The recent global financial crisis, regulatory and compliance requirements placed on organisations, and the need for scientific research in the project portfolio management discipline were factors that motivated this research. The interest and contribution to the body of knowledge in project portfolio management has been growing significantly in recent years, however, there still appears to be a misalignment between literature and practice. A particular area of concern is the decision-making, during the management of the portfolio, regarding which projects to accelerate, suspend, or terminate. A lack of determining the individual and cumulative contribution of projects to strategic objectives leads to poorly informed decisions that negate the positive effect that project portfolio management could have in an organisation. The focus of this research is, therefore, aimed at providing a mechanism to determine the individual and cumulative contribution of projects to strategic objectives so that the right decisions can be made regarding those projects. This thesis begins with providing a context for project portfolio management by confirming a definition and providing a theoretical background through related theories. An investigation into the practice of project portfolio management then provides insight into the alignment between literature and practice and confirms the problem that needed to be addressed. A conceptual model provides a solution to the problem of determining the individual and cumulative contribution of projects to strategic objectives. The researcher illustrates how the model can be extended before verifying and validating the conceptual model. Having the ability to determine the contributions of projects to strategic objectives affords decision makers the opportunity to conduct what-if scenarios, enabled through the use of dashboards as a visualization technique, in order to test the impact of their decisions before committing them. This ensures that the right decisions regarding the project portfolio are made and that the maximum benefit regarding the strategic objectives is achieved. This research provides the mechanism to enable better-informed decision- making regarding the project portfolio. / Computing / D. Phil. (Computer science)

Master's thesis deals with Petri nets application in domain of information systems project planning. The design describes the basic concepts of project and portfolio management, standards and methodologies. Is introduced the concept of project, portfolio and resource modelling through Object-oriented Petri Nets. Then schedulling is implemented and tested. Finally, the extensions are discussed.

[pt] A formação do portfólio de uma empresa de Petróleo envolve complexas decisões devido ao ambiente de incertezas e é de extrema importância na definição do futuro estratégico da empresa. Recentemente, a otimização de um portfólio de ativos de exploração e produção de petróleo vem sendo amplamente tratada na literatura, entretanto observa-se uma escassez de trabalhos que consideram a otimização do portfólio de refino. Este trabalho tem por objetivo propor um modelo de formação de portfólio para empresas do setor de óleo e gás, que possuem atividades tanto no segmento de exploração e produção (upstream) quanto no segmento de refino (downstream), levando em conta a integração entre ambos. Assim como nos modelos tradicionais, os preços do barril de petróleo e a produtividade dos campos serão tratadas como incertezas. O modelo proposto utilizará técnicas de programação estocástica com aversão a risco, medido pelo CVaR (Conditional Value-at-Risk). A fim de validar a metodologia proposta, um estudo de caso baseado em uma empresa de óleo e gás será apresentado. A aplicação numérica indicou que o modelo que otimiza o portfólio conjunto de upstream e downstream apresenta resultado da função objetivo até 28 por cento superior ao modelo usualmente tratado na literatura que trata apenas do portfólio de upstream. / [en] The portfolio allocation of an Oil and Gas company involves complex decisions within an uncertain environment and is extremely important in defining the firm s economical and financial future behavior. Recently, the portfolio selection problem for oil exploration and production (E&P) projects has been widely treated in the literature, however, few studies consider the optimization of the combined upstream and downstream portfolio. The purpose of this work is to propose a portfolio selection model for oil and gas companies, which operates both in exploration and production (upstream) and in refining (downstream), considering the integration between them. Crude oil prices and fields performance are the main uncertainties of the problem. The proposed model makes use of risk aversion stochastic programming techniques, measured by CVaR (conditional value at risk). To validate the proposed methodology a case study based on an Oil Company will be presented. The numerical application indicates that the model considering both upstream and downstream portfolio presents objective function results 28 percent higher than the model usually used in the literature that only optimizes the upstream portfolio.

[EN] The construction of railway infrastructure networks requires heavy investment, long planning and execution times and extended life cycles. An important family of projects in Railway Engineering are the Maintenance, Renewal and Improvement (MR&I) projects. They are critical to maintaining railway infrastructures in good condition and to adapt them to environmental changes and new operating conditions and needs. MR&I action plans have a great impact in the short term because they affect the performance of operating facilities A critical issue for public infrastructure managers and planners is the effective allocation of the scarce resources available for maintenance and repair of railway infrastructures. Obsolescence and lack of adequate maintenance and repair of the railway network affect productivity and lead to increased costs over time. Every year the Manager of a rail network area is faced with different MR&I needs. This involves different projects to be executed with different levels of urgency, different levels of investment and different improvement measures and action plans on the railway network. Therefore, the Manager has a portfolio of MR&I projects and a limited budget. The main problem that the manager faces is setting priorities among the projects to decide which ones will be executed first. It is a complex problem due to the number of different projects and criteria to be considered. Classical approaches are based upon the Cost Benefit analysis (CBA) but there are great uncertainties and variations between the economic values used in different models and the results are heavily dependent on the specific methodology adopted. Methods based upon Multiple Criteria Decision Analysis (MCDA) allow mixing quantitative and qualitative criteria, aggregate multiple experts evaluations and, in general, obtain more robust project rankings than CBA. There is little evidence in the scientific literature of the use of MCDA to similar cases. Research conducted in this thesis studies the decision-making process to choose MR&I projects in a railway network. Technicians and managers are given a methodological tool to help them establish a priority between all the projects in the MR&I portfolio. The problem is addressed as a Multi criteria decision making (MCDM) problem in which thee different ANP models have been used, comparing the results obtained with all of them: Analytic Hierarchical Process (AHP), Analytic Network Process with subnetworks for Benefits and Costs (ANP-BC) and the Analytic Network Process with subnetworks for Costs, Benefits, Opportunities and Risks (ANP-BOCR) The main contributions of this works are: - Deep analysis of the decision criteria. - Design of a procedure for evaluating many different alternative projects. - A decision making process which is both systematic and strict has been obtained. It can be generalized to other areas of the railway infrastructure management company. Thanks to the results the budget can be used in the best-valued projects according to the criteria established by the decision maker. The priorization is then obtained in a transparent and documented way. / [ES] La construcción de infraestructuras ferroviarias requiere de grandes inversiones, largos plazos de planificación y ejecución y los ciclos de vida totales son muy largos también. Dentro de los proyectos que se realizan en este tipo de infraestructuras, una parte muy importante son las actuaciones sobre líneas en servicio, que se denominan actuaciones de mantenimiento, rehabilitación y mejora (MR&I por sus siglas en ingles de Maintenance, Renewal and Improvement). Las actuaciones de MR&I tienen un gran efecto a corto plazo al afectar al rendimiento de instalaciones que ya están en servicio en el momento de la actuación . La asignación eficaz de los escasos recursos disponibles para MR&I por parte de los gestores de infraestructuras es clave para mantener y mejorar el desempeño general de la red. Cada año el gestor de una zona de la red se enfrenta a diferentes necesidades de mantenimiento, rehabilitación y mejora de la red, por tanto, tiene conjunto muy grande de proyectos de MR&I y un presupuesto limitado para ejecutarlos. El problema que se plantea es seleccionar qué proyectos tienen prioridad a la hora de su ejecución y qué criterios ha de considerar para establecer esa prioridad. Es un problema complejo debido al amplio número de proyectos posibles y de criterios a considerar. Los métodos clásicos más utilizados se basan en el enfoque de análisis coste-beneficio, pero existen grandes variaciones e incertidumbres a la hora de obtener los valores económicos y los resultados del análisis dependen mucho de la metodología específica adoptada. Los métodos basados en el Análisis Multicriterio de Decisiones (Multiple Criteria Decision Analysis MCDA) permitan integrar valoraciones cuantitativas y cualitativas, agregar las preferencias de varios expertos y, en general, obtener ordenaciones de proyectos más robustas que el CBA. No existe apenas evidencia de la aplicación de MCDA al problema planteado en la literatura científica. La investigación presentada en esta tesis estudia el proceso de toma de decisiones para la selección de proyectos de MR&I en una red ferroviaria. Se dota a los técnicos responsables y a los gestores del mantenimiento de los administradores ferroviarios de una herramienta metodológica que les ayude a establecer una prioridad entre la cartera de proyectos de MR&I. El problema se afronta como una toma de decisión multicriterio (MCDM) en la que se han utilizado tres modelos del método ANP, comparando los resultados entre sí: el modelo jerárquico basado en el Proceso Analítico Jerárquico (AHP) , el proceso analítico en red con una subred de costes y otra de beneficios (ANP-BC) y el proceso analítico en red con cuatro subredes: beneficios, oportunidades, costes y riesgos (ANP-BOCR). Las principales contribuciones de este trabajo son: - El profundo análisis realizado sobre los criterios de decisión. - Se ha diseñado un procedimiento para evaluar un conjunto muy numeroso de actuaciones alternativas. - Se ha obtenido un proceso de toma de decisiones riguroso y sistemático que se puede generalizar para otras zonas de gestión de la Compañía Gestora de las Infraestructuras ferroviarias El resultado permite utilizar el presupuesto en los proyectos mejor valorados de acuerdo a los criterios establecidos por el decisor. Obteniéndose la priorización de forma transparente y documentada. / [CA] La construcció d'infraestructures ferroviàries requereix de grans inversions, llargs terminis de planificació i execució i els cicles de vida totals són molt llargs també. Dins dels projectes que es realitzen en aquest tipus d'infraestructures, una part molt important són les actuacions sobre línies en servei, que es denominen actuacions de manteniment, rehabilitació i millora (MR&I per les seues sigles en angles de Maintenance, Renewal and Improvement). Les actuacions de MR&I tenen un gran efecte a curt termini en afectar al rendiment d'instal·lacions que ja estan en servei en el moment de l'actuació . L'assignació eficaç dels escassos recursos disponibles per a MR&I per part dels gestors d'infraestructures és clau per a mantenir i millorar l'acompliment general de la xarxa. Cada any el gestor d'una zona de la xarxa s'enfronta a diferents necessitats de manteniment, rehabilitació i millora de la xarxa, per tant, té un conjunt molt gran de projectes de MR&I i un pressupost limitat per a executar-los. El problema que es planteja és seleccionar quins projectes tenen prioritat a l'hora de la seua execució i quins criteris ha de considerar per a establir aqueixa prioritat. És un problema complex a causa de l'ampli nombre de projectes possibles i de criteris a considerar. Els mètodes clàssics més utilitzats es basen en l'enfocament d'anàlisi cost-beneficie, però existeixen grans variacions i incerteses a l'hora d'obtenir els valors econòmics i els resultats de l'anàlisi depenen molt de la metodologia específica adoptada. Els mètodes basats en l'Anàlisi Multicriteri de Decisions (Multiple Criteria Decision Analysis MCDA) permeten integrar valoracions quantitatives i qualitatives, agregar les preferències de diversos experts i, en general, obtenir ordenacions de projectes més robustes que el CBA. No existeix apenes evidencia de l'aplicació de *MCDA al problema plantejat en la literatura científica. La recerca presentada en aquesta tesi estudia el procés de presa de decisions per a la selecció de projectes de MR&I en una xarxa ferroviària. Es dota als tècnics responsables i als gestors del manteniment dels administradors ferroviaris d'una eina metodològica que els ajude a establir una prioritat entre la cartera de projectes de MR&I. El problema s'afronta com una presa de decisió multicriteri (MCDM) en la qual s'han utilitzat tres models del mètode ANP, comparant els resultats entre si: el model jeràrquic basat en el Procés Analític Jeràrquic (AHP) , el procés analític en xarxa amb una subxarxa de costos i una altra de beneficis (ANP-BC), i el procés analític en xarxa amb quatre subxarxes: beneficis, oportunitats, costos i riscos (ANP-BOCR). Les principals contribucions d'aquest treball són: - La profunda anàlisi realitzada sobre els criteris de decisió. - S'ha dissenyat un procediment per a avaluar un conjunt molt nombrós d'actuacions alternatives. - S'ha obtingut un procés de presa de decisions rigorós i sistemàtic que es pot generalitzar per a altres zones de gestió de la Companyia Gestora de les Infraestructures ferroviàries El resultat permet utilitzar el pressupost en els projectes millor valorats d'acord als criteris establits pel decisor. Obtenint-se la priorització de forma transparent i documentada. / Montesinos Valera, J. (2015). Aplicación de las técnicas AHP, ANP-BC y ANP-BOCR de análisis multicriterio de decisiones a la selección de carteras de proyectos de mantenimiento, rehabilitación y mejora en infraestructuras ferroviarias [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/56821

The focus of strategy research has long revolved around strategy formulation rather thanstrategy implementation, despite the evidence indicating that intended strategies are rarelyachieved. Project portfolio management, PPM, assumes a crucial role in enabling strategyimplementation and can be regarded as a representation of the organization's actual pursuedstrategy. Existing research on PPM has predominantly centered around portfolios in the contextof new product development, NPD, and research and development, R&D. However, there hasbeen relatively less exploration of PPM within internal development departments, warrantingfurther investigation. To contribute to the understanding on strategy implementation throughPPM and its conditional factors, this qualitative case study expands the existing research bystudying the PPM process within an internal development department. The study wasconducted at the Business Improvement department, which oversees improvement projects forthe service branch of EnergyComp, a company specializing in the development of complexenergy solutions. Using an abductive research approach, a literature review was conducted inparallel with data collection and analysis. The empirical data was mainly collected throughsemi-structured interviews at the company, but also through meetings and companydocumentation. The results of the study show that PPM actions connected to projects, portfolio and resourceallocation are undertaken to effectively implement the organization's strategy within theinternal development department. Common to all areas is the importance of accurate andavailable information that effects the decisions connected to strategy implementation. On aproject level, Insufficient information poses challenges in accurately assessing project success,resulting in measurements that fail to cover all strategic objectives. In the context of theportfolio, the absence of project information and uncertainties can lead to a misalignmentbetween the actual prioritization criteria employed in the selection process and the strategicobjectives of the organization. Additionally, it may contribute to a less detailed and formalstrategic plan. Furthermore, the cost associated with adjusting the portfolio is directly linked tothe effort and expenses involved in obtaining project information. Regarding resources,insufficient information on supply and demand creates challenges in considering projectdependencies and synergies during the evaluation of project groups. Moreover, limitedtransparency across functional boundaries within the organization leads to a system wheredecision rules cannot be established at the portfolio level. Instead, it encourages bottom-uppriority decisions. Furthermore, a biased assessment by stakeholders in the functionaldepartments may result in an inadequate screening process, leading to an increased workloadin the portfolio structuring process. Finally, the large variation in project types, coupled withdiverse impact targets spanning individual and multiple functions, makes it difficult to createrelevant project categories for budgeting and portfolio structuring.