Devising a method for assessing the efficiency of a project portfolio based on a multi-criteria approach

Factors of flexibility and dynamic response to changes become important for projects implemented under conditions of economic and political instability, which affects the adoption of strategic decisions. Therefore, processes related to the assessment of the effectiveness of projects and the project portfolio as a whole, which is the object of this study, become important. The task addressed in this study is to increase the effectiveness of projects by making optimal management decisions that make it possible to achieve the set goals at minimal cost, based on relevant, current information. The result of this study is a method for assessing the effectiveness of a project portfolio. This method was devised based on the application of the Pareto multi-criteria approach, which would provide the opportunity to obtain a comprehensive assessment and make management decisions in dynamics, taking into account current priorities and constraints. In the process of formalizing the process of assessing the effectiveness of IT projects, it is important to solve the problem that boils down to choosing the optimal alternative among a set of permissible performance indicators. Therefore, the proposed method for assessing the effectiveness of an IT project portfolio is characterized by the features of definition and structuring according to efficiency criteria of various kinds and nature. Within the framework of the method, a model of multi-criteria Pareto assessment of the effectiveness of an IT project portfolio has been built. This model will provide the possibility of operational assessment of project effectiveness and will facilitate the adoption of strategic decisions based on the received current data. The result of applying this method is an increase in project effectiveness by avoiding overspending of resources and losses in the project by 7–10%, which contributes to an increase in the overall effectiveness of the project portfolio