The project portfolio selection (PPS) problem consists of constructing a project portfolio, that is, a selection of projects scheduled over a period of time using various, potentially conflicting, criteria and resource constraints. The PPS is a well-known problem, recurrently occurring in several applications, with a rich history of approaches for modeling it and a large number of techniques for solving it. In this work we present a model for the PPS problem based on a real-world situation of selection and scheduling of projects in the power generation industry. We also propose a heuristic, based on the metaheuristic GRASP, to solve the problem, and assess its quality and performance through computational experiments. We describe the implementation of a decision support system prototype for the PPS problem that uses the proposed heuristic and includes several usability features that may help decision makers through the selection process. © 2012 IEEE. 3641IEEE Comput. Soc. Tech. Comm. Scalable Comput. (TCSC),University of Cyprus,IEEE,IEEE Computer SocietyCarazo, A., Gómez, T., Molina, J., Herńandez-D́iaz, A., Guerrero, F., Caballero, R., Solving a comprehensive model for multiobjective project portfolio selection (2010) Computers & Operations Research, 37 (4), pp. 630-639Archer, N., Ghasemzadeh, F., An integrated framework for project portfolio selection (1999) International Journal of Project Management, 17 (4), pp. 207-216Cooper, R., Winning at new products: Accelerating the process from idea to launch (2001) Basic BooksHartmann, M., Hassan, A., Application of real options analysis for pharmaceutical R&D project valuation- Empirical results from a survey (2006) Research Policy, 35 (3), pp. 343-354Gustafsson, J., Salo, A., Contingent portfolio programming for the management of risky projects (2005) Operations Research, pp. 946-956Suh, C., Suh, E., Baek, K., Prioritizing telecommunications technologies for long-range R&D planning to the year 2006 (1994) Engineering Management, IEEE Transactions on, 41 (3), pp. 264-275Marler, R., Arora, J., Survey of multi-objective optimization methods for engineering (2004) Structural and Multidisciplinary Optimization, 26 (6), pp. 369-395Duarte, B., Reis, A., Developing a projects evaluation system based on multiple attribute value theory (2006) Computers & Operations Research, 33 (5), pp. 1488-1504Fox, G., Baker, N., Bryant, J., Economic models for R and D project selection in the presence of project interactions (1984) Management Science, pp. 890-902Hu, G., Wang, L., Fetch, S., Bidanda, B., A multi-objective model for project portfolio selection to implement lean and Six Sigma concepts (2008) International Journal of Production Research, 46 (23), pp. 6611-6625Charnes, A., Cooper, W., Goal programming and multiple objective optimizations: Part 1 (1977) European Journal of Operational Research, 1 (1), pp. 39-54Mathieu, R., Gibson, J., A methodology for large-scale R&D planning based on cluster analysis (1993) Engineering Management, IEEE Transactions on, 40 (3), pp. 283-292Carlsson, C., Fullér, R., Heikkilä, M., Majlender, P., A fuzzy approach to R&D project portfolio selection (2007) International Journal of Approximate Reasoning, 44 (2), pp. 93-105Gutjahr, W., Katzensteiner, S., Reiter, P., Stummer, C., Denk, M., Multi-objective decision analysis for competenceoriented project portfolio selection (2010) European Journal of Operational Research, 205 (3), pp. 670-679Mohanty, R., Agarwal, R., Choudhury, A., Tiwari, M., A fuzzy ANP-based approach to R&D project selection: A case study (2005) International Journal of Production Research, 43 (24), pp. 5199-5216Hsieh, T., Liu, H., Genetic algorithm for optimization of infrastructure investment under time-resource constraints (2004) Computer-Aided Civil and Infrastructure Engineering, 19 (3), pp. 203-212Doerner, K., Gutjahr, W., Hartl, R., Strauss, C., Stummer, C., Pareto ant colony optimization with ILP preprocessing in multiobjective project portfolio selection (2006) European Journal of Operational Research, 171 (3), pp. 830-841Crama, Y., Schyns, M., Simulated annealing for complex portfolio selection problems (2003) European Journal of Operational Research, 150 (3), pp. 546-571Festa, P., Resende, M., GRASP: Basic components and enhancements (2011) Telecommunication Systems, 46 (3), pp. 253-271Archer, N., Ghasemzadeh, F., A decision support system for project portfolio selection (1998) International Journal of Technology Management, 16 (1), pp. 105-114Chu, P., Hsu, Y., Fehling, M., A decision support system for project portfolio selection (1996) Computers in Industry, 32 (2), pp. 141-149