EFFICIENT PROJECT PORTFOLIO MANAGEMENT. AN INTELLIGENT DECISION SUPPORT SYSTEM FOR ENGINEERING AND CONSULTANCY FIRMS.

Abstract

In this paper, we show how an approach inspired on allocation procedures used in financial markets allows an efficient resource assignment in multi-project environments. This novel approach can give support to engineering and consultancy companies, with their project portfolio planning and scheduling in dynamicenvironments. Project portfolio and resources availability change over time because of changes in the firm’s strategy, because of individual project overruns or simply, as a result of environmental changes. Therefore, resources need to be re-allocated dynamically. In our methodology, projects and resources play the role of economic agents. Projects are defined by means of tasks to be performed according to precedence relations. Resources are endowed with some skills and competences (knowledge, labour time, etc.) which are necessary to perform the tasks. Projects ask for resources and resources offer their capabilities depending on their time availability. An “auction” takes place and the price of resources in a particular time-slot reflects the relation between availability and demand of resource capabilities. We describe an example to show how the methodology works. A pilot model can be used in Technical Engineering Offices in order to support portfolio scheduling decisions.