PROJECT MANAGEMENT: CRASHING AND SIMULATION OPTIMIZATION

Kal. Namit, Winston-Salem State University, North Carolina, U.S.A.
Susita A. Carrol, Winston-Salem State University, North Carolina, U.S.A.
Jim Chen, Norfolk State University, Virginia, U.S.A.
Published in

 JOURNAL OF ACADEMY OF BUSINESS AND ECONOMICS
Volume 21, Issue 2, p76-88, June 2021

ABSTRACT

To reduce a project's completion time, crashing is performed which requires additional resources for activities on the critical path of the project. This paper demonstrates a simulation optimization on a project involving crashing using Excel with Analytic Solver Platform (ASP). The objective is to complete the project at the minimum cost. It is assumed that the activities follow the PERT distributions. Our approach is very useful not only for teaching purposes but also for managing real projects.

Keywords

Analytic Solver Platform, PERT/CPM, PERT distribution, Simulation Optimization.


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