Extending the Multimode Resource-Constrained Project Scheduling Problem by Including Value Considerations

The current trend in modern project management methodologies is to maximize project values. We suggest a quantitative model that balances time, cost, and value. It generates detailed project plans, which are feasible with respect to time, cost, and resource-constraints, and considers interactions be...

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Bibliographic Details
Published in:IEEE transactions on engineering management Vol. 63; no. 1; pp. 4 - 15
Main Authors: Balouka, Noemie, Cohen, Izak, Shtub, Avraham
Format: Journal Article
Language:English
Published: New York IEEE 01.02.2016
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subjects:
Cost reduction
Engineering management
Job shop scheduling
Management theory
Marketing
Mathematical model
Numerical models
Project and R&D management
Project management
project planning
project scheduling
project selection
Resource scheduling
Stakeholders
Studies
Time management
time/cost/performance tradeoffs
Transaction processing
Transmitters
Trends
Project and R&D management
project scheduling
time/cost/performance tradeoffs
project planning
project selection
ISSN:0018-9391, 1558-0040
Online Access:Get full text
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Summary:The current trend in modern project management methodologies is to maximize project values. We suggest a quantitative model that balances time, cost, and value. It generates detailed project plans, which are feasible with respect to time, cost, and resource-constraints, and considers interactions between technical performance, time, and cost. Such interactions, which existing project management models typically ignore or project managers deal with intuitively, are important for increasing projects' values. The model, which extends the multimode resource-constrained project scheduling problem by including value, generates an efficient frontier that includes the best project plans for varying project costs. We provide illustrative examples to demonstrate the suggested approach.
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ISSN:0018-9391
1558-0040
DOI:10.1109/TEM.2015.2497209