Project portfolio selection based on comparative analysis of stakeholder effects

• U.O. Kozlitina

  U.O. Kozlitina Department of natural resources and environmental protection of Primorsky Krai. Vladivostok. Russia

• Солодухин Константин Сергеевич

  K.S. Solodukhin. Vladivostok State University of Economics and Service. Vladivostok. Russia

The article proposes a methodical approach to the project portfolio selection within the framework of the formation of an institution's strategic development program based on crisp and fuzzy models that take into account possible changes in institution-stakeholder relationships. It is shown that, in order to prioritize projects, firstly, indicators characterizing the change in the efficiency of the resource flow between the institution and stakeholder groups as a result of project implementation can be used. Secondly, the comparison of projects can be based on the expected changes in such characteristics of the relationship as the degrees of desire for change and the degrees of mutual influence of the institution and various stakeholders. At the same time, all of these indicators can be both crisp and fuzzy. Third, crisp and fuzzy optimization models can be used to project portfolio selection, where the specific utility function is used as an objective function, the arguments of which are the degree of stakeholders' desire for change in relation to the institution after the implementation of projects, taking into account the importance of stakeholders and project costs. At the same time, constraints on portfolio risk are set. The project portfolio can also be formed based on the minimum program risk under constraints on the amount of resources required for the implementation of the portfolio, and the expected specific utility magnitude.

Keywords: institution's strategic development program, project portfolio selection, characteristics of institution-stakeholder relationships, project utility, fuzzy model, optimization model.