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Harmonization simulation model for managing several stochastic projects

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  • Menipaz, Ehud
  • Ben-Yair, Avner

Abstract

A highly complicated project management system including several simultaneously realized PERT-COST type network projects, is considered. The projects are of different importance and significance; for each project its corresponding priority index is pre-given. The total budget at the project management disposal to carry out all the projects, is limited. Given for each project its priority value, the problem is to determine optimal budget assignments and optimal due dates of accomplishing each project, to maximize the weighted sum of the projects’ utilities. The problem centers on maximizing the system’s utility by implementing the harmonization model for each single project, which has been outlined in our previous publication [Math. Comput. Simul. (2002)]. Thus, the paper under consideration is an essential extension of that publication.

Suggested Citation

  • Menipaz, Ehud & Ben-Yair, Avner, 2002. "Harmonization simulation model for managing several stochastic projects," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 61(1), pages 61-66.
    • Handle: RePEc:eee:matcom:v:61:y:2002:i:1:p:61-66
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    References listed on IDEAS

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    1. Menipaz, Ehud & Ben-Yair, Avner, 2002. "Three-parametrical harmonization model in project management by means of simulation," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 59(5), pages 431-436.
    2. Deckro, Richard F. & Winkofsky, E. P. & E. Hebert, John & Gagnon, Roger, 1991. "A decomposition approach to multi-project scheduling," European Journal of Operational Research, Elsevier, vol. 51(1), pages 110-118, March.
    3. Golenko-Ginzburg, Dimitri & Gonik, Aharon & Kesler, Shmuel, 1996. "Hierarchical decision-making model for planning and controlling stochastic projects," International Journal of Production Economics, Elsevier, vol. 46(1), pages 39-54, December.
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    Cited by:

    1. Qin, Rui & Liu, Yan-Kui, 2010. "Modeling data envelopment analysis by chance method in hybrid uncertain environments," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 80(5), pages 922-950.

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