Please use this identifier to cite or link to this item: https://doi.org/10.1287/mnsc.1120.1653
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dc.titleTotal cost control in project management via satisficing
dc.contributor.authorGoh, J.
dc.contributor.authorHall, N.G.
dc.date.accessioned2014-12-12T07:04:29Z
dc.date.available2014-12-12T07:04:29Z
dc.date.issued2013-06
dc.identifier.citationGoh, J., Hall, N.G. (2013-06). Total cost control in project management via satisficing. Management Science 59 (6) : 1354-1372. ScholarBank@NUS Repository. https://doi.org/10.1287/mnsc.1120.1653
dc.identifier.issn00251909
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/114888
dc.description.abstractWe consider projects with uncertain activity times and the possibility of expediting, or crashing, them. Activity times come from a partially specified distribution within a family of distributions. This family is described by one or more of the following details about the uncertainties: support, mean, and covariance. We allow correlation between past and future activity time performance across activities. Our objective considers total completion time penalty plus crashing and overhead costs. We develop a robust optimization model that uses a conditional value-at-risk satisficing measure. We develop linear and piecewise-linear decision rules for activity start time and crashing decisions. These rules are designed to perform robustly against all possible scenarios of activity time uncertainty, when implemented in either static or rolling horizon mode. We compare our procedures against the previously available Program Evaluation and Review Technique and Monte Carlo simulation procedures. Our computational studies show that, relative to previous approaches, our crashing policies provide both a higher level of performance, i.e., higher success rates and lower budget overruns, and substantial robustness to activity time distributions. The relative advantages and information requirements of the static and rolling horizon implementations are discussed. © 2013 INFORMS.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1287/mnsc.1120.1653
dc.sourceScopus
dc.subjectLinear decision rule
dc.subjectProject management
dc.subjectRobust optimization and satisficing
dc.subjectTime and cost control under uncertainty
dc.typeArticle
dc.contributor.departmentDECISION SCIENCES
dc.description.doi10.1287/mnsc.1120.1653
dc.description.sourcetitleManagement Science
dc.description.volume59
dc.description.issue6
dc.description.page1354-1372
dc.description.codenMSCIA
dc.identifier.isiut000320295400007
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