Entropy measurement as a project control tool

Entropy measurement as a project control tool

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Article ID: iaor20003406
Country: United Kingdom
Volume: 17
Issue: 6
Start Page Number: 343
End Page Number: 350
Publication Date: Dec 1999
Journal: International Journal of Operations & Production Management
Authors: ,
Keywords: entropy
Abstract:

An Entropy model is introduced for estimating and managing the uncertainty in projects. Entropy is proposed as a unified measure of uncertainty which allows to compare various types and sources of risk. Using the Entropy manager can consider different categories: budget contingency, schedule contingency, management reserve, quality issues from one viewpoint. A computational example for simultaneous usage of Monte Carlo and proposed Entropy model is given.

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