Developing an integrated management system for optimising project options

This paper aims to discuss the development of an integrated management system (IMS) by linking quantitative and qualitative decision parameters with a view to rank and optimise capital projects. Roles and impacts of the non‐financial criteria have been combined with traditional financial criteria for decision‐making and management processes in dynamic project environment.

Both tangible and intangible information associated over project life cycle have been integrated and the dynamic operating environment is evaluated in proactive decision‐making process. In this research, a closed loop feedback system incorporating stakeholder's input with project's business objectives has been developed. The triple bottom line has been employed as decision‐making criteria. While the architecture, communication protocols and conceptual modelling framework of the overall system are briefly discussed, modelling of soft issues and underlying impacts have been discussed in details. The overall functionality of the system has been established incorporating a multi‐criteria decision hierarchy module and a number of intelligent functions. Integration of the system is achieved through a common database and appropriate user's interfaces.

The capability and functionality of the system prototype have been discussed with the focus on a road infrastructure project. Implementation of the model has been highlighted with appropriate examples.

The initial design of the model is based on data gathered from a real life project. The practical implication of the prototype is significant for holistic analysis of investment decisions on complex projects.

The stated modelling technique of soft issues (e.g. overall satisfaction level and stakeholders benefit values) along with project's financial objectives in an integrated framework will benefit all industry sectors.