Stochastic Project Scheduling with No Resource Constraints

Gündüz Ulusoy and Öncü Hazır
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Gündüz Ulusoy: Sabancı University
Öncü Hazır: Rennes School of Business

Chapter Chapter 6 in An Introduction to Project Modeling and Planning, 2021, pp 167-198 from Springer

Abstract: Abstract Uncertainty is inherent in every project as managers usually do not have full information about the resources and the work and the business environment in many cases. We present the basic models and methods of scheduling in cases of uncertainty. We focus on the variability of activity durations, address how to represent the durations using probability distributions and list the modeling assumptions. In this context, we introduce the characteristics of the Beta distribution, describe how to use the Program Evaluation and Review Technique (PERT) to minimize the expected project duration, and discuss the advantages and shortcomings of this method. We then consider the PERT-Costing method, which extends PERT to minimizing the expected project cost. Monte-Carlo simulation is applied to uncertainty both in activity duration and activity cost.

Keywords: Uncertainty modeling; Stochastic project scheduling; Program evaluation and review technique; PERT-costing; Monte-Carlo simulation (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-61423-2_6

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DOI: 10.1007/978-3-030-61423-2_6

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