Resource Leveling of an Artificial Lake Construction Project with a Risk-Aware Approach

Georgios K. Koulinas (), Konstantinos A. Sidas and Dimitrios E. Koulouriotis
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Georgios K. Koulinas: Democritus University of Thrace
Konstantinos A. Sidas: Hellenic Open University
Dimitrios E. Koulouriotis: Democritus University of Thrace

A chapter in Operational Research in the Era of Digital Transformation and Business Analytics, 2023, pp 159-167 from Springer

Abstract: Abstract This work examines risk factors that affect the duration of activities and the overall project timeline. Initially, statistical distributions are used to express the uncertainty of project time completion, and then, Monte Carlo Simulation is used to estimate the actual level of risk that each activity and the total project are exposed to. Next, we used the computed level of risk to construct a list of activities sorted by ascending risk level—this activities’ list was used as the priority list while performing the resource leveling process. The basic contribution of this study is the introduction of an approach that uses the level of risk to prioritize each activity during the assignment of constrained resources while minimizing resource usage fluctuations. The proposed approach is applied to estimate the impact of the risks to the total project duration of an artificial lake construction project and level constrained resources with respect to the activities’ risks.

Keywords: Uncertainty; Resource leveling; Monte Carlo simulation; Delay; Priorities (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-24294-6_17

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DOI: 10.1007/978-3-031-24294-6_17

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