Fostering Project Scheduling and Controlling Risk Management
AbstractDeployment of emerging technologies and rapid change in industries has created a lot of risk for initiating the new projects. Many techniques and suggestions have been introduced but still lack the gap from various prospective. This paper proposes a reliable project scheduling approach. The objectives of project scheduling approach are to focus on critical chain schedule and risk management. Several risks and reservations exist in projects. These critical reservations may not only foil the projects to be finished within time limit and budget, but also degrades the quality, and operational process. In the proposed approach, the potential risks of project are critically analyzed. To overcome these potential risks, fuzzy failure mode and effect analysis (FMEA) is introduced. In addition, several affects of each risk against each activity are evaluated. We use Monte Carlo simulation that helps to calculate the total time of project. Our approach helps to control risk mitigation that is determined using event tree analysis and fault tree analysis. We also implement distribute critical chain schedule for reliable scheduling that makes the project to be implemented within defined plan and schedule. Finally, adaptive procedure with density (APD) is deployed to get reasonable feeding buffer time and project buffer time.
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Bibliographic InfoPaper provided by arXiv.org in its series Papers with number 1210.2021.
Date of creation: Oct 2012
Date of revision:
Publication status: Published in International Journal of Business and Social Science Volume 3(14) Special Issue July 2012
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Web page: http://arxiv.org/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-20 (All new papers)
- NEP-PPM-2012-10-20 (Project, Program & Portfolio Management)
- NEP-RMG-2012-10-20 (Risk Management)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Herroelen, Willy & Leus, Roel, 2001. "On the merits and pitfalls of critical chain scheduling," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/101431, Katholieke Universiteit Leuven.
- Elmaghraby, SE & Herroelen, Willy & Leus, Roel, 2003. "Note on the paper resource-constrained project management using enhanced theory of constraints," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/122539, Katholieke Universiteit Leuven.
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