Simulation Modeling of Innovative Project Management Processes

Abstract

Simulation modeling as a managing method is used for a variety of tasks and processes. One of the most demanded tasks that can be solved by means of simulation modeling is the management of an innovative project at various stages of its life cycle. Innovative project characteristicsthe simulation objectsare the main limitations of the project: its content, cost and time of the project, the quality of works and results. Simulation models allow taking into account the possible risks of innovative project implementing, and build various project management strategies depending on the current situation, including strategies for interacting with stakeholders. Despite special attention paid to the innovative project risk analysis, the measures taken are often not effective enough in real situation due to the complexity of the used procedures, the lack of a formalized description of the risks and the inability to respond quickly. In this regard, the authors' propose is to organize information support for decision makers based on knowledge engineering methods and simulation methods of project management processes.