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Optimal Time-Cost Trade-Offs in GERT Networks

Author

Listed:
  • S. Arisawa

    (North Carolina State University)

  • S. E. Elmaghraby

    (North Carolina State University)

Abstract

Optimal time-cost trade-offs in deterministic networks of the CPM-type have been neatly resolved by Fulkerson. In the case of GERT-type networks, the problem is complicated by the randomness in the duration of the activity and in the likelihood of its existence. Assuming linear relationships between additional investments and expected duration and additional cost, a model is formulated in which we seek the maximization of the marginal reduction in duration per unit of investment. This, in turn, leads to a fractional linear program whose solution is obtained easily.

Suggested Citation

  • S. Arisawa & S. E. Elmaghraby, 1972. "Optimal Time-Cost Trade-Offs in GERT Networks," Management Science, INFORMS, vol. 18(11), pages 589-599, July.
    • Handle: RePEc:inm:ormnsc:v:18:y:1972:i:11:p:589-599
    DOI: 10.1287/mnsc.18.11.589
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    Cited by:

    1. Tao, Liangyan & Wu, Desheng & Liu, Sifeng & Lambert, James H., 2017. "Schedule risk analysis for new-product development: The GERT method extended by a characteristic function," Reliability Engineering and System Safety, Elsevier, vol. 167(C), pages 464-473.
    2. Azaron, Amir & Tavakkoli-Moghaddam, Reza, 2007. "Multi-objective time-cost trade-off in dynamic PERT networks using an interactive approach," European Journal of Operational Research, Elsevier, vol. 180(3), pages 1186-1200, August.
    3. 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.
    4. Ricardo Ródenas & M. López & Doroteo Verastegui, 1999. "Extensions of Dinkelbach's algorithm for solving non-linear fractional programming problems," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 7(1), pages 33-70, June.

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