The evaluation of projects portfolio effectiveness is a complex and diverse topic linked to the strategic planning, the efficiency of project implementation teams, the social and economic environment, the availability of resources etc. The appropriate projects selection constitutes one of the key points to ensure the total portfolio success by including different selection criteria regards not only to projects efficiency but also to their effectiveness. Efficiency reflects whether the project management team used effectively the organization’s resources in order to accomplish the initial plan and project goals, while effectiveness determines whether the results of a project meet the objectives set by the organization’s top management team. In this chapter we are discussing an approach for the selection and evaluation of projects portfolio based on two multicriteria methodological frames: (a) The Multi Criteria UTA(*) method of Disaggregation—Aggregation approach (D-A) with which the alternative actions are evaluated according to the business strategic objectives and (b) the Multi-objective (0–1) Linear Programming techniques, which are utilised to select a subset of the alternative projects considering the estimated with the D-A approach multicriteria global values of the alternative projects, the additional objectives related to the external environment, the internal and external policy restrictions, the availability of resources and the specific market conditions. The incorporation of stochastic criteria into the analysis to evaluate the alternative projects under uncertainty is also presented in the following sections. The aforementioned approaches are illustrated through a case study concerning the projects portfolio selection of a contraction firm.