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Multi-objective optimization algorithms with the island metaheuristic for effective project management problem solving
Christina Brester, Ivan Ryzhikov, Eugene Semenkin, 2017, izvirni znanstveni članek

Opis: Background and Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks. Design/Methodology/Approach: The decision-making problem is reduced to a multi-criteria 0-1 knapsack problem. This implies that we need to find a non-dominated set of alternative solutions, which are a trade-off between maximizing incomes and minimizing risks. At the same time, alternatives must satisfy constraints. This leads to a constrained two-criterion optimization problem in the Boolean space. To cope with the peculiarities and high complexity of the problem, evolution-based algorithms with an island meta-heuristic are applied as an alternative to conventional techniques. Results: The problem in hand was reduced to a two-criterion unconstrained extreme problem and solved with different evolution-based multi-objective optimization heuristics. Next, we applied a proposed meta-heuristic combining the particular algorithms and causing their interaction in a cooperative and collaborative way. The obtained results showed that the island heuristic outperformed the original ones based on the values of a specific metric, thus showing the representativeness of Pareto front approximations. Having more representative approximations, decision-makers have more alternative project portfolios corresponding to different risk and profit estimations. Since these criteria are conflicting, when choosing an alternative with an estimated high profit, decision-makers follow a strategy with an estimated high risk and vice versa. Conclusion: In the present paper, the project portfolio decision-making problem was reduced to a 0-1 knapsack constrained multi-objective optimization problem. The algorithm investigation confirms that the use of the island meta-heuristic significantly improves the performance of genetic algorithms, thereby providing an efficient tool for Financial Responsibility Centres Management.
Ključne besede: 0-1 multi-objective constrained knapsack problem, project management portfolio problem, multi-objective evolution-based optimization algorithms, collaborative and cooperative meta-heuristics
Objavljeno: 04.05.2018; Ogledov: 727; Prenosov: 214
.pdf Celotno besedilo (993,98 KB)
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Impacts of the implementation of a project management information system
Mirjana Kljajić Borštnar, Andreja Pucihar, 2014, izvirni znanstveni članek

Opis: Background: The problems of resources management (human, financial, time) in multi-project companies are inherently complex and need to be addressed systematically, in both small and large organizations. Furthermore, there is a need for transparent communication and collaboration within the organization as well as with partnering organizations. There are many methodologies and tools supporting project management, which are themselves complex and are therefore not widely adopted, especially among small companies. Objectives: The aim of this paper is to analyse impact of the implementation of a flexible cloud-based project management information system (PMIS) from the human resources, financial management, and collaboration points of view. Method: We have conducted a case study in a small Slovenian research and development company, that has implemented the 4PM PMIS. Results: The findings imply the importance of keeping the balance of the creative processes that are unstructured, rule free and even chaotic, with structured processes monitor and control. Conclusions: The results of the study suggest that the use of “4PM” in support of multi-project management improves human resources and financial management in a collaborative and transparent way when implemented in an open and highly motivated environment
Ključne besede: multi-project management, project management information system, systems approach, small organization
Objavljeno: 04.04.2017; Ogledov: 539; Prenosov: 95
.pdf Celotno besedilo (598,07 KB)
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