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Project Management Monitoring Based on Expected Duration Entropy.

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Summary
This summary is machine-generated.

This study introduces a novel analytical method using information theory to find optimal project inspection points. This approach helps minimize costs by improving project duration estimates and can handle large-scale projects efficiently.

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information theoryproject managementuncertainty

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Area of Science:

  • Project Management
  • Operations Research
  • Information Theory

Background:

  • Project execution often deviates from initial plans, leading to cost overruns due to inaccurate duration estimates.
  • While project monitoring can improve time and cost estimations, identifying optimal inspection points is computationally challenging.
  • Existing methods struggle with the complexity of evaluating numerous project path options, especially for large projects.

Purpose of the Study:

  • To propose an analytical method for identifying optimal project inspection points.
  • To leverage information theory measures to maximize information gain regarding project duration.
  • To develop a computationally efficient algorithm applicable to projects of varying sizes.

Main Methods:

  • Utilizing information theory measures to identify inspection points that maximize information about project completion time.
  • Employing a simulation-optimization scheme with a Monte Carlo engine for activity duration simulation.
  • Conducting an exhaustive search of all possible monitoring points to determine those with the highest expected information gain.

Main Results:

  • The proposed method effectively identifies optimal project inspection points.
  • The algorithm's computational complexity is minimally impacted by the number of project activities.
  • The methodology is scalable and suitable for large projects with thousands of activities.

Conclusions:

  • The developed analytical method provides an efficient way to determine optimal project inspection points.
  • This approach enhances the accuracy of project duration and cost estimations, leading to potential cost savings.
  • The information theory-based technique offers a robust solution for complex project monitoring challenges.