Minimizing the Pessimistic Time of Activity in Overhaul Project

Abstract

The objective of this paper is to analyse some concepts of the project management techniques and the proposed mathematical model for estimating the project completion probability after crashing of PERT/CPM network. The main objective is to minimize the pessimistic time of the activity, which lies on the critical path by investing additional amounts of money to the project. The increment of the investment not only decreases the pessimistic time of the activities along the critical path, but it also decreases the expected time of activities along the critical path of the whole project duration.