Title
Project management for a country with multiple objectives
Author
Faculty/Department
Faculty of Applied Economics
Institute of Development Policy and Management
Publication type
article
Publication
Subject
Economics
Source (journal)
AUCO Czech Economic Review
Volume/pages
6(2012) :1 , p. 80-101
ISSN
1802-4696
vabb
c:vabb:327633
Carrier
E
Target language
English (eng)
Affiliation
University of Antwerp
Abstract
This paper proposes project management for a national economy in search for new projects, even with competition between projects. Traditional Cost-Benefit does not respond to this purpose. Indeed Cost-Benefit is only interested in one specific project and not in a competition between projects. In addition all goals (objectives) have to be translated into money terms, leading sometimes to immoral consequences. On the contrary Multi-Objective Optimization takes care of different objectives, whereas the objectives keep their own units. However different methods exist for the application of Multi-Objective Optimization. The author tested them after their robustness resulting in seven necessary conditions for acceptance. Nevertheless these seven conditions concern only Discrete Optimization and not Continuous Optimization or Interactive Multi-Objective Methods. MOORA (Multi-Objective Optimization by Ratio Analysis coupled with Reference Point Theory) and MULTIMOORA (MOORA plus the Full Multiplicative Form), assisted by Ameliorated Nominal Group and Delphi Techniques, satisfy the seven conditions, although in a theoretical way. A simulation exercise illustrates the use of these methods, ideals to be strived for as much as possible.
Full text (open access)
https://repository.uantwerpen.be/docman/irua/3d6281/b011fdd5.pdf
E-info
http://auco.cuni.cz/mag/article/show/id/125
Handle