Developing a Nanotechnology Project Portfolio Management Model Using the ELECTRE: A Case Study

To achieve continuous growth in a project-oriented organization, managing projects individually does not work well. By combining multi-criteria decision-making methods (MCDM) and strategic analysis, the present research examines the challenges of selecting and managing the project portfolio in the Nano Development Headquarters, emphasizing the importance of optimal use of limited resources and reducing investment risk. Its main goal is to develop a model for evaluating and prioritizing projects based on the greatest synergies and values and improving the effectiveness of decisions in line with strategic goals.

This research uses a hybrid approach that includes the implementation of a scientific framework with five steps. At first, using the SWOT analysis, three key strategies were formulated to manage the portfolio of nano projects: portfolio of multidisciplinary cooperation, portfolio of commercialization of nano products and portfolio of connection between nano and everyday life. The projects were categorized using the concepts of synergies and the benefits map. Then, using the Electre method, the projects were prioritized based on 10 criteria and included in the final basket. Finally, a balanced portfolio of projects was selected and a roadmap for better management of this portfolio was presented.

The research showed that among the 32 initial projects, 7 projects were removed and 3 other projects were also abandoned due to non-compliance with the key criteria. According to the SWOT matrix, four options were presented and three strategies were developed based on that. The categorization of projects was done based on the concepts of synergy and proximity of projects to strategic goals and the intended value created through the logical map of benefits. The final grouping of the projects in three categories: pearls, oysters, and white elephants was done with the opinion of experts, and with the update of the final basket, the definite priority of each project in each basket was included in the portfolio roadmap. With this approach, an optimal combination of projects in portfolios was created, and the order of projects was determined. The presented model was able to create an optimal combination of projects and determine their execution order by considering the primary criteria, risk analysis, probability of success, earnings, and return on investment (ROI). Also, the roadmap of the project portfolio was drawn to help better management and achieve strategic goals. The final finding from the data analysis is that initially, basket 2 (D5, B3, A3, E5, E1, E2, D2, A1, C2) started with project D5 and at the end of the first three years of basket 1 (B6, A4, E4, B2, A5, D1, B5, E3, E6) with project B6 will start simultaneously with projects E5 and E1 and the start time of basket 3 (E7, D7, E8, C1) in the middle of the second schedule with project E7 with the implementation of projects D2, A1, E4, and B2. The maximum execution time for basket 1 is ten, for basket 2 eight, and for basket 3 six years.

Research limitations/implications: 

Access to data, experts' lack of familiarity with project portfolio management concepts, and the unpredictability of nanotechnology and changing criteria are some of the limitations of this research. The research is specifically focused on the field of nanotechnology, but it can be easily extended to other fields with personalization. In this research, the concepts of project portfolio management, synergy of projects, and logical map of benefits have been used for writing. It is suggested that in future research, aspects of uncertainty in the decision-making process allocation of resources and project schedule should be addressed with modelling.

Practical implications: 

By providing a comprehensive model for project portfolio management, managers can make better decisions in selecting and prioritizing projects. This helps to increase efficiency and reduce risks associated with projects. It also helps companies get closer to their business goals and grow and develop their business by creating synergies.

Social implications:

 In addition to the positive effects on improving public health, the environment, and increasing the quality of life, the correct selection of the portfolio of nano projects will help project-oriented companies to achieve higher standards in the fields of safety, health, and environment (SHE) by using project portfolio management. At a larger level, it helps government and policymakers make more informed decisions to invest in and support nanotechnology projects that directly lead to economic and social development.

Originality/value: 

This research is added to the literature on project management because it provides a comprehensive and new framework for selecting the project portfolio from different angles and can be a valuable resource for researchers and managers. Overall, this research provides a useful framework for organizations seeking to optimize their project portfolios.