School of Engineering and Information Technology, University of New South Wales at Canberra, Australian Defence Force Academy, Canberra, ACT, Australia
School of Engineering and Information Technology, University of New South Wales at Canberra, Australian Defence Force Academy, Canberra, ACT, Australia
Department of Defence, Joint and Operations Analysis Division, Defence Science and Technology Group, Canberra, ACT, Australia
Terence Weir
Department of Defence, Joint and Operations Analysis Division, Defence Science and Technology Group, Canberra, ACT, Australia
Michael Galister
Department of Defence, Joint and Operations Analysis Division, Defence Science and Technology Group, Canberra, ACT, Australia
Sharon Boswell
School of Engineering and Information Technology, University of New South Wales at Canberra, Australian Defence Force Academy, Canberra, ACT, Australia
Richard Taylor
Department of Defence, Joint and Operations Analysis Division, Defence Science and Technology Group, Canberra, ACT, Australia
Ruhul Sarker
School of Engineering and Information Technology, University of New South Wales at Canberra, Australian Defence Force Academy, Canberra, ACT, Australia
The problem of designing an effective future defense force is quite complex and challenging. One methodology that is often employed in this domain is portfolio optimization, whereby the objective is to select a diverse set of assets that maximize the return on investment. In the defense context, the return on investment is often measured in terms of the capabilities that the investments will provide. While the field of portfolio optimization is well established, applications in the defense sector pose unique challenges not seen in other application domains. However, the literature regarding portfolio optimization for defense applications is rather sparse. To this end, this paper provides a structured review of recent applications and identifies a number of areas that warrant further investigation.
