A variable neighborhood search simheuristic for project portfolio selection under uncertainty

With limited nancial resources, decision-makers in rms and governments face the task of selecting the best portfolio of projects to invest in. As the pool of project proposals increases and more realistic constraints are considered, the problem becomes NP-hard. Thus, metaheuristics have been employed for solving large instances of the project portfolio selection problem (PPSP). However, most of the existing works do not account for uncertainty. This paper contributes to close this gap by analyzing a stochastic version of the PPSP: the goal is to maximize the expected net present value of the inversion, while considering random cash ows and discount rates in future periods, as well as a rich set of constraints including the maximum risk allowed. To solve this stochastic PPSP, a simulation-optimization algorithm is introduced. Our approach integrates a variable neighborhood search metaheuristic with Monte Carlo simulation. A series of computational experiments contribute to validate our approach and illustrate how the solutions vary as the level of uncertainty increases

Assessing partnership alternatives in an IT network employing analytical methods

One of the main critical success factors for the companies is their ability to build and maintain an effective collaborative network. This is more critical in the IT industry where the development of sustainable competitive advantage requires an integration of various resources, platforms, and capabilities provided by various actors. Employing such a collaborative network will dramatically change the operations management and promote flexibility and agility. Despite its importance, there is a lack of an analytical tool on collaborative network building process. In this paper, we propose an optimization model employing AHP and multiobjective programming for collaborative network building process based on two interorganizational relationships’ theories, namely, (i) transaction cost theory and (ii) resource-based view, which are representative of short-term and long-term considerations. The five different methods were employed to solve the formulation and their performances were compared. The model is implemented in an IT company who was in process of developing a large-scale enterprise resource planning (ERP) system. The results show that the collaborative network formed through this selection process was more efficient in terms of cost, time, and development speed. The framework offers novel theoretical underpinning and analytical solutions and can be used as an effective tool in selecting network alternatives

Portfolio Selection: Assessment of a Framework

Decision-making often involves selecting a portfolio of alternatives, rather than a single option. For example, in assembling an IS project team, rather than picking one best” employee, multiple employees are selected based on various skills to fill different positions. The value of the employees depending not only on their individual competency skills, but also on how well they work as a team. The team synergy is important, and the value of the portfolio (i.e. IS project team in this case) is different from the sum of the values of the individual team members. Though many studies have been published on portfolio selection in diverse contexts, most of these studies tend to focus on specific problem environments and cannot easily be generalized. This paper assesses and enhances a previously published, general framework for portfolio decisions with respect to its usefulness in classifying and understanding decision problems

Multi crteria decision making and its applications : a literature review

This paper presents current techniques used in Multi Criteria Decision Making (MCDM) and their applications. Two basic approaches for MCDM, namely Artificial Intelligence MCDM (AIMCDM) and Classical MCDM (CMCDM) are discussed and investigated. Recent articles from international journals related to MCDM are collected and analyzed to find which approach is more common than the other in MCDM. Also, which area these techniques are applied to. Those articles are appearing in journals for the year 2008 only. This paper provides evidence that currently, both AIMCDM and CMCDM are equally common in MCDM

Patent data as a tool to monitor S & T portfolio's.

This article deals with the use of patent data to monitor science and technology (S&T) portfolios. S&T portfolios have become central tools to examine and to monitor the vitality of both institutions and regions in the innovation game that underpins their economic growth and development. Those portfolios have to be monitored not only at the intra-organizational level, but also at the inter-organizational level and at the levels of specific systems of innovation. Therefore, the development of appropriate, easy-to-use and transparent, benchmark indicators to assess the strengths and weaknesses of organizational S&T portfolios is tantamount. In this paper, we report the construction of such a benchmark indicator and we assess its usefulness by applying it to the European Patent Database.Data; Science; Regions; Systems;

Teacher competence development – a European perspective

This chapter provides an European perspectives on teacher competence development

Community-based mentoring and innovating through Web 2.0

The rise of social software, often termed Web 2.0, has resulted in heightened awareness of the opportunities for creative and innovative approaches to learning that are afforded by network technologies. Social software platforms and social networking technologies have become part of the learning landscape both for those who learn formally within institutions, and for those who learn informally via emergent web-based learning communities. As collaborative online learning becomes a reality, new skills in communication and collaboration are required in order to use new technologies effectively, develop real digital literacy and other 21st century skills

Sustainable R&D portfolio assessment.

Research and development portfolio management is traditionally technologically and financially dominated, with little or no attention to the sustainable focus, which represents the triple bottom line: not only financial (and technical) issues but also human and environmental values. This is mainly due to the lack of quantified and reliable data on the human aspects of product/service development: usability, ecology, ethics, product experience, perceived quality etc. Even if these data are available, then consistent decision support tools are not ready available. Based on the findings from an industry review, we developed a DEA model that permits to support strategic R&D portfolio management. We underscore the usability of this approach with real life examples from two different industries: consumables and materials manufacturing (polymers).R&D portfolio management; Data envelopment analysis; Sustainable R&D;

The Power of VPL: Validation of Prior Learning as a Multi-targeted Approach For Access to Learning Opportunities For All

The power of VPL is that it empowers both the individual and the organisation! Learning is more than ever important and valuable, people are encouraged to invest in their potential throughout their lives, taking into account their prior learning. According to policy papers all across the globe, this should concern all citizens, including the underrepresented groups and non-traditional learners with regard to higher education because everywhere the knowledge-economy needs more higher-educated participation from all..

Assessment in anatomy

From an educational perspective, a very important problem is that of assessment, for establishing competency and as selection criterion for different professional purposes. Among the issues to be addressed are the methods of assessment and/or the type of tests, the range of scores, or the definition of honour degrees. The methods of assessment comprise such different forms such as the spotter examination, short or long essay questions, short answer questions, true-false questions, single best answer questions, multiple choice questions, extended match questions, or several forms of oral approaches such as viva voce examinations.Knowledge about this is important when assessing different educational objectives; assessing educational objectives from the cognitive domain will need different assessment instruments than assessing educational objectives from the psychomotor domain or even the affective domain.There is no golden rule, which type of assessment instrument or format will be the best in measuring certain educational objectives; but one has to respect that there is no assessment instrument, which is capable to assess educational objectives from all domains of educational objectives.Whereas the first two or three levels of progress can be assessed by well-structured written examinations such as multiple choice questions, or multiple answer questions, other and higher level progresses need other instruments, such as a thesis, or direct observation.This is no issue at all in assessment tools, where the students are required to select the appropriate answer from a given set of choices, as in true false questions, MCQ, EMQ, etc. The standard setting is done in these cases by the selection of the true answer