Multi‐resource allocation in stochastic project scheduling

Multi‐resource allocation in stochastic project scheduling

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Article ID: iaor2012166
Volume: 193
Issue: 1
Start Page Number: 193
End Page Number: 220
Publication Date: Mar 2012
Journal: Annals of Operations Research
Authors: , ,
Keywords: economics, project management, allocation: resources
Abstract:

We propose a resource allocation model for project scheduling. Our model accommodates multiple resources and decision‐dependent activity durations inspired by microeconomic theory. First, we elaborate a deterministic problem formulation. In a second stage, we enhance this model to account for uncertain problem parameters. Assuming that the first and second moments of these parameters are known, the stochastic model minimises an approximation of the value‐at‐risk of the project makespan. As a salient feature, our approach employs a scenario‐free formulation which is based on normal approximations of the activity path durations. We extend our model to situations in which the moments of the random parameters are ambiguous and describe an iterative solution procedure. Extensive numerical results are provided.

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