Fostering Project Scheduling and Controlling Risk Management
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Authors
Razaque, Abdul
Bach, Christian
Salama, Nyembo
Alotaibi, Aziz
Issue Date
2012-07
Type
Article
Language
en_US
Keywords
Fuzzy failure mode and effect analysis (FMEA) , Risk management , Monte Carlo simulation , Critical chain schedule , Schedule reliability , Time buffer
Alternative Title
Abstract
Deployment of emerging technologies and rapid change in industries has created a lot of risk for initiating the new projects. Many techniques and suggestions have been introduced but still lack the gap from various prospective. This paper proposes a reliable project scheduling approach. The objectives of project scheduling approach are to focus on critical chain schedule and risk management. Several risks and reservations exist in projects. These critical reservations may not only foil the projects to be finished within time limit and budget, but also degrades the quality, and operational process. In the proposed approach, the potential risks of project are critically analyzed. To overcome these potential risks, fuzzy failure mode and effect analysis (FMEA) is introduced. In addition, several affects of each risk against each activity are evaluated. We use Monte Carlo simulation that helps to calculate the total time of project. Our approach helps to control risk mitigation that is determined using event tree analysis and fault tree analysis. We also implement distribute critical chain schedule for reliable scheduling that makes the project to be implemented within defined plan and schedule. Finally, adaptive procedure with density (APD) is deployed to get reasonable feeding buffer time and project buffer time.
Description
Citation
Publisher
International Journal of Business and Social Science