A Novel Heuristic, Based on a New Robustness Concept, for Multi-Objective Project Portfolio Optimization

•The problem of multi-objective project portfolio optimization with interval uncertainties is addressed.•A resource-wise robustness measure of a portfolio, based on the resource waste degree of that portfolio is defined.•A new objective-wise robustness index of a portfolio, based on the preferential weights of that portfolio is presented.•The relationship between the two newly defined resource-wise and objective-wise robustness index of a portfolio is deduced.•A new and accurate algorithm for generating robust portfolios is provided and applied in a case study in the port industry.