A robust bi-objective model for project portfolio selection and adjustment considering the implementation capability deviation of projects

The implementation capability of projects to strategic goals is used as an important criterion for selecting and adjusting project portfolio (PP). However, the existing research ignored the fact that the actual implementation capability of projects may be lower than the expected value, which is defined as implementation capability deviation (ICD), and didn't pay enough attention to responding to ICD, leading to the failure of the selected PP to achieve strategic goals. Under this circumstance, this paper studies the influence of ICD on realizing strategic goals and explores how to repair ICD in the process of project portfolio selection and adjustment (PPSA). Firstly, the ICD of projects is classified and quantified in an uncertain environment. Secondly, considering the multiple adjustment options to PP, the robust constraint for the improved implementation capability of PP is constructed to respond to ICD. Finally, a bi-objective optimization model for PPSA is constructed to minimize the cost of inputs and to maximize the strategic benefits of PP. The analysis of a case study demonstrates that the proposed method facilitates managers to assess and respond to ICD by dynamically adjusting PP holdings to achieve strategic goals in an uncertain environment.