Title: Multi-criteria decision making and project portfolio management for transport infrastructure investment in Thailand

Authors: Panasin Chungsawanant; Parames Chutima; Chaipong Pongpanich

Addresses: Technopreneurship and Innovation Management Program, Graduate School, Chulalongkorn University, Bangkok, 10330, Thailand ' Department of Industrial Engineering, Faculty of Engineering, Chulalongkorn University, Bangkok, 10330, Thailand; Academy of Science, The Royal Society of Thailand, Thailand ' Sasin Graduate Institute of Business Administration, Chulalongkorn University, Bangkok, 10330, Thailand

Abstract: Transport project selection is always critical in government planning due to limited resources and diverse demands. Project portfolio management (PPM) was proposed in this study to suggest an optimal set of projects under predetermined constraints. With multiple conflicting criteria, comprehensive steps of multi-criteria decision making (MCDM) procedures were proposed in this study. The process begins with a step of pre-screening the projects and selecting the criteria for project evaluation. Sequential steps of: 1) weight determination process using the proportion method; 2) MCDM process using preference ranking organisation method for enrichment evaluations (PROMETHEE) II; 3) constraint consideration process using PROMETHEE V, was proposed to evaluate and select an optimal project portfolio. The study showed that decision making could be successfully done for the transport infrastructure investment with minimal complex calculation steps and questionnaire input from experts.

Keywords: decision making; multi-criteria decision making; MCDM; portfolio management; proportion method; Thailand; transport infrastructure; transport project evaluation; PROMETHEE.

DOI: 10.1504/IJPMB.2023.127882

International Journal of Process Management and Benchmarking, 2023 Vol.13 No.1, pp.47 - 72

Received: 24 Aug 2020
Accepted: 02 Feb 2021
Published online: 21 Dec 2022 *