PERT-type projects: time–cost tradeoffs under uncertainty
| العنوان: | PERT-type projects: time–cost tradeoffs under uncertainty |
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| المؤلفون: | Zohar Laslo, Gregory Gurevich |
| المصدر: | SIMULATION. 89:278-293 |
| بيانات النشر: | SAGE Publications, 2011. |
| سنة النشر: | 2011 |
| مصطلحات موضوعية: | Engineering, Operations research, business.industry, Management science, media_common.quotation_subject, Monte Carlo method, Computer Graphics and Computer-Aided Design, Time cost, Actual cost, Modeling and Simulation, Duration (project management), Project management, business, Function (engineering), Software, Anecdotal evidence, Randomness, media_common |
| الوصف: | Factual and anecdotal evidence confirms that investments in projects are inherently risky, as most large projects fail to meet their on-time and on-budget objectives. In one KPMG survey, 67% of the companies said that their project management function was in need of improvement. To address this issue, we examine two currently used procedures for crashing the project completion time by additional budget and develop a new stochastic procedure for this purpose. We consider projects with various patterns of activities, where the randomness of their duration derives from external uncertainty, internal uncertainty or both and where the correlation between their actual cost and random duration is known. The objective is to optimize the budget allocation among project activities, i.e. to determine the optimized activity execution speeds. We aim to minimize the project budget or any chance-constrained project cost, subject to any chance-constrained project completion time. We conduct Monte Carlo comparisons of the relative efficiency of the alternative procedures for crashing the project completion time on PERT-type projects. Broad Monte Carlo simulations confirm that the newly developed procedure can be an efficient tool for project management. |
| تدمد: | 1741-3133 0037-5497 |
| DOI: | 10.1177/0037549711428341 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::9360c1c647c97c8bbe461280e0c40ad7 https://doi.org/10.1177/0037549711428341 |
| Rights: | CLOSED |
| رقم الانضمام: | edsair.doi...........9360c1c647c97c8bbe461280e0c40ad7 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 17413133 00375497 |
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| DOI: | 10.1177/0037549711428341 |