Model based on system dynamics for project portfolio management in industries

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Carmelina Rosario Cadenas Anaya
https://orcid.org/0000-0001-8336-1765
Wilfredo Guaita
Carlos Rodriguez Monroy

Abstract

In organizations, one of the biggest challenges lies in strategic decision-making. In the case of Project Portfolio Management, companies have been incorporating classic tools to reduce uncertainty in this process. This document proposes a new model based on system dynamics, with a different approach to classic strategic project management models. Initially a conceptual model constructed using the root definition of the "Soft System Methodology", proposed by the causal relationships proposed by Peter Chekland and Peter Senge, is proposed. Subsequently, the flow model built on the basis of what is proposed by Jhon Sterman is presented. The model translates the interactions of strategic thinking, project portfolio management, project management and production management into a mathematical model that explains the forms of growth and decline in the real system. It was applied in the Colombian poultry sector in order to validate it. The model is a virtual learning environment that reduces uncertainty in strategic decision-making associated with project portfolios.

 

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How to Cite
Cadenas Anaya, C., Guaita, W., & Rodriguez Monroy, C. (2022). Model based on system dynamics for project portfolio management in industries. Journal of Applied Research and Technology, 20(3), 369-386. https://doi.org/10.22201/icat.24486736e.2022.20.3.1122
Author Biographies

Carmelina Rosario Cadenas Anaya, Politécnico Grancolombiano

Leader of Research School of Industrial Engineering

Wilfredo Guaita, University of Guayana

Academic Vice President, University of Guayana

Carlos Rodriguez Monroy, Universidad Rey Juan Carlos

Department of Business Economics (Adm., Dir. And Org.), Applied Economics II and Fundamentals of Economic Analysis