Present a Mathematical Model for Projects Portfolio Selection due to the Organization's Strategic Goals (‌Case Study: Signaling and Telecommunication Department of Iran Railways Company)

Document Type : Original Article

Authors

1 Assistant Professor, Railway Engineering Department, Iran University of Science and Technology, Tehran, Iran.

2 M.Sc., Grad., Railway Engineering Department, Iran University of Science and Technology, Tehran, Iran.

Abstract

Creating an optimal portfolio for projects is one of the main issues discussed in the projects portfolio management. Selecting the right portfolio projects guarantees the excellent performance of the project portfolio management and the organization mission achievement becomes more probable if this combination is chosen more suitably. A
bi-objective model is proposed in this research based on the strategic goals, cost and the time for the optimal selection of the projects portfolio which, by being solved, leads to obtaining a suitable combination of the projects for achieving the maximum value of strategic goals with the minimum cost in the determined time horizon. Different sections of the Iran Railways Company should select and manage their investment for achieving the strategic goals in the 2021 horizon and wisely choose and execute their projects, one of the most important sections of the Iran Railways Company is the signaling and telecommunication section, in where 120 projects are defined. This model was implemented on 120 projects of the signaling and telecommunication section of the Iran Railways Company and after solving, 81 projects were chosen and scheduled in a way that the Iran railways Company will have the minimum distance with its strategic goals with the minimum cost until the end of 2021.

Keywords

References

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Journal of Transportation Research
Volume 17, Issue 1 - Serial Number 62
February 2020
Pages 103-126

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