State-of-the-art integrated approaches for project portfolio selection

Background Project portfolio selection (PPS) is critical for optimizing resource allocation and aligning projects with strategic goals. However, a holistic review of integrated deterministic and stochastic approaches for project portfolio selection problems (PPSP) is lacking. Methods This study combines scientometric analysis (VOSviewer, Gephi, CiteSpace) with systematic review following PRISMA guidelines. A search of Scopus and Web of Science identified 144 studies after screening and snowballing procedures. Scientometric analyses examined publication trends, collaboration networks, and keyword co-occurrence, while qualitative synthesis categorized approaches into deterministic, stochastic, and hybrid methods. Results PPSP publications have increased substantially since 2011, with “decision-making,” “investments,” and “project portfolio selection” as central topics. Three major research streams were identified: hybrid deterministic, hybrid stochastic, and integrated deterministic-stochastic approaches. Significant gaps include limited attention to social sustainability, inadequate exploration of stochastic approaches, and insufficient focus on large-scale portfolio selection. Conclusions This research consolidates knowledge on integrated PPSP methods, provides data-driven insights into research trends, and identifies critical gaps. Future research should prioritize social sustainability integration, advanced stochastic modeling, scalable methodologies, and empirical validation in real-world settings

Application portfolio management · Modern portfolio theory · Portfolio · Project portfolio management · Scopus · Sustainability · Systematic review · Advanced Multi-Objective Optimization Algorithms · Construction Project Management and Performance · Resource-Constrained Project Scheduling