Three-parametrical harmonization model in project management by means of simulation

Ehud Menipaz, Avner Ben-Yair

Research output: Contribution to journalArticlepeer-review

7 Scopus citations

Abstract

A PERT-COST type project with random activity duration is considered. The project comprises several essential parameters which practically define the quality of the project as a whole: the budget assigned to the project; the project's due date; the project's reliability, i.e. the probability of meeting the project's due date on time. To establish the quality of the project, the concept of the project's utility is introduced. In order to maximize the project's utility, a three-parametrical harmonization model is developed.

Original languageEnglish
Pages (from-to)431-436
Number of pages6
JournalMathematics and Computers in Simulation
Volume59
Issue number5
DOIs
StatePublished - 15 Jun 2002

Keywords

  • Cyclic coordinate search algorithm
  • Project's utility
  • Three-parametrical harmonization model

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