Managing Portfolios of Projects under Uncertainty

Linda Nozick (), Mark Turnquist () and Ningxiong Xu ()

Annals of Operations Research, 2004, vol. 132, issue 1, 243-256

Abstract: Managers of projects and multi-project programs often face considerable uncertainty in the duration and outcomes of specific tasks, as well as in the overall level of resources required by tasks. They must decide, in these uncertain conditions, how to allocate and manage scarce resources across many projects that have competing needs. This paper develops a nonlinear mixed-integer programming model for optimizing the resource allocations to individual tasks to minimize the completion times of a collection of projects. The model contains a very flexible representation of the effects of changing resource allocations on the probability distribution of task duration, so it can accommodate a wide variety of practical situations. A heuristic solution procedure is proposed that works quite effectively. An illustration involving a collection of bridge construction projects is provided. Copyright Kluwer Academic Publishers 2004

Keywords: project scheduling; uncertainty; optimization (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1023/B:ANOR.0000045285.12058.03 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:annopr:v:132:y:2004:i:1:p:243-256:10.1023/b:anor.0000045285.12058.03

Ordering information: This journal article can be ordered from
http://www.springer.com/journal/10479

DOI: 10.1023/B:ANOR.0000045285.12058.03

Access Statistics for this article

Annals of Operations Research is currently edited by Endre Boros

More articles in Annals of Operations Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().