A Project Strategic Index proposal for portfolio selection in electrical company based on the Analytic Network Process

In this paper a new approach to prioritize project portfolio in an efficient and reliable way is presented. It is based on strategic objectives of the company and multicriteria decision methods.The paper introduces a rigorous method with acceptable complexity which seeks to assist managers of a big Electrical Company of Venezuela to distribute the annual budget among the possible improvement actions to be conducted on the electrical network of Caracas. A total of 15 network improvement actions grouped into three clusters according to the strategic objectives of the company have been analyzed using the Project Strategic Index (PSI) proposed.The approach combines the use of the Analytic Network Process (ANP) method with the information obtained from the experts during the decision-making process. The ANP method allows the aggregation of the experts’ judgments on each of the indicators used into one Project Strategic Index. In addition, ANP is based on utility ratio functions which are the most appropriate for the analysis of uncertain data, like experts’ estimations. Finally, unlike the other multicriteria techniques, ANP allows the decision problem to be modelled using the relationships among dependent criteria.The participating experts coincided in the appreciation that the method proposed in this paper is useful and an improvement from traditional budget distribution techniques. They find the results obtained coherent, the process seems sufficiently rigorous and precise, and the use of resources is significantly less than in other methods.     

Selection of maintenance,renewal and improvement projects in rail lines using the analytic network process

This paper addresses one of the most common problems that a railway infrastructure manager has to face: to prioritise a portfolio of maintenance, renewal and improvement (MR&I) projects in a railway network. This decision-making problem is complex due to the large number of MR&I projects in the portfolio and the different criteria to take into consideration, most of which are influenced and interrelated to each other. To address this problem, the use of the analytic network process (ANP) is proposed. The method is applied to a case study in which the Local Manager of the public company, who is responsible for the MR&I of Spanish Rail Lines, has to select the MR&I projects which have to be executed first. Based on the results, it becomes evident that, for this case study, the main factor of preference for a project is the location of application rather than the type of project. The main contributions of this work are: the deep analysis done to identify and weigh the decision criteria, how to assess the alternatives and provide a rigorous and systematic decision-making process, based on an exhaustive revision of the literature and expertise.     

Analysis of construction projects by means of value curves

The present work analyzes the expectations and relationships of the three key stakeholders involved in the construction project management process: the construction Promoter (the company that finances, owns and represents the interests of the client), the project designers (the company that elaborates the construction project) and the builder (the company that executes the construction project).     

An ANP-based approach for the selection of photovoltaic solar power plant investment projects

In this paper the Analytic Network Process (ANP) is applied to the selection of photovoltaic (PV) solar power projects. These projects follow a long management and execution process from plant site selection to plant start-up. As a consequence, there are many risks of time delays and even of project stoppage.In the case study presented in this paper a top manager of an important Spanish company that operates in the power market has to decide on the best PV project (from four alternative projects) to invest based on risk minimization. The manager identified 50 project execution delay and/or stoppage risks.The influences between the elements of the network (groups of risks and alternatives) were identified and analyzed using the ANP multicriteria decision analysis method. Two different ANP models were used: one hierarchy model (that considers AHP as a particular case of ANP) and one network-based model. The results obtained in each model were compared and analyzed. The main conclusion is that unlike the other models used in the study, the single network model can manage all the information of the real-world problem and thus it is the decision analysis model recommended by the authors. The strengths and weaknesses of ANP as a multicriteria decision analysis tool are also described in the paper.