HEURISTIC APPROACH FOR PROJECT PORTFOLIO SELECTION BASED ON OPTIONS THINKING IN MANUFACTURING SYSTEM

摘要

This paper deals with the development of a heuristic approach for project portfolio selection based on options thinking in a manufacturing system. The proposed heuristic consists of a repetitive process for excluding a project proposal that has the lowest option value until resource constraints are satisfied, and a search process for improving a selected portfolio by a repetitive process through a switching mechanism. An example of project portfolio selection in a car manufacturing system is discussed to illustrate the proposed method.