| Enhancing Project on Time Within Budget Performance by Implementing Proper Control Routines |
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UDC: 005.591.1:005.8 ; 658.14/.17 DOI: 10.7595/management.fon.2014.0019
BALCOR 2013, 07 – 12 September, 2013, Belgrade – Zlatibor, Serbia
Prevalent control routines are generally based on traditional deterministic models that in situations of short time float and scanty budgets are often unable to deliver complex projects “on time within budget.” Because it does not take uncertainties into consideration, the deterministic approach grossly misleads management into thinking that the likelihood of delivery on time within budget is very good, when in reality it is very poor. We propose a stochastic control routine that enables the attainment of project deliveries “on time” and, as much aspossible, “within budget,” in many situations where prevalent control routines cannot provide the same results. Keywords: Project management; control routines; time-cost tradeoffs; Monte Carlo methods.
Zohar Laslo1, Gregory Gurevich2 1SCE — Shamoon College of Engineering 2SCE — Shamoon College of Engineering
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