A mathematical model for crashing projects by considering time, cost, quality and risk

Mahmoudi, Amin; Feylizadeh, Mohammad Reza

doi:10.5267/j.jpm.2017.5.002

Cited by 12 publications

(13 citation statements)

References 15 publications

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“…Nowadays project management has many applications in different fields such as construction, healthcare and so on. Project is a temporary effort with a specific start and end point [1]. A project can be a unique service or product.…”

Section: Introductionmentioning

confidence: 99%

Application of Fuzzy Modelling to Predict Construction Projects Cash Flow

Tabei¹,

Bagherpour

Mahmoudi

2019

Period. Polytech. Civil Eng.

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Construction project managers are always looking for methods for forecasting future projects and preventing of potential delays in the project. One of the most crucial requirements of construction project managers and financial planners is awareness of project cash flow and financial status. On the other hand, the unique properties of construction projects with uncertainties such as activity duration, the variability of resources, material costs and also ambiguity in the employer’s payments are factors that have an effect on the correct prediction of project cash flow. Hence, the project team should examine project cash flow under uncertainty environment. There are many approaches for considering uncertainty such as fuzzy sets, interval theory, rough and grey system. But the most well-known approach is fuzzy sets which has wide applications in engineering and management. Hence in this paper, we proposed a new method for forecasting project cash flow under fuzzy environment. Finally, the proposed method was applied on an “Engineering, Procurement and Construction” (EPC) project and it is demonstrated that the proposed model has a high performance in the prediction of project cash flow.

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Section: Introductionmentioning

confidence: 99%

Application of Fuzzy Modelling to Predict Construction Projects Cash Flow

Tabei¹,

Bagherpour

Mahmoudi

2019

Period. Polytech. Civil Eng.

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“…Recently, project management has been addressed from the perspective of sustainability. Kivilä et al [23] identified the control practices used for sustainable project management, and a case study was conducted on a large infrastructure project. By analyzing a survey completed by project managers, Martens and Carvalho [24] suggested four factors that affected project management: economic and competitive advantage, sustainable innovation business model, environmental policies and resource-saving, and stakeholder management.…”

Section: Project Managementmentioning

confidence: 99%

Robust Optimization Model for R&D Project Selection under Uncertainty in the Automobile Industry

SeungHoon

Cho

2020

Sustainability

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In a company, project management is responsible for project selection from candidates under some limited constraints to achieve the company’s goal before the project begins as well as the project operations in progress. The development of new technologies and products can broaden a company’s market share, and to do so, research and development (R&D) projects are significant. However, limited funds force a company to select projects that can best represent the company’s interests. As projects may take a long time to develop, a number of uncertainties may occur, and the most concerning uncertainty is cost uncertainty. In this study, a robust optimization decision model for project selection considering cost uncertainty is proposed to assist the decision-making process for companies that need to select projects from a number of candidates due to limited funds. The model considers project selection in view of the total cost of ownership, which is a key factor for customers and companies in the automobile industry. The proposed model is tested in the automobile industry environment with different conservatism levels about cost uncertainty, and an analysis of expected market changes and a company’s income is performed with the solutions obtained from the proposed model. The result shows that the presented model reacts to cost uncertainty robustly for assisting the decision-makers in the company.

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“…However, resources are limited and resource-constrained project scheduling is itself a noted problem in project management literature (Kasravi et al , 2018; Afruzi et al , 2014). In light of the PMBOK® Guide , Mahmoudi and Feylizadeh (2017) regarded crashing to be “the key technique for reducing project duration.” When crashing techniques are deployed, the project scope is considered to be fixed and an attempt is made to balance the cost and time within that scope (Mahmoudi and Feylizadeh, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Project scheduling by incorporating potential quality loss cost in time-cost tradeoff problems

Mahmoudi

Javed

2020

JM2

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Purpose The study aims to introduce two new models of project scheduling by incorporating potential quality loss cost (PQLC) in time–cost tradeoff problems by overcoming the drawbacks of the existing Kim, Khang and Hwang (KKH) model. The proposed methods are named the Revised KKH-I (RKKH-I) and Revised KKH-II (RKKH-II) models for project scheduling. Design/methodology/approach The performance of the existing KKH model has been tested using a numerical example followed by the identification of the main shortcomings of the KKH method. Later, a concrete effort has been made to address its shortcomings while improving its performance significantly. The comparative analysis of the Revised KKH models with the original model has also been presented along with sensitivity analyses. Findings The study recognizes that the construct on which the original KKH method was built is important; however, certain drawbacks make it unable to consider PQLC in projects, thus making its practical use questionable. The comparative analysis of the proposed methodology with the original method demonstrated that the new models (RKHH-I and II) are more comprehensive and intelligent than the existing KKH model. Originality/value The comparative analysis of the original KKH model and its improved version reveals that the revised model is far more suitable for project scheduling. The study is important for project managers who recognize project scheduling being one of the key parameters associated with project management process, crucial to control every day during the management of projects.

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A mathematical model for crashing projects by considering time, cost, quality and risk

Cited by 12 publications

References 15 publications

Application of Fuzzy Modelling to Predict Construction Projects Cash Flow

Application of Fuzzy Modelling to Predict Construction Projects Cash Flow

Robust Optimization Model for R&D Project Selection under Uncertainty in the Automobile Industry

Project scheduling by incorporating potential quality loss cost in time-cost tradeoff problems

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