Toward a Dynamic Simulation Model for Strategic Decision-Making in Life-Cycle Project Management

This paper argues that process simulation technology is an added facility in the quest for optimizing project decisions based on market and external uncertainties associated with the project's environment. The authors put forward a dynamic simulation modeling system (DSMS) as a tool for proactive and optimal decision-making in the project life cycle. DSMS is geared toward representing generic processes with a hierarchical and modular model structure. DSMS facilitates the optimization of technical and operational functionality during development and operation phases of projects. Project life-cycle objective functions are the basis for decision-making throughout the project's life. The paper reviews the limitations of the current systems’ ranges and capabilities. A review of the existing simulation techniques leads to a discussion on the need for setting up an integrated model to encompass the entire project life cycle. Details of the system are described, and a case study is used to demonstrate its capabilities.

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Decision-Making over the Project Life Cycle: An Analytical Hierarchy Approach

Project Management Journal ◽

10.1177/875697289903000106 ◽

1999 ◽

Vol 30 (1) ◽

pp. 40-52 ◽

Cited By ~ 34

Author(s):

Sarfraz A. Mian ◽

Christine Xiaoyi Dai

Keyword(s):

Decision Making ◽

Life Cycle ◽

Project Life Cycle ◽

Project Life

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The Nature Of Strategic-Decision-Making Models

Strategic Alignment Process and Decision Support Systems ◽

10.4018/978-1-59140-976-2.ch010 ◽

2011 ◽

pp. 241-271

Author(s):

Tamio Shimizu ◽

Marley Monteiro de Carvalho ◽

Fernando Jose Barbin

Keyword(s):

Decision Making ◽

Goal Function ◽

Optimization Method ◽

Strategic Decision ◽

Optimal Decision ◽

Problem Solution ◽

Goal Functions ◽

Optimal Decision Making ◽

The Individual ◽

Optimum Solution

In the multiple goal function problems, there is no optimum solution fully satisfying all goals at the same time. The individual goal’s functions are, in general, conflicting and it is not possible to have an optimization method to solve the problem. There is usually a consensus solution satisfying minimal criteria of optimum values for each individual goal function. This consensus is based on the Pareto’s principle presented in chapter nine. The optimal decision making in problems with multiple goals will be analyzed at the end of this chapter (Goicoechea et al., 1982; Keeney & Raiffa, 1976; Dyson, 1990; Saaty, 1980, 1994; Bonabeau, 2003; Charan, 2001; Choo, 1998; Day et al., 1997). In considering restrictions across several scenarios, the problem solution becomes more difficult due to the high number of possible combinations of goal functions and scenarios to be considered.

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Risk Management In Perspective Of Knowledge Management A Brief Survey

ACTA Universitatis Cibiniensis ◽

10.1515/aucts-2015-0088 ◽

2015 ◽

Vol 67 (1) ◽

pp. 191-194 ◽

Cited By ~ 1

Author(s):

Zobia Rehman ◽

Claudiu V. Kifor

Keyword(s):

Decision Making ◽

Information Technology ◽

Risk Management ◽

Knowledge Management ◽

Life Cycle ◽

Project Risk ◽

Project Life Cycle ◽

Complex Decision Making ◽

Complex Decision ◽

Project Life

Abstract This article explains the application of knowledge management for project risk management in industry. Combination of knowledge management and risk management is becoming a dire need for industries nowadays, because it has become necessary to make information reach timely to its destined users to achieve the desired goals. Quick decisions are needed throughout a project life cycle to mitigate or avoid a risk, but they are only possible when knowledge about it is in hand and can be inferred for fruitful decisions. Quality engineers make huge effort in analyzing and mitigating the risk and prepare various documents about different risk management stages. But this knowledge resides in documents or underutilized databases without any relation to each other that makes it useless for complex decision making. This article shall explain how knowledge management activities are helpful in risk management and the advantages of their fusion. It will also present a conceptual architecture of an Information Technology based solution for risk management and knowledge management combination.

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