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Stochastic Project Scheduling with No Resource Constraints

In: An Introduction to Project Modeling and Planning

Author

Listed:
  • Gündüz Ulusoy

    (Sabancı University)

  • Öncü Hazır

    (Rennes School of Business)

Abstract

Uncertainty is inherent in every project as managers usually do not have full information about the resources and the work and the business environment in many cases. We present the basic models and methods of scheduling in cases of uncertainty. We focus on the variability of activity durations, address how to represent the durations using probability distributions and list the modeling assumptions. In this context, we introduce the characteristics of the Beta distribution, describe how to use the Program Evaluation and Review Technique (PERT) to minimize the expected project duration, and discuss the advantages and shortcomings of this method. We then consider the PERT-Costing method, which extends PERT to minimizing the expected project cost. Monte-Carlo simulation is applied to uncertainty both in activity duration and activity cost.

Suggested Citation

  • Gündüz Ulusoy & Öncü Hazır, 2021. "Stochastic Project Scheduling with No Resource Constraints," Springer Texts in Business and Economics, in: An Introduction to Project Modeling and Planning, edition 1, chapter 0, pages 167-198, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-61423-2_6
    DOI: 10.1007/978-3-030-61423-2_6
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