Date of Graduation

12-2014

Document Type

Thesis

Degree Name

Master of Science in Industrial Engineering (MSIE)

Degree Level

Graduate

Department

Industrial Engineering

Advisor

Gregory S. Parnell

Committee Member

Edward A. Pohl

Second Committee Member

Manuel D. Rossetti

Keywords

Construction Decision, Industrial Engineering, MODA, Operations Research, Portfolio Decision Analysis, Value Hierarchy

Abstract

A portfolio decision analysis strategic planning tool was developed for the Facilities Management Office at the University of Arkansas. The tool provides information to support budget allocation decisions based on their Strategic Planning Project List, project attributes (e.g, seat utilization, scheduling preferences, and sustainability rank), and budget constraints. The projects are evaluated using multiobjective decision analysis. We introduce dynamic value functions, which vary the range of the value measures based on the planning horizon, to evaluate the projects). We determine facilities portfolios based on the project values and constraints using Linear Programming. In addition, insightful reports are generated, which provide the stakeholders and decision makers visibility in the data trends that might affect the budget allocation in the future (e.g., student enrollment, fees increase).

FAMA_Tool.xlsm (1892 kB)