Multi-objective Optimization Algorithms with the Island Metaheuristic for Effective Project Management Problem Solving

Abstract

Background and Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks.

Keywords

• 0-1 multi-objective constrained knapsack problem
• project management portfolio problem
• multi-objective evolution-based optimization algorithms
• collaborative and cooperative meta-heuristics