Project Selection using Decision Support & Optimization Techniques

This post is an excerpt (with slight modifications) of a recent paper titled “Project Selection using Decision Support Optimization Tools.” If you’d like to read the full paper, click here for the PDF version of Project Selection using Decision Support Optimization Tools.  The full version of the paper has full details of the LINGO model used for decision support and project selection optimization.

During good times and bad, selecting the proper projects to undertake is an extremely important activity for organizations.  Selecting the right projects  (or wrong ones) can be the difference between success and failure for most organizations.  The process of selecting projects and managing the project portfolio, formally called Project Portfolio Management, can help organizations get a grasp on their projects and the risk & benefits associated with those projects [1].

Project Portfolio management and selection has become an important part of most organization’s project management activities. By managing their project portfolio’s correctly, organizations can gather information about all projects, prioritize those projects and manage the selected projects throughout the project lifecycle.

The remainder of this paper provides an overview on project selection and describes a prototype system that can be used to optimize the selection of projects.  The project selection prototype uses optimization techniques to select the optimal number of projects based on given criteria.

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Doctorate Pursuit – Year 1

The first year of my doctorate program is done!

Actually…I finished my last course about a month ago but with the Fall 2008 semester starting next week, I figured I should claim the First Year is complete.

During the first year I took five courses:

  • INFS 614 – Introduction to Research
  • INFS 720 – Systems Analysis and Design
  • INFS 724 – Project & Change Management
  • INFS 834 – Knowledge Management
  • INFS 730 – Programming for Ecommerce

The Project & Change Management course had me worried (joke!)….i was a little upset that I would have to take the course but it turned out ok…I got 45 PDU’s for my PMP continuing education out of it.

The Fall 2008 Semester finds me taking some interesting courses.   They are:

  • INFS 805 – Design Research Methods
  • Summary: The course develops skills needed for conducting research whose aim is to invent methods and techniques that make information systems more effective and efficient. Students will also acquire skills in developing research proposals that follow the design research paradigm and will learn how to publish such research.
  • INFS 830 – Decision Support Systems
  • Summary: The primary objective of this course is to introduce students to the concepts, techniques and applications of computer-based decision support systems. The course covers issues pertaining to the design, history, theory, practice, methods and techniques, new developments, and applications of computing technologies to support decision processes and decision-making by individuals, groups and organizations

It should be fun!  Look for more info from me as the semester unfolds.  Feel free to check out my Academic page for more info on my progress and/or the Doctor of Science program at Dakota State University.

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