Multi-period models for optimizing a university's project portfolio considering risks and corporate social responsibility

The article proposes specific multi-period optimization models for supporting decision-making in selecting a project portfolio as part of the program for a university's strategic development. The allowance for risks is made under the portfolio theory by H. Markowitz using the scenario-based approach. For the target function the author uses a general per-unit utility function whose arguments are levels of attainment of the strategic objectives as a result of implementing the project according to periods with allowance for the significance of objectives and the size of present expenditures on the project, as well as the overall volume of necessary resources. It is expected that the utility of the project will depend on the way increases in the levels of attaining strategic objectives unfold across the periods, while different objectives would preferably require a different pace of increase in their levels. It is also expected that different structures for investing resources across periods will be distinguished in preference. The university's corporate social responsibility is brought out when objectives are set inclusive of the interests of all stakeholders. The article shows an example of applying the proposed models.