Choosing the Best Bundle of Projects: A DEA Approach

Abstract

One of the many important decisions organizations must make is project selection. Every project includes an initial plan to run, but not every plan can be implemented as a project. In situations where they lack resources or funds, all different plans must first be able to assess profitability in an accurate way, leading to the selection of a combination of proposals to carry out as projects. This paper provides a method to select the most effective set of proposals while considering the maximum use of available resources. Assessing efficiency is considered by a data envelopment analysis (DEA) model. Note that it is assumed that a vector of limited sources is at hand. This vector of resources can be contained human resource, budget, equipment, and facilities. Here, while reviewing some of the models in the selection project field, a common set of weight approach performance evaluation model for assessing the efficiency of the selected proposals is proposed. In this article it has tried to resolve the problems of former models.