Project selection methods based on multicriteria and balanced scorecard: an analysis over existing methods and their validation strategies
DOI:
https://doi.org/10.5902/2317175839354Keywords:
Project porftolio, Project portfolio methods, Validation strategies to project portfolio selection methods, Multicriteria, Balanced scorecardAbstract
This paper presents a literature review involving validation strategies used in scientific papers that propose project portfolio selection methods based on balanced scorecard and multicriteria models. The literature review includes a search in highly relevant international journals, which considered 21 articles published between 2000 and 2011 and 76 articles published between 2013 and 2017. Of this total, twelve articles were selected for in-depth analysis. Of these, only two reported using formal stakeholder inquiring as part of the validation procedure used to check methods feasibylity. Both validation procedure used by these articles have relevant caveats. The article discusses this situation and indicates alternatives that may be developed. Pratical use of methods proposed in the literature is one of the problems under discussion in the scientific community. To identify e develop a commom validation strategy may be an alternative to improve this aspect regarding portfolio selection methods.Downloads
References
ARCHER, N.; GHASEMZADEH, F. An integrated framework for project portfolio selection. International Journal of Project Management, v. 17, p. 207-216, 1999.
ASOSHEH, A.; NALCHIGAR, S.; JAMPORAZMEY, M. Information technology project evaluation: An integrated data envelopment analysis and balanced scorecard approach. Expert Systems with Applications, n. 37, p. 5931-5938, 2010.
BAI, S. et al. Organizational Project Selection Based on Fuzzy Multi-index Evaluation and BP Neural Network. Management and Service Science Conference. Wuhan, China: IEEE. 2010.
BOSE, U. Design and evaluation of a group support system supported process to resolve cognitive conflicts. Computers in Human Behavior, v. 49, p. 303-312, Março 2015.
BRANS, J. P.; VINCKE, P.; MARESCHAL, B. How to select and how to rank projects - The PROMETHEE method. European Journal of Operational Research, v. 24, p. 228-238, Fevereiro 1986.
CHAN, S. L.; IP, W. H. A Scorecard‐Markov model for new product screening decisions. Industrial Management & Data Systems, v. 110, p. 971-992, 2010.
CHANG, K.-L. A Hybrid Program Projects Selection Model for Nonprofit TV Stations. Mathematical Problems in Engineering, v. 2015, p. Article ID 368212, 2015.
COOPER, R. G.; EDGETT, S. J.; KLEINSCHMIDT, E. J. New Product Portfolio Management: Practices and Performance. Journal of Product Innovation Management, v. 16, p. 333-351, 1999.
DUTRA, C. C.; RIBEIRO, J. L. D.; CARVALHO, M. M. D. An economic–probabilistic model for project selection. International Journal of Project Management, v. 32, p. 1042-1055, 4 Fevereiro 2014.
EILAT, H.; GOLANY, B.; SHTUB, A. Constructing and evaluating balanced portfolios of R&D. European Journal of Operational Research, n. 172, p. 1018-1039, 2006.
EILAT, H.; GOLANY, B.; SHTUB, A. R&D project evaluation:An integrated DEA and balanced scorecard approach. Omega - The international journal of management science, n. 36, p. 895-912, 2008.
GARCÍA-MELÓN, M.; POVEDA-BAUTISTA, R.; VALLE, J. L. D. Using the strategic relative alignment index for the selection of portfolio projects application to a public Venezuelan Power Corporation. International Journal of Production Economics, v. 170, p. 54-66, 2015.
GHASEMZADEH, F.; ARCHER, N. P. Project portfolio selection through decision support. Decision Support Systems, v. 29, p. 73-88, Julho 2000.
GOMES, A. D. D. A Representação Social da Gestão de Portfolio de Projetos. Escola Brasileira de Administração Pública e de Empresas da Fundação Getúlio Vargas. Rio de Janeiro, p. 103. 2016. (Dissertação de Mestrado).
HSU, Y.-G.; TZENG, G.-H.; SHYU, J. Z. Fuzzy multiple criteria selection of government-sponsored frontier technology R&D projects. R&D Management, v. 33, 2003.
HWANG, C. L.; YOON, K. Multiple attribute decision-making methods and appplications. Berlin: Springer Verlag, 1981.
KAPLAN, R. S.; NORTON, D. P. Using the balanced scorecard as a strategic management system. Harvard Business Review, p. 75-85, Janeiro - Fevereiro 1996.
KEENEY, R. L.; RAIFFA, H. Decisions with multiple objectives preferences and value tradeoffs. New York: Wiley, 1976.
KHORRAMSHAHGOL, R.; AZANI, H.; GOUSTY, Y. An integrated approach to project evaluation and selection. IEEE Transactions on Engineering Management, v. 35, maio 1998.
KUMAR, M.; ANTONY, J.; CHO, B. R. Project selection and its impact on the successful deployment of Six Sigma. Business Process Management Journal, v. 15, p. 669-686, 2009.
KWAK, Y. H.; ANBARI, F. T. Analyzing project management research: Perspectives from top management journals. International Journal of Project Management, v. 27, p. 435-446, 2009.
LARIEIRA, C. L. C. Gestão de portfólio de projetos: um estudo bibliométrico para exploração dos avanços e tendências na pesquisa acadêmica. XXXI ENCONTRO NACIONAL DE ENGENHARIA DE PRODUCAO. [S.l.]: [s.n.]. 2011.
LIESIÖ, J.; MILD, P.; SALO, A. Preference programming for robust portfolio modeling and project selection. European Journal of Operational Research, v. 181, p. 1488–1505, Setembro 2007.
NGUYEN, A. T. et al. Quantifying the complexity of transportation projects using the fuzzy analytic hierarchy process. International Journal of Project Management, v. 33, p. 1364–1376, 2015.
PADOVANI, M.; CARVALHO, M. M. Integrated PPM Process: Scale Development and Validation. International Journal of Project Management, v. 34, p. 627-642, Março 2016.
PMI. OPM3 ProductSuite. PMI - Project Management Institude, 2013b. Disponivel em: <https://brasil.pmi.org/brazil/Organizations/CompaniesAndGovernment/OPM3/OMP3ProductSuite.aspx>. Acesso em: maio 2017.
PMI, P. M. I. The Standard for Portfolio Mamagement. 3ª Edição. ed. [S.l.]: [s.n.], 2013a.
ROY, B. The outranking approach and the foundations of ELECTRE methods. Theory and Decision, v. 31, p. 49-73, 1991.
SAATY, T. L. The analytic hierarchy process. [S.l.]: McGraw-Hill, 1980.
SAATY, T. L. Theory and applications of the analytic network process decision making with benefits, opportunities, costs, and risks. Pittsburgh: RWS Publications, 2005.
VARGAS, R. Using the Analytic Hierarchy Process (AHP) to select and prioritize projects in a portfolio. Ricardo Vargas - Artigo aceito para publicação no PMI Global Congress 2010 – North America, 2010. Disponivel em: <https://ricardo-vargas.com/pt/articles/analytic-hierarchy-process/>. Acesso em: Maio 2017.
YANG, Y.; YANG, S.; YANG, J. A BSC-ANP Model for Evaluation of Strategic Fit of New Product. 25th Chinese Control and Decision Conference (CCDC). [S.l.]: [s.n.]. 2013. p. 1643-1647.
YÜKSEL, I.; DAGDEVIREN, M. Using the fuzzy analytic network process (ANP) for Balanced Scorecard (BSC): A case study for a manufacturing firm. Expert Systems with Applications, v. 37, p. 1270–1278, 2010.
