Title: Selecting a portfolio of projects considering both optimization and balance of sub-portfolios
Abstract: Over the past four decades, portfolio selection has been one of the most important concerns of researchers, project managers, project-oriented companies, and public agencies around the world.Although numerous studies have been done in this field, still there is a room for more improvement in both theory and practice.One of the yet unspoiled topics in this field is improving and balancing the efficiency of sub-portfolios while paying attention to portfolio optimization.This study employs data-mining tools to categorize projects into sub-portfolios and rank them.Multiple Criteria Decision Making (MCDM) methods are also used to weigh the criteria on which the ranking process is based.Finally, a novel multi-objective model is designed to optimize the efficiency of sub-portfolios and the gain of the main portfolio.The model is solved by NSGA II algorithm.This study introduces a hybrid framework by which project portfolio selection process can be carried out regarding strategic alignment, cost, and risk.