A novel project portfolio selection framework towards organizational resilience: Robust Ordinal Priority Approach

Area of Science:

• Project Management
• Organizational Resilience
• Business Strategy

Background:

• The COVID-19 pandemic highlighted economic vulnerabilities and construction project disruptions.
• Project-oriented organizations need robust strategies to manage risks and minimize recovery times.
• Establishing business operations based on resilience is crucial for flexibility and risk mitigation.

Purpose of the Study:

• To propose a practical conceptual framework for selecting project portfolios aligned with organizational resilience strategies.
• To guide project-oriented organizations in making informed decisions amidst disruptions.
• To enhance business adaptability and risk management capabilities.

Main Methods:

• Portfolio identification and project clustering using Elbow and Fuzzy C-Means methods based on resilience strategy.
• Project scoring determined by stakeholder opinions and the Robust Ordinal Priority Approach (OPA-R) to handle data uncertainty.
• Portfolio scoring and selection based on aggregated project scores linked to organizational resilience.

Main Results:

• A framework for selecting optimal project portfolios based on organizational resilience was developed.
• The study demonstrates a method for quantifying project and portfolio alignment with resilience goals.
• The Robust Ordinal Priority Approach (OPA-R) effectively managed uncertainty in stakeholder input.

Conclusions:

• The proposed framework provides a systematic approach for project portfolio selection to bolster organizational resilience.
• Managers can utilize this method to improve strategic decision-making and enhance preparedness for future disruptions.
• Implementing resilience-based portfolio selection strengthens project-oriented organizations against economic and operational challenges.