Title :

Project planning with alternative technologies in uncertain environments

Author(s) :

Creemers, Stefan [Auteur]
Lille économie management - UMR 9221 [LEM]
IÉSEG School Of Management [Puteaux]
Reyck, Bert De [Auteur]
Leus, Roel [Auteur]
Catholic University of Leuven = Katholieke Universiteit Leuven [KU Leuven]

Journal title :

European Journal of Operational Research

Pages :

465--476

Publisher :

Elsevier

Publication date :

2015-04

ISSN :

0377-2217

English keyword(s) :

Project scheduling
Uncertainty
Net present value
Alternative technologies
Stochastic activity durations

HAL domain(s) :

Sciences de l'Homme et Société/Gestion et management

English abstract : [en]

We investigate project scheduling with stochastic activity durations to maximize the expected net present value. Individual activities also carry a risk of failure, which can cause the overall project to fail. In the project ...
Show more >We investigate project scheduling with stochastic activity durations to maximize the expected net present value. Individual activities also carry a risk of failure, which can cause the overall project to fail. In the project planning literature, such technological uncertainty is typically ignored and project plans are developed only for scenarios in which the project succeeds. To mitigate the risk that an activity’s failure jeopardizes the entire project, more than one alternative may exist for reaching the project’s objectives. We propose a model that incorporates both the risk of activity failure and the possible pursuit of alternative technologies. We find optimal solutions to the scheduling problem by means of stochastic dynamic programming. Our algorithms prescribe which alternatives need to be explored, and how they should be scheduled. We also examine the impact of the variability of the activity durations on the project’s value.Show less >

Language :

Anglais

Popular science :

Non

Collections :

• Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL