Using the deterministic approach model for project portfolio selection problem (PPSP) solutions
Akinlo Olorunju Mogbojuri, Oludolapo Akanni Olanrewaju
Abstract
Selection of projects using a robust technique is rare as most of the techniques are not considered useful due to the limitation on the number of projects that can be selected as well as cost saving projects not being selected. This study investigated the validity of a hybrid model - integrated analytical hierarchy process-goal programming (AHP-GP) - to avoid project portfolio selection problems delaying community development. The proposed model includes two steps: AHP to determine the project criteria, the relative importance of weights, and priority preferences, while the GP model was formulated to select the optimal projects. An empirical study on government agencies was carried out to validate the proposed model, and the results compared against GP as a standalone to solve the same problem. The results proved that the hybrid model (AHP-GP) was better than the GP model. AHP-GP has proved to be a robust mechanism most suitable for managerial use due to its ability to handle multi-criteria decision-making (MCDM) situations. This study showed that the hybrid model can select more projects and will create more jobs in the communities concerned compared to the single model (GP). The novelty of this study is the introduction of an integrated model formed from two distinct models as a deterministic approach to solving project portfolio selection problems.