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PROJECT PORTFOLIO OPTIMIZATION AS A PART OF STRATEGY IMPLEMENTATION PROCESS IN SMALL AND MEDIUM-SIZED ENTERPRISES: A METHODOLOGY OF THE SELECTION OF PROJECTS WITH THE AIM TO BALANCE STRATEGY, RISK AND PERFORMANCE

Emil Vacík, Miroslav Špaček, Jiří Fotr, Lukáš Kracík

Project Portfolio Management (PPM) deals with the coordination and control of multiple projects that pursue the same strategic goals and compete for the same resources, whereby managers prioritize among projects to achieve strategic benefits. PPM deals with simultaneously managing multiple projects and includes defining values, specifying priorities, solving conflicts between projects as well as defining organizational structure and the rules of its functions (Spradlin & Kutoloski, 1999). To provide maximum value to the organization, the portfolio must contain a balance of project types and risk levels as well as limit the number of projects to ensure that all projects can be resourced effectively (Killen, Hunt, & Kleinschmidt, 2008). According to numerous studies, project portfolio management is currently applied in the practice of nearly all modern enterprises (Miguel, 2006).
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SCENARIOS AND THEIR APPLICATION IN STRATEGIC PLANNING

Emil Vacík, Jiří Fotr, Miroslav Špaček, Ivan Souček

The impetus for the origin and development of scenarios or scenario thinking were failures of many strategic decisions based on one projection of the future, specifically on values of fundamental factors which influence consequences of these decisions. A great deal of attention has been paid to scenarios since the 70s of the past century.
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A Multi-Objective Decision Support System for Project Selection with an Application for the Tunisian Textile Industry

Willem Karel M. Brauers, Edmundas Kazimieras Zavadskas

In this paper project selection is proposed as an answer to development planning. Project Selection assumes "that the project to be analysed will constitute a new economic activity…..in practice, however, many projects will only modify an existing economic activity" [42]. In addition different competing projects are considered and a final choice is made by Multiple Objective Optimization.
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