A Project Portfolio Selection Model with Project Interaction & Resources Interdependency Consideration Using Artificial Neural Networks

Vast number of organizational projects and complexity of decision making process can cause particular challenges for project management and its leadership. In order to use organization assets and opportunities efficiently, it is necessary that manager implement a comprehensive multidimensional project portfolio management system that considers economical, social and technical details of the projects. Resource constraint compels managers to select operational proposal projects. Thus managers can maximize organizational utility due to project portfolio’s resource constraint. This study considers the interactive effects of project portfolio evaluation and sharing of organizational project resources with respect to its evaluation and choice of the projects.. In this two-step model, first a branch and bound algorithm with resource interaction was utilized to screen maximal portfolio and in the next step each portfolio were evaluated based on artificial neural networks to rank the end project portfolios. Also the ANN scores are strongly correlated with the DEA and COLS efficiency scores.