Public R&D project portfolio selection problem with cancellations

Date

2017-07-01

Author

ÇAĞLAR, Musa
Gürel, Sinan

Metadata

Show full item record

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

Item Usage Stats

53
views

0
downloads

In this study, we address a public R&D project portfolio selection problem with project cancellations. For several reasons, a funded R&D project may be halted before finishing the planned research. When a project is canceled, most of its budget is usually unused and also some of the spendings can return to the funding organization. In the call-based R&D programs, usually project selection decisions are made in one go, and, in the current call, it is not possible to award new projects with the unused budget. Decision-makers (DMs) of funding organizations can benefit from considering possible project cancellation situations to improve the budget utilization. We consider two cases. In the first case, we assume that cancellation probability of a project cannot be assessed but the DM can estimate the number of projects that will be canceled. In the second case, we assume that for each project, a cancellation probability can be assessed. For the first problem, we develop a mixed-integer linear programming formulation and a dynamic programming algorithm. For the second problem, we develop a chance-constrained stochastic programming formulation that can be solved as a mixed-integer second-order cone program. Our computational results show that practical-size problems can be solved by the proposed solution approaches.

Subject Keywords

Management Science and Operations Research

URI

https://hdl.handle.net/11511/37339

Journal

OR SPECTRUM

DOI

https://doi.org/10.1007/s00291-016-0468-5

Collections

Department of Industrial Engineering, Article

Suggestions

OpenMETU
Core

A resource investment problem with time/resource trade-offs Colak, Erdem; Azizoğlu, Meral (Informa UK Limited, 2014-05-01) In this study, we consider a Resource Investment Problem with time/resource trade-offs in project networks. We assume that there is a single renewable resource and the processing requirement of an activity can be reduced by investing extra resources. Our aim is to minimize the maximum resource usage, hence, the total amount invested for the single resource, while meeting the pre-specified deadline. We formulate the problem as a mixed integer linear model and find optimal solutions for small-sized problem in...
Capacity allocation problem in flexible manufacturing systems: branch and bound based approaches ÖZPEYNİRCİ, SELİN; Azizoğlu, Meral (Informa UK Limited, 2009-01-01) This study considers an operation assignment and capacity allocation problem that arises in flexible manufacturing systems. The machines have limited time and tool magazine capacities and the available tools are limited. Our objective is to maximise total weight of assigned operations. We develop a branch and bound algorithm that finds the optimal solutions and a beam search algorithm that finds high quality solutions in polynomial time.
A Lagrangean relaxation based approach for the capacity allocation problem in flexible manufacturing systems ÖZPEYNİRCİ, SELİN; Azizoğlu, Meral (Informa UK Limited, 2010-05-01) This study considers the operation assignment and capacity allocation problem in flexible manufacturing systems. A set of operations is selected to be processed and assigned to the machines together with their required tools. The purchase or usage of the required tools incurs a cost. The machines have scarce time and tool magazine capacities. The objective is to maximize the total weight of the assigned operations minus the total tooling costs. We use Lagrangean relaxation approach to obtain upper and lower...
Flexible assembly line design problem with fixed number of workstations Barutcuoglu, Sirin; Azizoğlu, Meral (Informa UK Limited, 2011-01-01) In the paper, we study a flexible assembly line design problem with equipment decisions. We assume the task times and equipment costs are correlated in the sense that for all tasks the cheaper equipment gives no smaller task time. Given the cycle time and number of workstations we aim to find the assignment of tasks and equipment to the workstations so as to minimise the total equipment cost. We develop a branch and bound algorithm that uses powerful lower bounds and reduction mechanisms. Our computational ...
A multicriteria sorting approach based on data envelopment analysis for R&D project selection problem Karasakal, Esra (Elsevier BV, 2017-12-01) In this paper, multiple criteria sorting methods based on data envelopment analysis (DEA) are developed to evaluate research and development (R&D) projects. The weight intervals of the criteria are obtained from Interval Analytic Hierarchy Process and employed as the assurance region constraints of models. Based on data envelopment analysis, two threshold estimation models, and five assignment models are developed for sorting. In addition to sorting, these models also provide ranking of the projects. The de...

Citation Formats

M. ÇAĞLAR and S. Gürel, “Public R&D project portfolio selection problem with cancellations,” OR SPECTRUM, pp. 659–687, 2017, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/37339.