Project Selection Method Based on Balanced Scorecard Framework

Article Information
Journal: Business and Economics Research Journal
Title of Article: Project Selection Method Based on Balanced Scorecard Framework
Author(s): Duygu Ece Yilmaz, Figen Antmen
Volume: 10
Number: 5
Year: 2019
Page: 1179-1187
ISSN: 2619-9491
DOI Number: 10.20409/berj.2019.229
Abstract
Project selection is one of the most important decisions for an organisation to achieve its goals and manage its resources effectively. This study aims to develop a project evaluation method using the balanced scorecard (BSC) dimensions. Although the BSC technique has been used in combination with other methods in various fields, such as supplier qualification and project evaluation, the dimensions of the BSC method have not been defined as parameters in the mathematical model of a knapsack problem. By doing so and considering time and budget constraints, the developed mathematical model selects the most suitable projects using the weighted sum of parameters. The performance of the developed model was tested with randomly generated sample data. Sixteen alternatives were assessed to determine the impact of varying dimension coefficients, budgets, project durations and labour requirement constraints to be established by organisations. The model generates consistent results and can be used by organisations at the project and investment evaluation step.

Keywords: Project Selection, Balanced Scorecard, Knapsack Problem, Decision Support Systems

JEL Classification: G11, D81, C61

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