Project portfolio selection and planning with fuzzy constraints

In this work, a mathematical model is proposed which extends the classical approach incorporating the inherent uncertainty to these problems. We have handled this uncertainty, vagueness and/or imprecision through the use of fuzzy parameters, which allow representation of information not fully known by the decision makers. The model combines selecting and planning project portfolios, specifies different relationships between projects (synergies, incompatibilities, time order, etc.) and other important constraints appearing in real situations. Moreover, a resolution procedure is developed which obtains, simultaneously, the optimal portfolio and the range for the confidence levels associated to it. An illustrative example and a real application are given in order to show the potentiality of the approach. The results are complemented with graphical tools, which show the usefulness of the proposed model to assist the decision makers.