Decision-making support system for managing portfolios of energy saving projects at energy-intensive enterprises


  • Valerii Dubrovin National University «Zaporizhzhia Polytechnic», Ukraine
  • Larysa Deineha National University «Zaporizhzhia Polytechnic», Ukraine
  • Valerii Laktionov National University «Zaporizhzhia Polytechnic», Ukraine



decision support system, portfolio management, model Harry Markowitz, Sharpe coefficient, energy saving, energy-intensive enterprises


Purpose. Development of a software complex based on decision-making methods for managing a portfolio of energy-saving projects at energy-intensive enterprises.

Methodology. To solve the problem of managing project portfolios, Markowitz's portfolio theory of financial investments was chosen, which allows for the most profitable distribution of portfolio risk and performing income assessment using optimization methods. In combination with this theory, it was determined to use the methods of finding the maximum Sharpe ratio, as well as the minimum volatility based on a data package of randomly generated portfolios.

Findings. As a result of the work performed, a software system was developed, which has in its functionality the automatic download of a data package of selected shares for the specified period of time from the electronic resource, generates a random portfolio and performs its optimization by maximizing the Sharpe ratio and minimizing the volatility of the portfolio. Also, the program has the ability to display the results of optimization of the generated portfolio in the form of tables and graphs.

The decision support system for managing portfolios of energy-saving projects was considered through its generalization to methods of optimizing investment portfolios, but taking into account the specifics of the subject area.

The software complex was tested on a data set of share prices in energy-intensive enterprises. Graphical data and tables obtained as a result of system operation allow the program user to evaluate fully the created energy saving project portfolio.

Originality.  The developed software system combines right away several methods, namely: methods of optimizing an investment portfolio according to Markowitz's portfolio theory, methods of finding the maximum Sharpe ratio and methods of finding minimum volatility. This solution allows you to use the system to solve a wide range of tasks.

Practical value. The completed development makes it possible to optimize conveniently the investment portfolios for various assets, which makes it possible to use the development of energy saving project portfolio management in energy-intensive enterprises. Also, the system can serve as a basis for such developments.

Author Biographies

Valerii Dubrovin, National University «Zaporizhzhia Polytechnic»

Ph.D, Professor, Software Tools Department, National University «Zaporizhzhia Polytechnic», Zaporizhzhia, Ukraine

Larysa Deineha, National University «Zaporizhzhia Polytechnic»

Senior lecturer, Software Tools Department, National University «Zaporizhzhia Polytechnic», Zaporizhzhia, Ukraine

Valerii Laktionov, National University «Zaporizhzhia Polytechnic»

Student, Software Tools Department, National University «Zaporizhzhia Polytechnic», Zaporizhzhia, Ukraine


O. O. Veremeyenko (2018) Otsinka enerhoefektyvnos-ti pidpryiemstv mashynobuduvannia ta rozroblennia proektiv z yii pidvyshchennia [Energy efficiency as-sessment of machine-building enterprises and devel-opment of projects to increase it]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia : Mizhnarodni ekonomichni vidnosyny ta svitove hos-podarstvo. 19(1), 43-46. (in Ukrainian.)

Weber, B. W. (2008). Financial DSS: Systems for sup-porting investment decisions. Handbook on Decision Support Systems 2. Springer Berlin Heidelberg, 419–442.

Kiyko, S. T. (2014) Systema pidtrymky pryiniattia rishen pry uprav-linni hroshovymy potokamy proek-tiv pidpryiemstva [Decision-making support system for cash flow management of enterprise projects]. Radioelektronni ta kompiuterni systemy, 4 (68), 145-149. ISSN 1814-4225 (in Ukrainian.)

Kravchenko, T. K. (2014) Systemy pidtrymky pryini-attia rishen v otsintsi efektyvnosti investytsiinykh proektiv u telekomu-nikatsiinii sferi [Decision support systems in evaluating the effectiveness of investment projects in the telecommunications sphere Prykladna informatyka, 5 (53), 119-132. ISSN 1993-8314 (in Ukrainian.)

Zhang, S. X., Babovic, V. (2011) An Evolutionary Real Options Framework for the Design and Management of Projects and Systems with Complex Real Options and Exercising Conditions. Decision Support Sys-tems, 51, 1, 119–129.

Olteanu Alin Paul. (2011) A Decision Support System (DSS) for Project Management in the Biodiesel In-dustry. Informatica Economica, 15, 4, 189–202.

Barelli, L., Belloni, E., Bidini, G., Buratti, C., Pinchi E.M. (2021) Development of a Decisional Procedure Based on Fuzzy Logic for the Energy Retrofitting of Buildings. Sustainability, 13, 9318, 6-12.

Lin, C., Hsieh, P.-J. (2004). A fuzzy decision support system for strategic portfolio management. In Deci-sion Support Systems, 38, 3, 383–398.

Dubrovin V.I., Deineha, L.Y., Laktionov V.V. (2022) Enerhozberezhennia na enerhoiemnykh pidpryiem-stvakh [Energy saving at energy-intensive enterpris-es]. Elektrotekhnika ta elektroenerhetyka, 2, 58-68. (in Ukrainian.)

Casanova, Isidoro J. (2012). Portfolio Investment Decision Support System Based on a Fuzzy Infer-ence System. Studies in Computational Intelligence, 399, 184-187.

H. Zarei, M. H. Fazel Zarandi, & M. Karbasian. (2009). A New Fuzzy Dss/Es For Stock Portfolio Se-lection Using Technical And Fundamental Ap-proaches In Parallel. Zenodo, pp. 1-4.

Breen, W. (1968) Specific versus General Models of Portfolio Selection. Oxford Economic Papers, No-vember, 361- 368.

Markowitz, H. (1952) Portfolio selection. Journal of Finance, 7(1), 77–91.

Dong, J., Du, H. S., Wang, S., Chen, K., Deng, X. (2004) A framework of Web-based Decision Support Systems for portfolio selection with OLAP and PVM. Decision Support Systems, 37, 367–376.

Yahoo Finance - Stock Market Live, Quotes, Busi-ness & Finance News [Electronic resource]. - Access mode:

Pandas-datareader [Electronic resource]. – Access mode:

Performance Evaluation of Two Optimal Portfolios by Sharpe's Ratio [Electronic resource]. – Access mode:'s_.



How to Cite

Dubrovin, V., Deineha, L., & Laktionov, V. (2023). Decision-making support system for managing portfolios of energy saving projects at energy-intensive enterprises. Electrical Engineering and Power Engineering, (4), 24–32.



Automation and computer-integrated technologies