Project portfolio management: An integrated method for resource planning and scheduling to minimize planning/scheduling-dependent expenses

It is well known that the progress of R& D projects has more and more begun to rely on the availability of individual experts who are generally scarce and expensive. The matrix structure considers periodic staffing of project teams which has been found to be efficient for non-scarce human resour...

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Bibliographic Details
Published inInternational journal of project management Vol. 28; no. 6; pp. 609 - 618
Main Author Laslo, Zohar
Format Journal Article
LanguageEnglish
Published Kidlington Elsevier Ltd 01.08.2010
Elsevier
Elsevier Science Ltd
Subjects
Chance-constrained scheduling
Delivery scheduling
Economics
Expenses
Individual experts
Mathematical models
Optimization algorithms
Portfolio management
Project management
Project portfolio
R& D projects
R&D
Research & development
Resource management
Resource planning
Scheduling
Simulation
Studies
Workforce planning
Chance-constrained scheduling
Project portfolio
Individual experts
Resource planning
R& D projects
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Summary:It is well known that the progress of R& D projects has more and more begun to rely on the availability of individual experts who are generally scarce and expensive. The matrix structure considers periodic staffing of project teams which has been found to be efficient for non-scarce human resources but is impractical for individual experts. Our objective is to develop and evaluate an alternative approach for resource planning and scheduling that might be useful for project portfolio management. The method we suggest is an extension of a recently developed optimization model for a job-shop with several machines and chance-constrained deliveries. Our method determines in advance the hiring and releasing points of individual experts that maximize economic gain subject to chance-constrained delivery commitments. For this purpose, we use a simulation based on a greedy priority dispatching rule as well as a cyclic coordinate descent search-algorithm. A benchmarking of the staffing of project teams and the integrative methods shows that integrated planning and scheduling is a very useful tool for the decision-making process in project portfolio management.
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ISSN:0263-7863
1873-4634
DOI:10.1016/j.ijproman.2009.10.001