Parallel Strategies in Development Projects
It is common in R & D to identify and explore several approaches to a particular objective so that the best approach may be chosen. The outcome of any approach is uncertain; hence, it is difficult to choose the best one at an early date. To deal with this uncertainty, two or more approaches to the objective may be continued in parallel until a clear choice can be made, i.e., a parallel strategy. Such a strategy can provide better information for a decision, maintain options, or hedge against the occurrence of an unsatisfactory outcome. This report addresses the project manager's problem of deciding when to use or continue a parallel strategy. It reports the results of studies of actual projects and of a digital simulation analysis of a model appropriate to the structure of the decision as it is faced in practice. It identifies the information requirements for a sound choice between parallel and sequential strategies and the consequence of choosing a strategy on the basis of incomplete information. The report demonstrates the feasibility of collecting the requisite economic data in actual projects and suggests that it is costly for project managers to ignore such data.
Volume (Year): 15 (1969)
Issue (Month): 10 (June)
|Contact details of provider:|| Postal: 7240 Parkway Drive, Suite 300, Hanover, MD 21076 USA|
Web page: http://www.informs.org/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:15:y:1969:i:10:p:b486-b505. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc)
If references are entirely missing, you can add them using this form.