A multi-objective model for project portfolio selection to implement lean and Six Sigma concepts

Abstract

Lean and Six Sigma methodologies play an important role in the quality and cost driven world with high competition. In this paper, we develop a unique decision support system that utilizes a multi-objective formulation for project portfolio selection problem in manufacturing companies. The model can be used to effectively implement Lean and Six Sigma concepts. An industrial case study that utilizes this model for implementing the Lean and Six Sigma initiatives is also presented.

Keywords:

• Lean and Six Sigma
• Multi-objective formulation
• Project portfolio selection
• Decision support system

Acknowledgements

This paper is supported in part by a grant from the Air Force Research Laboratories and the Doyle Center for Manufacturing Technology.