Harmonization simulation model for managing several stochastic projects

Ehud Menipaz, Avner Ben-Yair

Research output: Contribution to journalArticlepeer-review

4 Scopus citations

Abstract

A highly complicated project management system including several simultaneously realized PERT-COST type network projects, is considered. The projects are of different importance and significance; for each project its corresponding priority index is pre-given. The total budget at the project management disposal to carry out all the projects, is limited. Given for each project its priority value, the problem is to determine optimal budget assignments and optimal due dates of accomplishing each project, to maximize the weighted sum of the projects' utilities. The problem centers on maximizing the system's utility by implementing the harmonization model for each single project, which has been outlined in our previous publication [Math. Comput. Simul. (2002)]. Thus, the paper under consideration is an essential extension of that publication. The system's harmonization model comprises two levels. At the upper level a high-speed lookover search algorithm is implemented, together with a partial harmonization model to determine the projects' reliability values. At the lower level a linear programming model is imbedded under certain assumptions.

Original languageEnglish
Pages (from-to)61-66
Number of pages6
JournalMathematics and Computers in Simulation
Volume61
Issue number1
DOIs
StatePublished - 1 Nov 2002

Keywords

  • Budget reassignment among several projects
  • Harmonization model
  • Linear programming algorithm
  • Partial harmonization model
  • System's utility

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