A METHOD FOR SELECTING THE OPTIMAL PORTFOLIO OF PERFORMANCE IMPROVEMENT PROJECTS IN A MANUFACTURING SYSTEM
DOI:
https://doi.org/10.23055/ijietap.2006.13.1.423Keywords:
Project portfolio selection, Project portfolio evaluation, Performance measurement, Genetic algorithmAbstract
This paper proposes a method for selecting the optimal portfolio of performance improvement projects in a manufacturing
system. The proposed method consists of evaluation process and selection process for selecting the optimal portfolio. In the
evaluation process, the strategic value of a project portfolio is evaluated by considering both the strategy and the performance
improvement of a system. In the selection process, the objective is to maximize the strategic value of a project portfolio
without violating constraints and a genetic algorithm is used to select the optimal project portfolio. The strategic value of a
project portfolio obtained in the project portfolio evaluation process is used as the fitness function of the genetic algorithm.
An example of a project portfolio selection in a manufacturing system is discussed in order to illustrate the proposed project
portfolio selection method
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