A Decision Support System for Project Portfolio Management in Construction Companies

Date

2022-11-01

Author

Bilgin, Gozde
Dikmen Toker, İrem
Birgönül, Mustafa Talat
ÖZORHON ORAKÇAL, BELİZ

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

269
views

0
downloads

Project portfolio management requires a systematic process that comprises assessment of portfolio risk and expected profitability, as well as strategic fit of individual projects with company objectives. After a needs analysis based on literature findings and surveys with experts, in this study, a process model and a tool, COPPMAN (COnstruction Project Portfolio MANagement), were developed to support project portfolio decisions in construction companies. COPPMAN was developed in collaboration with construction professionals. Different from previous studies, it incorporates a portfolio risk and strategic fit assessment model considering project dependencies and integrates knowledge of previous, on-going and potential projects to estimate value of alternative project portfolios. COPPMAN was implemented in a construction company and evaluated as a useful tool due to its features such as knowledge integration, forecasting of portfolio profitability and recommendation of strategies as well as its visualization features. Research design and findings can be used for development of similar tools in other project-based industries.

Subject Keywords

Construction management, decision support systems, project portfolio management, risk management, SELECTION, INTERDEPENDENCIES, SUCCESS, MODEL, KNOWLEDGE, TOOL

URI

https://hdl.handle.net/11511/101593

Journal

INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING

DOI

https://doi.org/10.1142/s0219622022500821

Collections

Department of Civil Engineering, Article

Suggestions

OpenMETU
Core

Identification and modeling of critical success factors of portfolio management in construction sector Hızal, A. Sercenk; Sönmez, Rifat; Department of Civil Engineering (2019) Project Portfolio Management (PPM) is a good theoretical fit for a multi-dimensional industry like construction, however practical implications are limited. The aim of this thesis is to deeply analyze and investigate the determinant factors on the success of portfolio management in the construction industry. Since few studies have addressed them, both PPM in the construction sector and related success factors could be regarded as newly arising subjects for the literature. Consequently, the main contribution...
A SUPPORT VECTOR MACHINE METHOD FOR BID/NO BID DECISION MAKING Sönmez, Rifat (2017-01-01) The bid/no bid decision is an important and complex process, and is impacted by numerous variables that are related to the contractor, project, client, competitors, tender and market conditions. Despite the complexity of bid decision making process, in the construction industry the majority of bid/no bid decisions is made informally based on experience, judgment, and perception. In this paper, a procedure based on support vector machines and backward elimination regression is presented for improving the exi...
A Prototype Risk Management Decision Support Tool for Construction Projects Arıkan, Ae; Dikmen Toker, İrem; Birgönül, Mustafa Talat (null; 2009-09-30) Although risk management (RM) is accepted as one of the critical success factors for construction projects, project participants generally do not have sufficient knowledge pertinent to RM concept and the number of support tools which facilitate the process is rather low. Decision support tools are necessary for the systematic identification of risks, scenario generation, and proactive management of risk and integration of RM activities with other project management functions. The aim of this study is to int...
Knowledge-Based Portfolio Management: A Taxonomy for Lessons Learned Eken, Görkem; Dikmen Toker, İrem; Birgönül, Mustafa Talat (2017-07-29) Portfolio management comprises of identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work to achieve specific strategic business objectives. Utilizing a knowledge-based portfolio management approach can be a critical success factor for construction companies. This research aims to present a taxonomy to facilitate the learning process within a knowledge-based project portfolio management system. The taxonomy is capable of codification and classification of...
A Decision support tool for contingency and profit analysis of international construction portfolios Özçelik, Nizami; Sönmez, Rifat; Department of Civil Engineering (2015) In construction sector, estimations of contingency and profit amounts are generally based on experience and intuition. However, the relation between the desired profit amount and the risk undertaken is not considered usually during profit setting. In addition, most of the studies in the literature have been focused on a single project’s contingency rate, but many construction companies carry out several projects simultaneously. Contingency-profit analysis for portfolios of projects is very important to eval...

Citation Formats

G. Bilgin, İ. Dikmen Toker, M. T. Birgönül, and B. ÖZORHON ORAKÇAL, “A Decision Support System for Project Portfolio Management in Construction Companies,” INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING, pp. 0–0, 2022, Accessed: 00, 2023. [Online]. Available: https://hdl.handle.net/11511/101593.