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A central and frequently contentious issue in public policy analysis is the allocation of funds to competing projects. Public resources for financing social projects are particularly scarce. Very often, the cumulative budget being requested ostensibly overwhelms what can be granted. Moreover, strategic, political and ideological criteria pervade the administrative decisions on such assignments (Peterson, 2005). To satisfy these normative criteria, that underlie either prevalent public policies or governmental ideology, it is obviously convenient both to prioritize projects and to construct project-portfolios according to rational principles (e.g., maximizing social benefits). Fernandez et al. (2009a) assert that public projects may be characterized as follows.

Public Portfolio Selection Combining Genetic Algorithms and Mathematical Decision Analysis