A Systematic Approach to Project Portfolio Selection for Economic Development in Municipalities: A Case Study in Vienna, Missouri

Abstract

Economic development is essential for the survival of all municipalities in the United States. Economic growth, created through project implementation, brings new capital into municipalities by increasing the tax base. Smaller municipalities often struggle to implement projects that promote economic growth. These municipalities run into problems because they lack resources to hire an economic consultant and capabilities to independently complete the strategic planning process. This paper describes an easy-to-use and easy-to-implement systematic ten-step approach to project portfolio selection for economic growth within smaller municipalities. Developed from considerable research in the areas of community development, economic analysis, and project portfolio selection, the ten-step approach takes into account the unique needs, limited subject knowledge, and technological constraints of these communities. The ten-step approach first utilizes the scoring method and Cost Benefit Analysis as preliminary project screening steps. Then the Analytical Hierarchy Process is implemented as the portfolio selection technique. By using these methods and taking into account the limited subject knowledge and technological constraints, this process makes it possible for smaller municipalities to independently develop a strategic planning process and successfully implement projects that will promote economic growth.

Meeting Name

29th Annual National Conference of the American Society for Engineering Management (2008: Nov. 12-15, West Point, NY)

Department(s)

Engineering Management and Systems Engineering

Second Department

Psychological Science

Keywords and Phrases

analytical hierarchy process; community development; project implementation; project portfolio management; project portfolio selection; project selection; strategic planning process; technological constraints; cost benefit analysis; financial data processing; investments; management science; project management; strategic planning; taxation; economic analysis; project management; project portfolio management; project selection

Geographic Coverage

Vienna, Missouri

Document Type

Article - Conference proceedings

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 2008 American Society for Engineering Management, All rights reserved.

Publication Date

15 Nov 2008

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