A fast and elitist multiobjective genetic algorithm: NSGA-II
IEEE Transactions on Evolutionary Computation
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This paper proposes a multiobjective heuristic search approach to support a project portfolio selection technique on scenarios with a large number of candidate projects. The original formulation for the technique requires analyzing all combinations of candidate projects, which is unfeasible when more than a few alternatives are available. We have used a multiobjective genetic algorithm to partially explore the search space of project combinations and select the most effective ones. We present an experimental study based on four project selection problems that compares the results found by the genetic algorithm to those yielded by a non-systematic search procedure. Results show evidence that the project selection technique can be used in large-scale scenarios and that GA presents better results than simpler search strategy.