AN EFFICIENT APPROACH TO PRIORITIZE PROJECTS UNDER BUDGET CONSTRAINTS

ABSTRACT

This paper proposes a new heuristic algorithm for solving the project selection problem. A revised decision criterion in conjunction with the techniques of searching the feasible range and the reduced candidate set is applied to improve the heuristic solution and to minimize the computational efforts. Six hard cases are tested using the presented algorithm and two other methods. Results show that the approach used in this study excels previous works in producing a small feasible range and in dealing with the abnormal data set.