The evaluation of the projects’ effectiveness is usually based on the assessment of the degree that the projects were implemented on time, within budget constraints and with the desired quality levels. This research work proposes an approach for the selection of projects' portfolio and the on-going assessment of its effectiveness based on: a) Multi Criteria Disaggregation -Aggregation approach, where the effectiveness of a project is linked not only to the cost, time and quality factors but also to the business strategic objectives and perspectives and b) in multi-objective (0-1) linear programming techniques, where a set of projects is identified taking into consideration the maximisation of the estimated multicriteria global values and the minimisation of the risk. Conditions related to the availability of the resources and the market competitions are also taken into consideration. An illustration example is used for the presentation of the proposed approach.