On the Optimal Frequency and Timing of Control Points in a Project’s Life Cycle
The dynamic nature of projects and the fact that they are carried out in changing environments, justify the need for their periodic monitoring and control. Collection of information about the performance of projects at control points costs money. The corrective actions that may need to be taken to b...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Iran University of Science & Technology
2009-09-01
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| Series: | International Journal of Industrial Engineering and Production Research |
| Subjects: | |
| Online Access: | http://ijiepr.iust.ac.ir/browse.php?a_code=A-10-1-51&slc_lang=en&sid=1 |
| Summary: | The dynamic nature of projects and the fact that they are carried out in changing environments, justify the need for their periodic monitoring and control. Collection of information about the performance of projects at control points costs money. The corrective actions that may need to be taken to bring the project in line with the plan also costs money. On the other hand, penalties are usually imposed when due to “no monitoring” policies projects are delivered later than expected. Thence, this paper addresses two fundamental questions in this regard. First question concerns the optimal frequency of control during the life cycle of a project. The second question concerns the optimal timing of control points. Our solution methodology consists of a simulation-optimization model that optimizes the timing of control points using the attraction-repulsion mechanisms borrowed from the electromagnetism theory. A mathematical model is also used to optimally expedite the remaining part of the project when possible delays are to be compensated. |
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| ISSN: | 2008-4889 2345-363X |