Mathematical Algorithms Supporting the Optimization of Topical Aspects of Project Management

Abstract

Project management is a highly sophisticated undertaking requiring the synthesis of various interconnected functions, processes, and activities. Numerous risks and uncertainties are inherent to all these inputs. Consequently, successful project management entails the optimization of the complete project as a system. In order to achieve this result, however, the various system subsets to the project must themselves be optimized. Given the current complexity of projects, optimization cannot be adequately undertaken by intuitive judgment alone. Philosophically, optimization is a mathematical concept, and mathematical algorithms are available to identify ideal operating parameters for any given problem. This chapter samples a range of features inherent to project management operations and presents mathematical algorithms that deliver optimal solution sets. The material is collated from literature and adapted to the project management context.