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The Stochastic Discrete Time-Cost Tradeoff Problem with Decision-Dependent Uncertainty

In: Handbook on Project Management and Scheduling Vol. 2

Author

Listed:
  • Evelina Klerides

    (Imperial College London)

  • Eleni Hadjiconstantinou

    (Imperial College London
    Frederick University)

Abstract

In this chapter we examine how managerial flexibility can be incorporated into project management techniques where project activities are executed under time-cost tradeoff settings and uncertainty. We advocate the use of a stochastic dynamic model where the activity scheduling decisions are taken dynamically over time thus offering flexibility to the decision maker of adjusting the decisions according to observations. To this end, we show that the problem is amenable to a Multi-Stage Stochastic Integer Programming approach with decision-dependent uncertainty as the decisions influence the revelation time of the random variables. We present the mathematical formulation of this problem and develop algorithmic approaches for obtaining effective lower and upper bounds. Our extensive computational results, based on a large number of test instances of varying size and degree of uncertainty, demonstrate the effectiveness of the proposed approaches in finding tight bounds for a class of non-standard stochastic programs bearing additional computational complexity.

Suggested Citation

  • Evelina Klerides & Eleni Hadjiconstantinou, 2015. "The Stochastic Discrete Time-Cost Tradeoff Problem with Decision-Dependent Uncertainty," International Handbooks on Information Systems, in: Christoph Schwindt & Jürgen Zimmermann (ed.), Handbook on Project Management and Scheduling Vol. 2, edition 127, chapter 0, pages 781-809, Springer.
    • Handle: RePEc:spr:ihichp:978-3-319-05915-0_6
    DOI: 10.1007/978-3-319-05915-0_6
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