{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,8]],"date-time":"2026-02-08T04:55:15Z","timestamp":1770526515325,"version":"3.49.0"},"reference-count":58,"publisher":"MDPI AG","issue":"10","license":[{"start":{"date-parts":[[2024,10,5]],"date-time":"2024-10-05T00:00:00Z","timestamp":1728086400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"National Natural Science Foundation of China (NSFC)","award":["72231011"],"award-info":[{"award-number":["72231011"]}]},{"name":"National Natural Science Foundation of China (NSFC)","award":["72471239"],"award-info":[{"award-number":["72471239"]}]},{"name":"National Natural Science Foundation of China (NSFC)","award":["ZK24-28"],"award-info":[{"award-number":["ZK24-28"]}]},{"name":"Youth Independent Innovation Science Fund Project, National University of Defense Technology","award":["72231011"],"award-info":[{"award-number":["72231011"]}]},{"name":"Youth Independent Innovation Science Fund Project, National University of Defense Technology","award":["72471239"],"award-info":[{"award-number":["72471239"]}]},{"name":"Youth Independent Innovation Science Fund Project, National University of Defense Technology","award":["ZK24-28"],"award-info":[{"award-number":["ZK24-28"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Project portfolio selection is essential for a company to achieve its strategic goals. Due to constraints such as budget and manpower, companies cannot undertake all projects simultaneously and must prioritize those offering the highest value. Projects often interact and progress through various phases, adding complexity to the selection process. To address these challenges, this study introduces a model that accounts for the multi-stage execution of projects, their interactions, and multiple objectives. A novel multi-objective optimization algorithm is developed to solve this problem, along with a refined project selection method designed to offer decision-makers enhanced insights. Finally, a numerical example is provided to demonstrate the effectiveness of the proposed approach.<\/jats:p>","DOI":"10.3390\/systems12100414","type":"journal-article","created":{"date-parts":[[2024,10,7]],"date-time":"2024-10-07T07:30:18Z","timestamp":1728286218000},"page":"414","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Optimizing Multi-Stage Project Portfolio Selection Considering Integrating Lifecycle and Interactions"],"prefix":"10.3390","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0009-0002-1150-4100","authenticated-orcid":false,"given":"Biaobiao","family":"Qiu","sequence":"first","affiliation":[{"name":"College of Systems Engineering, National University of Defense Technology, Changsha 410073, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2226-072X","authenticated-orcid":false,"given":"Yajie","family":"Dou","sequence":"additional","affiliation":[{"name":"College of Systems Engineering, National University of Defense Technology, Changsha 410073, China"}]},{"given":"Ziyi","family":"Chen","sequence":"additional","affiliation":[{"name":"College of Systems Engineering, National University of Defense Technology, Changsha 410073, China"}]}],"member":"1968","published-online":{"date-parts":[[2024,10,5]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"102029","DOI":"10.1016\/j.omega.2019.01.007","article-title":"Evaluating the quality of solutions in project portfolio selection","volume":"91","author":"Korotkov","year":"2020","journal-title":"Omega"},{"key":"ref_2","unstructured":"Kyle, R.H., and Ruhul, A.S. (2022). Evolutionary and Memetic Computing for Project Portfolio Selection and Scheduling, Springer International Publishing."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"1098","DOI":"10.3846\/16111699.2017.1334229","article-title":"Algorithm for the assessment of heavyweight and oversize cargo transportation routes","volume":"18","author":"Kristina","year":"2017","journal-title":"J. Bus. Econ. Manag."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"163","DOI":"10.1007\/s10845-016-1229-7","article-title":"An intelligent truck scheduling and transportation planning optimization model for product portfolio in a cross-dock","volume":"30","author":"Khorshidian","year":"2019","journal-title":"J. Intell. Manuf."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"108896","DOI":"10.1016\/j.cie.2022.108896","article-title":"Portfolio selection of power generation projects considering the synergy of project and uncertainty of decision information","volume":"175","author":"Tao","year":"2023","journal-title":"Comput. Ind. Eng."},{"key":"ref_6","first-page":"41","article-title":"A new multi-objective optimization approach for sustainable project portfolio selection: A real world application under interval-valued fuzzy environment","volume":"13","author":"Mohagheghi","year":"2016","journal-title":"Iran. J. Fuzzy Syst."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"113757","DOI":"10.1016\/j.eswa.2020.113757","article-title":"A multi objective-BSC model for new product development project portfolio selection","volume":"162","author":"Abbasi","year":"2020","journal-title":"Expert Syst. Appl."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"293","DOI":"10.1016\/j.endm.2018.07.038","article-title":"The knapsack problem with scheduled items","volume":"69","author":"Franco","year":"2018","journal-title":"Electron. Notes Discret. Math."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"197","DOI":"10.1111\/1468-2370.00012","article-title":"Research and development project selection and resource allocation: A review of quantitative modelling approaches","volume":"1","author":"Heidenberger","year":"1999","journal-title":"Int. J. Manag. Rev."},{"key":"ref_10","first-page":"134","article-title":"Project portfolio selection: Multi-criteria analysis and interactions between projects","volume":"11","author":"Khadija","year":"2014","journal-title":"Int. J. Comput. Sci. Issues"},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"41","DOI":"10.1007\/s10479-020-03878-0","article-title":"Service provider portfolio selection for project management using a BP neural net- work","volume":"308","author":"Bai","year":"2022","journal-title":"Ann. Oper. Res."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"106147","DOI":"10.1016\/j.cor.2023.106147","article-title":"Continuous-time formulations for multi-mode project scheduling","volume":"152","author":"David","year":"2023","journal-title":"Comput. Oper. Res."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"104958","DOI":"10.1016\/j.autcon.2023.104958","article-title":"Extensions of the resource- constrained project scheduling problem","volume":"153","author":"Ding","year":"2023","journal-title":"Autom. Constr."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"793","DOI":"10.1016\/j.cie.2019.06.056","article-title":"Multi-criteria project portfolio selection and scheduling problem based on acceptability analysis","volume":"135","author":"Song","year":"2019","journal-title":"Comput. Ind. Eng."},{"key":"ref_15","doi-asserted-by":"crossref","unstructured":"Wang, C., and Chen, W. (2011, January 26\u201327). A fuzzy model for R&D project portfolio selection. Proceedings of the 2011 International Conference on Information Management, Innovation Management, and Industrial Engineering, Shenzhen, China.","DOI":"10.1109\/ICIII.2011.30"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"931","DOI":"10.1007\/s00521-017-3014-8","article-title":"A chance-constrained portfolio selection model with random-rough variables","volume":"31","author":"Tavana","year":"2019","journal-title":"Neural Comput. Appl."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"93","DOI":"10.1016\/j.ijar.2006.07.003","article-title":"A fuzzy approach to R&D project portfolio selection","volume":"44","author":"Carlsson","year":"2007","journal-title":"Int. J. Approx. Reason."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"36","DOI":"10.1002\/pmj.21327","article-title":"Portfolio risk management and its contribution to project portfolio success: An investigation of organization, process, and culture","volume":"44","author":"Teller","year":"2013","journal-title":"Proj. Manag. J."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"249","DOI":"10.1080\/10429247.2021.1884450","article-title":"Organizational flexibility and project portfolio performance: The roles of environmental uncertainty and innovation capability","volume":"34","author":"Saeed","year":"2022","journal-title":"Eng. Manag. J."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"50209","DOI":"10.1109\/ACCESS.2020.2979666","article-title":"Selecting Projects on the Brazilian R&D Energy Sector: A Fuzzy-Based Approach for Criteria Selection","volume":"8","author":"Souza","year":"2020","journal-title":"IEEE Access"},{"key":"ref_21","unstructured":"Morris, P., and Pinto, J.K. (2007). Project portfolio selection and management. The Wiley Guide to Project, Program & Portfolio Management, John Wiley & Sons."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"664","DOI":"10.1109\/TEM.2013.2257792","article-title":"R&D intensity and the new product development portfolio","volume":"60","author":"Chao","year":"2013","journal-title":"IEEE Trans. Eng. Manag."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"862","DOI":"10.4314\/njt.v41i5.6","article-title":"Goal programming and genetic algorithm in multiple objective optimization model for project portfolio selection: A review","volume":"41","author":"Mogbojuri","year":"2022","journal-title":"Niger. J. Technol."},{"key":"ref_24","unstructured":"Chen, R., Liang, C., and Gu, D. (2016). IT project portfolio scheduling and multi-skilled staff assignment with ant colony optimization algorithm, Unpublished work."},{"key":"ref_25","doi-asserted-by":"crossref","unstructured":"Mercangoz, B.A. (2019). Particle swarm algorithm: An application on portfolio optimization. Metaheuristic Approaches to Portfolio Optimization, IGI Global.","DOI":"10.4018\/978-1-5225-8103-1.ch002"},{"key":"ref_26","first-page":"217","article-title":"Industrial R&D project portfolio selection method using a multi-objective optimization program: A conceptual quantitative framework","volume":"17","author":"Nielsen","year":"2024","journal-title":"J. Ind. Eng. Manag."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"2575","DOI":"10.1007\/s40996-021-00721-9","article-title":"Multi-phase projects selection and scheduling problem: A multi-objective optimization approach","volume":"46","author":"Alinezhad","year":"2022","journal-title":"Iran. J. Sci. Technol. Trans. Civ. Eng."},{"key":"ref_28","doi-asserted-by":"crossref","unstructured":"Ghanbari, M., Jaber Olaikhan, A.A., and Skitmore, M. (2024). Enhancing project portfolio selection for construction holding firms: A multi-objective optimization framework with risk analysis. Eng. Constr. Archit. Manag., ahead of print.","DOI":"10.1108\/ECAM-05-2023-0532"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"106977","DOI":"10.1016\/j.cie.2020.106977","article-title":"A multi-objective optimization approach for the selection of overseas oil projects","volume":"151","author":"Chen","year":"2021","journal-title":"Comput. Ind. Eng."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"22","DOI":"10.1016\/j.ejor.2014.06.025","article-title":"Multi-mode resource constrained multi-project scheduling and resource portfolio problem","volume":"240","author":"Bilge","year":"2015","journal-title":"Eur. J. Oper. Res."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"609","DOI":"10.1016\/j.ijproman.2009.10.001","article-title":"Project portfolio management: An integrated method for resource planning and scheduling to minimize planning\/scheduling-dependent expenses","volume":"28","author":"Laslo","year":"2010","journal-title":"Int. J. Proj. Manag."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"117","DOI":"10.1016\/j.techfore.2017.07.012","article-title":"Project portfolio selection and planning with fuzzy constraints","volume":"131","author":"Caballero","year":"2018","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"122073","DOI":"10.1016\/j.jclepro.2020.122073","article-title":"A comprehensive mathematical model for resource-constrained multi-objective project portfolio selection and scheduling considering sustainability and projects splitting","volume":"269","author":"RezaHoseini","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"258","DOI":"10.1504\/IJTM.2009.024919","article-title":"A strategic product portfolio management methodology considering R&D resource constraints for engineering-to-order industries","volume":"48","author":"Trappey","year":"2009","journal-title":"Int. J. Technol. Manag."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"5410978","DOI":"10.1155\/2020\/5410978","article-title":"Project portfolio resource risk assessment considering project interdependency by the fuzzy Bayesian network","volume":"2020","author":"Bai","year":"2020","journal-title":"Complexity"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"1251","DOI":"10.1016\/j.cor.2010.10.020","article-title":"A robust mean absolute deviation model for portfolio optimization","volume":"38","author":"Moon","year":"2011","journal-title":"Comput. Oper. Res."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"1569","DOI":"10.1016\/j.rser.2010.01.022","article-title":"A Project Strategic Index proposal for portfolio selection in electrical company based on the Analytic Network Process","volume":"14","year":"2010","journal-title":"Renew. Sustain. Energy Rev."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"688","DOI":"10.1016\/j.ijproman.2007.09.012","article-title":"Fuzzy critical-chain method for project scheduling under resource constraints and uncertainty","volume":"26","author":"Long","year":"2008","journal-title":"Int. J. Proj. Manag."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1016\/S0263-7863(00)00038-7","article-title":"A simulation model for multi-project resource allocation","volume":"20","author":"Ghomi","year":"2002","journal-title":"Int. J. Proj. Manag."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"1164","DOI":"10.1287\/mnsc.21.10.1164","article-title":"Recent advances in R&D benefit measurement and project selection methods","volume":"21","author":"Baker","year":"1975","journal-title":"Manag. Sci."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"333","DOI":"10.1111\/j.1475-3995.2006.00551.x","article-title":"Information technology capital budgeting using a knapsack problem","volume":"13","author":"Pendharkar","year":"2010","journal-title":"Int. Trans. Oper. Res."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"804","DOI":"10.1016\/j.ijproman.2012.09.005","article-title":"Evaluation of project interdependency visualizations through decision scenario experimentation","volume":"31","author":"Killen","year":"2013","journal-title":"Int. J. Proj. Manag."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"131","DOI":"10.1016\/j.petrol.2014.12.012","article-title":"Assessment of synergies for selecting a project portfolio in the petroleum industry based on a multi-attribute utility function","volume":"126","author":"Lopes","year":"2015","journal-title":"J. Pet. Sci. Eng."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"1018","DOI":"10.1016\/j.ejor.2004.12.001","article-title":"Constructing and evaluating balanced portfolios of R&D projects with interactions: A DEA based methodology","volume":"172","author":"Eilat","year":"2006","journal-title":"Eur. J. Oper. Res."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"108191","DOI":"10.1016\/j.cie.2022.108191","article-title":"An interactive multi-objective programming approach for project portfolio selection and scheduling","volume":"169","author":"Kabak","year":"2022","journal-title":"Comput. Ind. Eng."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"988","DOI":"10.1016\/j.ejor.2024.02.015","article-title":"Modeling project interactions in multiattribute portfolio decision analysis: Axiomatic foundations and practical implications","volume":"316","author":"Kee","year":"2024","journal-title":"Eur. J. Oper. Res."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"112952","DOI":"10.1016\/j.eswa.2019.112952","article-title":"A refined selection method for project portfolio optimization considering project interactions","volume":"142","author":"Wei","year":"2020","journal-title":"Expert Syst. Appl."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"2418","DOI":"10.1109\/TEM.2022.3174006","article-title":"Integrated Approach for Project Risk Assessment and Evaluation under Risk Interactions","volume":"71","author":"Wang","year":"2022","journal-title":"IEEE Trans. Eng. Manag."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"04020101","DOI":"10.1061\/(ASCE)ME.1943-5479.0000853","article-title":"Risk Sharing Strategies for IPD Projects: Interactional Analysis of Participants\u2019 Decision-Making","volume":"37","author":"Su","year":"2021","journal-title":"J. Manag. Eng."},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"569","DOI":"10.1108\/JM2-07-2020-0180","article-title":"A framework for interactive risk assessment in projects: Case study of oil and gas megaprojects in presence of sanctions","volume":"17","author":"Amir","year":"2022","journal-title":"J. Model. Manag."},{"key":"ref_51","first-page":"120","article-title":"Optimisation of Project Portfolio Risk Measurement and Selection Based on Interaction Effects","volume":"20","author":"Zhao","year":"2011","journal-title":"Oper. Res. Manag."},{"key":"ref_52","first-page":"140","article-title":"R&D Project Portfolio Robustness Risk Measurement and Selection Model","volume":"26","author":"Wang","year":"2017","journal-title":"Oper. Res. Manag."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"1159","DOI":"10.1080\/0951192X.2015.1036522","article-title":"A random-key genetic algorithm for solving the nesting problem","volume":"29","author":"Pinheiro","year":"2016","journal-title":"Int. J. Comput. Integr. Manuf."},{"key":"ref_54","unstructured":"Igor, M., Gabriel, S., Glaydston, M.R., Israel, M., and Pedro, H.G. (2022, January 18\u201323). A Hybrid BRKGA Approach for the Multiproduct Two Stage Capacitated Facility Location Problem. Proceedings of the 2022 IEEE Congress on Evolutionary Computation (CEC), Padua, Italy."},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"e1420","DOI":"10.7717\/peerj-cs.1420","article-title":"A hybridizing-enhanced differential evolution for optimization","volume":"9","author":"Mojtaba","year":"2023","journal-title":"PeerJ Comput. Sci."},{"key":"ref_56","first-page":"53","article-title":"Research and development project selection","volume":"28","author":"Pelc","year":"1998","journal-title":"R D Manag."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"106659","DOI":"10.1016\/j.dib.2020.106659","article-title":"Developing a dataset of real projects for portfolio, program and project control management research","volume":"34","author":"Thiele","year":"2020","journal-title":"Data Brief"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"108208","DOI":"10.1016\/j.dib.2022.108208","article-title":"Generating datasets for the project portfolio selection and scheduling problem","volume":"42","author":"Harrison","year":"2022","journal-title":"Data Brief"}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/10\/414\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T16:11:12Z","timestamp":1760112672000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/10\/414"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,10,5]]},"references-count":58,"journal-issue":{"issue":"10","published-online":{"date-parts":[[2024,10]]}},"alternative-id":["systems12100414"],"URL":"https:\/\/doi.org\/10.3390\/systems12100414","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,10,5]]}}}