This paper explores the application of portfolio theory to the Air Transportation System (ATS) improvement. Because the ATS relies on complexly related resources and different stakeholders, improving it is challenging. Many projects for improvement have been proposed and some have been implemented. However, there is no clear understanding of how well these projects work under varying conditions, nor of how they interact with each other or with existing systems. To help address this gap, in this paper, a framework for identifying portfolios is proposed. The framework accepts a variety of available cost and performance data, and evaluates project in terms of diverse benefit metrics. To demonstrate the framework, an application to delay management projects is given. Our findings can aid improved decision making in ATS.
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