Journal of Quality Engineering and Production Optimization

Journal of Quality Engineering and Production Optimization

A resource‑constrained multi‑objective and multi‑period model for selecting project portfolio and scheduling with net present value consideration

Articles in Press

Document Type : Research Paper

Authors
Abbas Arjangzadeh 1
Fariborz Jolai 2
Jafar Razmi 3
Majid Rafiee 4
1 Department of Industrial Engineering, Kish Campus, University of Tehran
2 School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran
3 .School of Industrial Engineering, College of Engineering, University of Tehran,
4 .School of Industrial Engineering, Sharif University of Technology, Tehran, Iran.
10.22070/jqepo.2026.16242.1235
Abstract
Selecting the optimal project portfolio and scheduling its implementation under limited resources is a critical managerial challenge. While most previous studies have addressed portfolio selection independently of scheduling, real world conditions require the integration of both decisions to ensure efficient resource utilization. To bridge this research gap, this paper proposes a comprehensive multi objective and multi period optimization model that simultaneously handles project portfolio selection and scheduling under resource constraints. The model jointly optimizes four strategic criteria—net present value (NPV), risk, strategic alignment, and environmental loss—while ensuring feasibility across time dependent resource limitations. In contrast to earlier single objective or static models, the proposed formulation incorporates a robust approach that considers uncertainty in resource availability and project outcomes, enabling more resilient portfolio decisions. A real world case study is presented and solved using the ε constraint method via GAMS software. The results demonstrate that considering strategic alignment and environmental criteria alongside economic value and risk leads to a more balanced and sustainable project portfolio. Furthermore, the model improves the reliability of decisions under uncertainty and reflects practical managerial trade offs between profitability, strategic fit, risk exposure, and environmental impact.
Keywords
Environmental sustainability
multi objective optimization
project portfolio selection and scheduling
resource constraints
strategic alignment
Journal of Quality Engineering and Production Optimization

Articles in Press, Accepted Manuscript
Available Online from 04 August 2026