Introducing an Applicable Technique for Ranking and Selecting Project Portfolio, based on Qualitative Risk Assessment

Abstract

Projects execution is an important way to implement organizational strategies, especially in the project-based organizations. In such organizations, the decision-makers usually encounter a problem of the project portfolio selection. Of course, regarding the decision-makers' risk attitude, they tend to direct organizational resources toward projects with low threats and high opportunities. This paper introduces a new technique for ranking projects and selecting a project portfolio, taking into account the decision-makers' risk attitudes. In this technique, for application easiness, experts' judgments are received as qualitative estimations. Besides, the proposed technique includes a special way to calculate the total risk level so that it avoids the computational issues of the traditional methods. At the end of this paper, an application of the proposed technique in a real case extracted from steel structure industry is analyzed.