130
Views
1
CrossRef citations to date
0
Altmetric
Research Article

Modeling for project portfolio synergy benefits measurement

ORCID Icon, , , , &
Received 17 Dec 2022, Accepted 17 Jul 2023, Published online: 21 Jul 2023

References

  • PMI. Success rates rise: transforming the high cost of low performance: pulse of the profession; 2017.
  • Maqsoom A, Hamad M, Ashraf H, et al. Managerial control mechanisms and their influence on project performance: an investigation of the moderating role of complexity risk. Eng Constr Archit Ma. 2020;27(9):2451–2475. doi: 10.1108/ECAM-05-2019-0244
  • Serra C, Kunc M. Benefits realisation management and its influence on project success and on the execution of business strategies. Int J Proj Manag. 2015;33(1):53–66. doi: 10.1016/j.ijproman.2014.03.011
  • Tavana M, Khosrojerdi G, Mina H, et al. A new dynamic two-stage mathematical programming model under uncertainty for project evaluation and selection. Comput Ind Eng. 2020;149:106795. doi:10.1016/j.cie.2020.106795
  • Bai L, Sun Y, Shi H, et al. Dynamic assessment modelling for project portfolio benefits. J Oper Rec Soc. 2022;73(7):1596–1619. doi: 10.1080/01605682.2021.1915193
  • Formentini M, Romano P. Using value analysis to support knowledge transfer in the multi-project setting. Int J Prod Econ. 2011;131(2):545–560. doi: 10.1016/j.ijpe.2011.01.023
  • Kosztyán ZT, Katona AI, Kuppens K, et al. Exploring the structures and design effects of EU-funded R&D&I project portfolios. Technol Forecast Soc. 2022;180: doi: 10.1016/j.techfore.2022.121687
  • Nabati MM, Ashrafi M. Modeling projects interdependencies to measure their synergic impacts on a project portfolio. J Proj Manage. 2021;6(3):143–156. doi: 10.5267/j.jpm.2021.2.003
  • Martinsuo M. Project portfolio management in practice and in context. Int J Proj Manag. 2013;31(6):794–803. doi: 10.1016/j.ijproman.2012.10.013
  • Bathallath S, Smedberg Å, Kjellin H. Managing project interdependencies in IT/IS project portfolios: a review of managerial issues. IJISPM-Int J Of Inf Sys. 2016;4(1):67–82. doi: 10.12821/ijispm040104
  • Arifin RS, Moersidik SS, Soesilo ETB, et al. Dynamic project interdependencies (PI) in optimizing project portfolio management (PPM). Int J Technol. 2015;6(5):828–837. doi: 10.14716/ijtech.v6i5.1209
  • Cho W, Shaw MJ, Kwon HD. The effect of synergy enhancement on information technology portfolio selection. Inform Technol Manag. 2012;14(2):125–142. doi: 10.1007/s10799-012-0150-9
  • Heinrich B, Kundisch D, Zimmermann S. Analyzing cost and risk interaction effects in it project portfolios. Bank Inform Technol. 2014;15(1):8–20.
  • Kundisch D, Meier C. A new perspective on resource interactions in IT/IS project portfolio selection; 19th European Conference on Information Systems, Helsinki, Finland. 2011.
  • Albano T, Baptista EC, Armellini F, et al. Proposal and solution of a mixed-integer nonlinear optimization model that incorporates future preparedness for project portfolio selection. IEEE T Eng Manage. 2021;68(4):1014–1026. doi: 10.1109/TEM.2019.2920331
  • Liu B, Wang J, Xu M, et al. Evaluation of the comprehensive benefit of various marine exploitation activities in China. Mar Policy. 2020;116(5):103924. doi: 10.1016/j.marpol.2020.103924
  • Mcleod FN, Cherrett TJ, Bektas T, et al. Quantifying environmental and financial benefits of using porters and cycle couriers for last-mile parcel delivery. Transport Res D-Tr E. 2020;82:102311. doi:10.1016/j.trd.2020.102311
  • Sterman JD. Business dynamics: system thinking and modeling for a complex world. Cambridge MA: MIT Sloan School of Management; 2003.
  • Sayyadi R, Awasthi A. A system dynamics based simulation model to evaluate regulatory policies for sustainable transportation planning. Int J Model Simulat. 2016;37(1):25–35. doi: 10.1080/02286203.2016.1219806
  • PMI. The standard for project management and a guide to the project management body of knowledge ( PMBOK guide); 2021.
  • Wang Z, Esangbedo MO, Bai S. Project portfolio selection based on multi-project synergy. J Ind Manag Optim. 2023;19(1):117–138. doi: 10.3934/jimo.2021177
  • Pérez F, Gómez T, Caballero R, et al. Project portfolio selection and planning with fuzzy constraints. Technol Forecast Soc. 2018;131:117–129. doi:10.1016/j.techfore.2017.07.012
  • Wang L, Kunc M, Li J. Project portfolio implementation under uncertainty and interdependencies: A simulation study of behavioural responses. J Oper Rec Soc. 2019;71(9):1426–1436. doi: 10.1080/01605682.2019.1609890
  • Tian Y, Bai L, Wei L, et al. Modeling for project portfolio benefit prediction via a GA-BP neural network. Technol Forecast Soc. 2022;183:121939. doi:10.1016/j.techfore.2022.121939
  • Bai L, An Y, Sun Y. Measurement of project portfolio benefits with a GA-BP neural network group. IEEE T Eng Manage. 2023. doi: 10.1109/TEM.2023.3236956
  • Patanakul P, Milosevic D. The effectiveness in managing a group of multiple projects: factors of influence and measurement criteria. Int J Proj Manag. 2009;27(3):216–233. doi: 10.1016/j.ijproman.2008.03.001
  • Bathallath S, Smedberg A, Kjellin H. Impediments to effective management of project interdependencies: A study of IT/IS project portfolios. J Electron Commer Or. 2017;15(2):16–30. doi: 10.4018/JECO.2017040102
  • Schmidt RL. A model for R&D project selection with combined benefit, outcome and resource interactions. IEEE T Eng Manage. 1993;40(4):403–410. doi: 10.1109/17.257733
  • Lopes YG, Almeida AD. Assessment of synergies for selecting a project portfolio in the petroleum industry based on a multi-attribute utility function. J Petrol Sci Eng. 2015;126:131–140. doi: 10.1016/j.petrol.2014.12.012
  • Hemmatizadeh M, Mohammadi E. Project portfolio selection problem with exponential synergistic effects. J Proj Manage. 2019;4(3):241–248. doi: 10.5267/j.jpm.2019.2.001
  • Forrester JW. Industrial dynamics. Cambridge, MA, USA: MIT Press; 1961.
  • Pargar F, Kujala J, Aaltonen K, et al. Value creation dynamics in a project alliance. Int J Proj Manag. 2019;37(5):716–730. doi: 10.1016/j.ijproman.2018.12.006
  • Lyneis JM, Ford DN. System dynamics applied to project management: a survey, assessment, and directions for future research. Syst Dyn Rev. 2007;23(2–3):157–189. doi: 10.1002/sdr.377
  • Shafieezadeh M, Kalantar Hormozi M, Hassannayebi E, et al. A system dynamics simulation model to evaluate project planning policies. Int J Model Simulat. 2019;40(3):201–216. doi: 10.1080/02286203.2019.1596779
  • Bayer S, Eom K, Sivapragasam N, et al. Estimating costs and benefits of stroke management: A population-based simulation model. J Oper Rec Soc. 2020;72(9):2122–2134. doi: 10.1080/01605682.2020.1772018
  • Wang L, Tan HW, Chen H. Economic analysis of animal husbandry based on system dynamics. Comptu Intel Neurosc. 2022;2022:1–13. doi: 10.1155/2022/5641384
  • Ding Z, Zhu M, Tam VWY, et al. A system dynamics-based environmental benefit assessment model of construction waste reduction management at the design and construction stages. J Clean Prod. 2018;176:676–692. doi:10.1016/j.jclepro.2017.12.101
  • Wang W, You X. Benefits analysis of classification of municipal solid waste based on system dynamics. J Clean Prod. 2021;279:123686. doi: 10.1016/j.jclepro.2020.123686
  • Nguyen T, Cook S, Ireland V. Application of system dynamics to evaluate the social and economic benefits of infrastructure projects. Systems. 2017;5(2):29. doi: 10.3390/systems5020029
  • Jia S. Economic, environmental, social, and health benefits of urban traffic emission reduction management strategies: case study of Beijing, China. Sustain Cities Soc. 2021;67:102737. doi: 10.1016/j.scs.2021.102737
  • Tang L, Yue Y, Xiahou X, et al. Research on performance measurement and simulation of civil air defense PPP projects using system dynamics. J Civ Eng Manag. 2021;27(5):316–330. doi: 10.3846/jcem.2021.14919
  • Meng H, Liu X, Xing J, et al. A method for economic evaluation of predictive maintenance technologies by integrating system dynamics and evolutionary game modelling. Reliab Eng Syst Saf. 2022;222:108424. doi:10.1016/j.ress.2022.108424
  • Wang YF, Li B, Qin T, et al. Probability prediction and cost benefit analysis based on system dynamics. Process Saf Environ. 2018;114:271–278. doi:10.1016/j.psep.2018.01.002
  • Martins JH, Camanho AS, Oliveira MM, et al. A system dynamics model to support the management of artisanal dredge fisheries in the south coast of Portugal. Int T Oper Res. 2015;22(4):611–634. doi: 10.1111/itor.12090
  • Chaudhary K, Vrat P. Circular economy model of gold recovery from cell phones using system dynamics approach: a case study of India. Environ Dev Sustain. 2018;22(1):173–200. doi: 10.1007/s10668-018-0189-9
  • Li J, Nian V, Jiao J. Diffusion and benefits evaluation of electric vehicles under policy interventions based on a multiagent system dynamics model. Appl Energy. 2022;309:309. doi: 10.1016/j.apenergy.2021.118430
  • Torres JP, Kunc M, O’Brien F. Supporting strategy using system dynamics. Eur J Oper Res. 2017;260(3):1081–1094. doi: 10.1016/j.ejor.2017.01.018
  • Kunc MH, Morecroft J. Resource-based strategies and problem structuring: using resource maps to manage resource systems. J Oper Rec Soc. 2009;60(2):191–199. doi: 10.1057/palgrave.jors.2602551
  • Wang L, Kunc M, Bai S-J. Realizing value from project implementation under uncertainty: an exploratory study using system dynamics. Int J Proj Manag. 2017;35(3):341–352. doi: 10.1016/j.ijproman.2017.01.009
  • Yan W, Cao L. Evaluation of economic benefits of highway PPP projects based on system dynamics. J Civ Eng Manag. 2021;38(3):8–14.
  • Byers C, Botterud A. Additional capacity value from synergy of variable renewable energy and energy storage. IEEE T Sustain Energ. 2019;11(2):1106–1109. doi: 10.1109/TSTE.2019.2940421
  • Kock A, Gemünden HG. Project lineage management and project portfolio success. Proj Manag J. 2019;50(5):587–601. doi: 10.1177/8756972819870357
  • Meskendahl S. The influence of business strategy on project portfolio management and its success — a conceptual framework. Int J Proj Manag. 2010;28(8):807–817. doi: 10.1016/j.ijproman.2010.06.007
  • Bilgin G, Eken G, Ozyurt B, et al. Handling project dependencies in portfolio management. International Conference on ENTERprise Information Systems, Barcelona, SPAIN; 2017.
  • Zhao J, Guo P, Zheng W, et al. A nonlinear model for portfolio scale decision-making considering project interdependences; IEEE International Conference on Systems, Man and Cybernetics, Bari, Italy, 2019.
  • Pianka ER. The structure of lizard communities. Annu Rev Ecol Syst. 1973;4(1):53–74. doi: 10.1146/annurev.es.04.110173.000413
  • WIPO. IPC - Technology concordance table: concept of a technology classification for country comparisons; 2008.
  • Kádárová J, Durkáčová M, Kalafusová L. Balanced scorecard as an issue taught in the field of industrial engineering. Proc Soc Behav Sci. 2014;143:174–179. doi: 10.1016/j.sbspro.2014.07.382
  • Kaplan R, Norton D. The balanced scorecard: translating strategy into action. Boston: Harvard Business School Press; 1996.
  • Bai L, Qu X, Liu J, et al. Analysis of factors influencing project portfolio benefits with synergy considerations. Eng Constr Archit Ma. 2022; doi:10.1108/ECAM-11-2021-0986
  • Van Wijk R, Nadolska A. Making more of alliance portfolios: the role of alliance portfolio coordination. Eur Manag J. 2020;38(3):388–399. doi: 10.1016/j.emj.2019.12.009
  • PMI. The standard for portfolio management; 2019.
  • Saiz M, Lostumbo MA, Juan AA, et al. A clustering‐based review on project portfolio optimization methods. Int T Oper Res. 2021;29(1):172–199. doi: 10.1111/itor.12933
  • Jonas D. Empowering project portfolio managers: how management involvement impacts project portfolio management performance. Int J Proj Manag. 2010;28(8):818–831. doi: 10.1016/j.ijproman.2010.07.002
  • Zarei E, Khakzad N, Cozzani V, et al. Safety analysis of process systems using Fuzzy Bayesian Network (FBN). J Loss Prevent Proc. 2019;57:7–16. doi:10.1016/j.jlp.2018.10.011
  • Coroianu L. Trapezoidal approximations of fuzzy numbers using quadratic programs. Fuzzy Set Syst. 2021;417:71–92. doi: 10.1016/j.fss.2020.05.016
  • Qi ZY. An improved similarity measure for generalized trapezoidal fuzzy numbers and its application in the classification of EEG signals. Int J Fuzzy Syst. 2021;23(3):890–905. doi: 10.1007/s40815-020-01043-0
  • Delgado M, Herrera F, Herrera-Viedma E, et al. Combining numerical and linguistic information in group decision making. Inform Sciences. 1998;107(1–4):177–194. doi: 10.1016/S0020-0255(97)10044-5
  • Pagoni EG, Patroklos G. A system dynamics model for the assessment of national public–private partnership programmes’ sustainable performance. Simul Modell Pract Theor. 2019;97:101949. doi: 10.1016/j.simpat.2019.101949
  • Magoua JJ, Wang F, Li N. High level architecture-based framework for modeling interdependent critical infrastructure systems. Simul Modell Pract Theor. 2022;118:102529. doi: 10.1016/j.simpat.2022.102529
  • Ecem Yildiz A, Dikmen I, Talat Birgonul M. Using system dynamics for strategic performance management in construction. J Manage Eng. 2020;36(2):04019051. doi: 10.1061/(ASCE)ME.1943-5479.0000744
  • Barlas Y. Multiple tests for validation of system dynamics type of simulation models. Eur J Oper Res. 1989;42(1):59–87. doi: 10.1016/0377-2217(89)90059-3
  • Qudrat-Ullah H, Seong BS. How to do structural validity of a system dynamics type simulation model: the case of an energy policy model. Energ Policy. 2010;38(5):2216–2224. doi: 10.1016/j.enpol.2009.12.009
  • Forrester JW, Senge PM. Vol. 14 of tests for building confidence in system dynamics models: tIMS studies in the management sciences. Amsterdam, Netherlands: North- Holland Publishing Company; 1980.
  • Jeong H, Adamowski J. A system dynamics based socio-hydrological model for agricultural wastewater reuse at the watershed scale. Agr Water Manage. 2016;171(Jun):89–107. doi: 10.1016/j.agwat.2016.03.019
  • Bai L, Chen H, Gao Q, et al. Project portfolio selection based on synergy degree of composite system. Soft Comput. 2018;22(16):5535–5545. doi: 10.1007/s00500-018-3277-8

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.