Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Brazilian Journal of Operations & Production Management (Online) |
Texto Completo: | https://bjopm.org.br/bjopm/article/view/1252 |
Resumo: | Goal: The present work aims to improve the project portfolio selection processes under uncertainty of pharmaceutical companies by integrating two Multicriteria Decision Making (MCDM) methods in a fuzzy environment: the AHP and the VIKOR methods. Design / Methodology / Approach: We employed normative axiomatic modeling as the methodology for our work. The MCDM are subjective methods representing decision-makers preferences and assisting the project portfolio selection process. Thus, the model is founded on integrating the fuzzy-AHP and fuzzy-VIKOR methods; the first one determines the importance of the company's strategy and the second for elaborating the project ranking. We validated this methodology in a Brazilian subsidiary of one of the biggest pharmaceutical enterprises worldwide. Results: The developed model considers the evaluators' scores' indecision, enhancing the project portfolio selection process and optimizing its decision-making. Limitations of the investigation: The proposed method does not verify the correlation, interdependence, or cannibalization between the criteria and the projects, which are common limitations to MCDM subjective approaches. In addition, resource constraints are not considered and scheduling routines. Practical implications: The pharmaceutical market is heated by the increase in life expectancy, greater access to medications, and the most recurrent disease outbreaks, resulting in greater competitiveness, increasing the need for companies to seek greater strategic projects selection efficiency. Originality / Value: A well-structured and assertive project portfolio selection becomes extremely important for the pharmaceutical market to keep the company competitive in the market, which explains the importance of this work. |
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Brazilian Journal of Operations & Production Management (Online) |
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Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical companyAHPVIKORFuzzyMCDMPharmaceutical IndustryPPSGoal: The present work aims to improve the project portfolio selection processes under uncertainty of pharmaceutical companies by integrating two Multicriteria Decision Making (MCDM) methods in a fuzzy environment: the AHP and the VIKOR methods. Design / Methodology / Approach: We employed normative axiomatic modeling as the methodology for our work. The MCDM are subjective methods representing decision-makers preferences and assisting the project portfolio selection process. Thus, the model is founded on integrating the fuzzy-AHP and fuzzy-VIKOR methods; the first one determines the importance of the company's strategy and the second for elaborating the project ranking. We validated this methodology in a Brazilian subsidiary of one of the biggest pharmaceutical enterprises worldwide. Results: The developed model considers the evaluators' scores' indecision, enhancing the project portfolio selection process and optimizing its decision-making. Limitations of the investigation: The proposed method does not verify the correlation, interdependence, or cannibalization between the criteria and the projects, which are common limitations to MCDM subjective approaches. In addition, resource constraints are not considered and scheduling routines. Practical implications: The pharmaceutical market is heated by the increase in life expectancy, greater access to medications, and the most recurrent disease outbreaks, resulting in greater competitiveness, increasing the need for companies to seek greater strategic projects selection efficiency. Originality / Value: A well-structured and assertive project portfolio selection becomes extremely important for the pharmaceutical market to keep the company competitive in the market, which explains the importance of this work.Brazilian Association for Industrial Engineering and Operations Management (ABEPRO)2022-05-11info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionResearch paperapplication/pdfhttps://bjopm.org.br/bjopm/article/view/125210.14488/BJOPM.2022.008Brazilian Journal of Operations & Production Management; Vol. 19 No. 3 (2022); 1-192237-8960reponame:Brazilian Journal of Operations & Production Management (Online)instname:Associação Brasileira de Engenharia de Produção (ABEPRO)instacron:ABEPROenghttps://bjopm.org.br/bjopm/article/view/1252/1018Copyright (c) 2021 Guilherme Martins de Souza, Erivelton Antonio Santos, Carlos Eduardo Sanches Silva, Dalton Garcia Borges de Souzahttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSouza, Guilherme Martins deSantos, Erivelton AntonioSilva, Carlos Eduardo Sanches Souza, Dalton Garcia Borges de2022-06-13T20:41:20Zoai:ojs.bjopm.org.br:article/1252Revistahttps://bjopm.org.br/bjopmONGhttps://bjopm.org.br/bjopm/oaibjopm.journal@gmail.com2237-89601679-8171opendoar:2023-03-13T09:45:28.588140Brazilian Journal of Operations & Production Management (Online) - Associação Brasileira de Engenharia de Produção (ABEPRO)false |
dc.title.none.fl_str_mv |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
title |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
spellingShingle |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company Souza, Guilherme Martins de AHP VIKOR Fuzzy MCDM Pharmaceutical Industry PPS |
title_short |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
title_full |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
title_fullStr |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
title_full_unstemmed |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
title_sort |
Integrating fuzzy-MCDM methods to select project portfolios under uncertainty: the case of a pharmaceutical company |
author |
Souza, Guilherme Martins de |
author_facet |
Souza, Guilherme Martins de Santos, Erivelton Antonio Silva, Carlos Eduardo Sanches Souza, Dalton Garcia Borges de |
author_role |
author |
author2 |
Santos, Erivelton Antonio Silva, Carlos Eduardo Sanches Souza, Dalton Garcia Borges de |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Souza, Guilherme Martins de Santos, Erivelton Antonio Silva, Carlos Eduardo Sanches Souza, Dalton Garcia Borges de |
dc.subject.por.fl_str_mv |
AHP VIKOR Fuzzy MCDM Pharmaceutical Industry PPS |
topic |
AHP VIKOR Fuzzy MCDM Pharmaceutical Industry PPS |
description |
Goal: The present work aims to improve the project portfolio selection processes under uncertainty of pharmaceutical companies by integrating two Multicriteria Decision Making (MCDM) methods in a fuzzy environment: the AHP and the VIKOR methods. Design / Methodology / Approach: We employed normative axiomatic modeling as the methodology for our work. The MCDM are subjective methods representing decision-makers preferences and assisting the project portfolio selection process. Thus, the model is founded on integrating the fuzzy-AHP and fuzzy-VIKOR methods; the first one determines the importance of the company's strategy and the second for elaborating the project ranking. We validated this methodology in a Brazilian subsidiary of one of the biggest pharmaceutical enterprises worldwide. Results: The developed model considers the evaluators' scores' indecision, enhancing the project portfolio selection process and optimizing its decision-making. Limitations of the investigation: The proposed method does not verify the correlation, interdependence, or cannibalization between the criteria and the projects, which are common limitations to MCDM subjective approaches. In addition, resource constraints are not considered and scheduling routines. Practical implications: The pharmaceutical market is heated by the increase in life expectancy, greater access to medications, and the most recurrent disease outbreaks, resulting in greater competitiveness, increasing the need for companies to seek greater strategic projects selection efficiency. Originality / Value: A well-structured and assertive project portfolio selection becomes extremely important for the pharmaceutical market to keep the company competitive in the market, which explains the importance of this work. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-05-11 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Research paper |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://bjopm.org.br/bjopm/article/view/1252 10.14488/BJOPM.2022.008 |
url |
https://bjopm.org.br/bjopm/article/view/1252 |
identifier_str_mv |
10.14488/BJOPM.2022.008 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://bjopm.org.br/bjopm/article/view/1252/1018 |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Brazilian Association for Industrial Engineering and Operations Management (ABEPRO) |
publisher.none.fl_str_mv |
Brazilian Association for Industrial Engineering and Operations Management (ABEPRO) |
dc.source.none.fl_str_mv |
Brazilian Journal of Operations & Production Management; Vol. 19 No. 3 (2022); 1-19 2237-8960 reponame:Brazilian Journal of Operations & Production Management (Online) instname:Associação Brasileira de Engenharia de Produção (ABEPRO) instacron:ABEPRO |
instname_str |
Associação Brasileira de Engenharia de Produção (ABEPRO) |
instacron_str |
ABEPRO |
institution |
ABEPRO |
reponame_str |
Brazilian Journal of Operations & Production Management (Online) |
collection |
Brazilian Journal of Operations & Production Management (Online) |
repository.name.fl_str_mv |
Brazilian Journal of Operations & Production Management (Online) - Associação Brasileira de Engenharia de Produção (ABEPRO) |
repository.mail.fl_str_mv |
bjopm.journal@gmail.com |
_version_ |
1797051461719293952 |