. expert systems with applications 32: 499-507
Yazdani, K. & Hasanpour, H. A. (2016). Presenting a model for prioritizing and selecting portfolio projects in a private joint-stock company based on the network analysis process (ANP). Rushd Technology Quarterly, 53: 45-57. (In Persian)
Zahedi-Seresht, M., Akbarijokar, M., Khosravi, SH & Afshari, H. (2014). construction project success ranking through the data envelopment analysis. journal of data envelopment analysis and decision science. 1-13
Zavadskas, E.K., Vilutiene, T., Turskis, Z. & Saparauskas, J. (2013). Multi-criteria analysis of Projects' performance in construction. Archives of Civil and Mechanical Engineering. http://dx.doi.org/10.1016/j.acme.2013.07.006
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Abbasi, R & Bineshian, M. (2020). Presenting an integrated framework for the formation of the organization's portfolio with an integrated approach to the development of fuzzy quality performance and decision-making techniques in conditions of uncertainty. Scientific Quarterly Journal of Industrial Management St 17(55): 255-286. (In Persian)
Alinezhad, A. & Ghorbanian Farahabadi, E. (2015) .Presentation of a combined method of fuzzy TOPSIS and data envelopment analysis and integer programming for project portfolio selection. Scientific-Research Quarterly of Industrial Management Studies,13 (37): 187 -219 (In Persian)
Alinezhad, A. & Simiari, K. (2013). Choosing the optimal project portfolio using DEA/DEMATEL integrated approach. Scientific-Research Quarterly of Industrial Management Studies, 11(28): 41-60 (In Persian)
anyaeche, C.o., Ighravwe, D.E. & Asokeji, T.A. (2017). project portfolio selection of banking sercices using COPRAS and Fuzzy-TOPSIS. journal of project management 2: 51-62
Barati Valijerdi, M. J., Javanshir, H. & Ravanshadnia, M,. (2018). Prioritization and determination of the optimal portfolio in mass construction projects in the construction industry with the fuzzy multi-objective method. 7th National Conference on Civil Engineering, Architecture and Urban Development, (In Persian)
borji, A, Baradaran, V, Zandi, P. & Taheri, M. (2019). a hybrid of Delphi, ahp and topsis methods for project portfolio management. Journal of project management. 4: 141-156
Chung-wei, L. & Gwo-Hshiung, T. (2009). Identification of a threshold value for the DEMATEL method using the maximum mean deentropy algorithm to find crirical services provided by a semiconductor intellectual property mall. Expert Syst. 8(1): 9891-989.
Dari, B., Asadi, B. & Mazaheri, S. (2014). Presenting a model for project portfolio selection with mutual effects and inter-project resource sharing using artificial neural network. Industrial Management, 7(1): 21-42 (In Persian)
Elbok, Gh. & berrdo, a. (2020). project prioritization for portfolio selection using mcda. proceedings of the international conference on industrial engineering and operations management. dubai, uae, march 10- 12, 2020
Foad Darvishi Chadegani, M. & Nilipour Tabatabai, S.A. (2013). Ranking of project evaluation criteria in order to select the project portfolio using the Fuzzy Hierarchy Analysis Process (FAHP) method (Case study: Marine Science and Technology University Complex). Industrial Management Quarterly of the University of Human Sciences, Islamic Azad University, Sanandaj branch, 9(28): 39-54. (In Persian)
Gorgin Karji, A. & Abdul Karim, A. (2019). Presenting the framework of portfolio value management in construction projects. Elite Science and Engineering Magazine, 5(7): 127-137 (In Persian)
Hashemi Majumard, S. M. & Kesai, D. M. (2018). Presenting a new method for evaluating and selecting the portfolio of development projects and new products (case study: a company that manufactures medical equipment and supplies). Scientific-Research Quarterly of Industrial Management Studies, 15(47): 23-43. (In Persian)
Hashemkhani zolfani, S., Pourhossein, M., Yazdani, M. & Kazimieras Zavadskas, E. (2018). Evaluating construction projects of hotels based on environmental sustainability with MCDM framework, Alexandria engineering journal. 57: 357-365
Hosseininia, M. & Dehghani, R. (2016). Prioritization and selection of construction project portfolios in contracting companies with a project portfolio management approach (case study: selected contracting company in Tehran). Second International Conference on Civil Engineering, Architecture and Crisis Management, June 2016. (In Persian)
Jassbi, J., Mohamadnejad, F & Nasrollahzadeh, H. (2011). A FUZZY Dematel framework for modeling cause and effect relationships of strategy map", Expert systems with Appications, 38(5): 5967-59-73
Jiang, Z., Zhang, H. & Sutherland, J. (2011). development of multi-criteria decision making model for remanufacturing technology portfolio selection. journal of cleaner production. 19: 1939-1946
Kazemi, A. & Tayibi, S, R. (2016). Project Portfolio Selection in Project-Oriented Organizations. Second International Industrial Management Conference, Mazandaran University, April 2016 (In Persian)
Kohansal, M. R. & Rafiei, H. (2017). Selection and ranking of rainfed and traditional irrigation systems in Razavi Khorasan province. Journal of Agricultural Sciences and Industries, Special Agricultural Economics and Development, 22(1): 91-104. (In Persian)
Marzouk, M. & Sabbah, M. (2021). ahp-topsis social sustainability approach for selecting supplier in costruction supply chain., cleaner environmental systems. 2 100034
Parchami Jalali, M., Zebardast, E. & Fasihi, H. (2017). Presenting the framework (process model) of integrated management of urban projects based on the project portfolio management approach. Urban Management, 52: 195-220. (In Persian)
Rahiminezhad Galankashi, M., Mokhatab Rafiei, F. & Ghezelbash, M. ,(2020). portfolio selection: a fuzzy-anp approach" financial innovation, 6:17
Rahmani, M. (2019). providing a framework to manage the portfolio of projects of the specialized parent company Sina Finance and Investment. Master's Thesis, Faculty of Management, University of Tehran. (In Persian)
Rastegar, H. & Rasti-Barzoki, M. (2017). multi-criteria approach to project portfolio selection considering structural hardness and correlations between projects. journal of industrial and systems engineering, 10(4): 141-157
Roh Allelm, V & Yousefi, U. (2016). Selection, ranking and formation of the strategic portfolio of the project in the conditions of resistance economy with the combined method of DEMATEL (DEMATEL) and data envelopment analysis (DEA) in the development plans of the National Steel Company of Iran. the first national research and development conference In management and resistance economy,Tehran, Iran. (In Persian)
Rubio-Aliaga, A., Socorro García-Cascales, M, Sanchez-Lozano, J. & Molina-Garcia, A. (2021). MCDM-based multidimensional approach for selection of optimal groundwater pumoing systems: Design and case example. Renewable Energy. 163: 213-224
Shafaati, H. (2017). Selecting the portfolio of research and development projects using MADM techniques. Master's thesis, Department of Industries, Non-profit and Non-Governmental Institute of Higher Education, Mehr Astan. (In Persian)
Shafiei Nikabadi, M., Hosseini, S. M. H. & Shafiei Nikabadi, M. (2016) Determining the optimal portfolio of construction projects, based on the integrated approach of hierarchical analysis and cumulative ratio evaluation (case study: the deputy engineer and executive of construction projects of a military category). Military Management Quarterly,59: 1-31. (In Persian)
Shih, H., Shyur, H. & Lee, .E. S. (2007). An extension of TOPSIS for group decision making. Mathematical and Computer Modelling. 45: 801-8013
THE STANDARD FOR PORTFOLIO MANAGEMENT, FOOURTH EDITION, 2017
Verdecho, M.j., Pérez-Perales, D & Alarcón-Valero, F. (2020). project portolio selection for increasing sustainability in supply chains. economicics and business letters, 9(4): 317-325
Wu, W. & Lee, y. (2007). developing global managers' competencies using the fuzzy dematel method. expert systems with applications 32: 499-507
Yazdani, K. & Hasanpour, H. A. (2016). Presenting a model for prioritizing and selecting portfolio projects in a private joint-stock company based on the network analysis process (ANP). Rushd Technology Quarterly, 53: 45-57. (In Persian)
Zahedi-Seresht, M., Akbarijokar, M., Khosravi, SH & Afshari, H. (2014). construction project success ranking through the data envelopment analysis. journal of data envelopment analysis and decision science. 1-13
Zavadskas, E.K., Vilutiene, T., Turskis, Z. & Saparauskas, J. (2013). Multi-criteria analysis of Projects' performance in construction. Archives of Civil and Mechanical Engineering. http://dx.doi.org/10.1016/j.acme.2013.07.006
