Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects
The vast majority of the research efforts in project risk management tend to assess cost risk and schedule risk independently. However, project cost and time are related in reality and the relationship between them should be analyzed directly. We propose an integrated cost and schedule risk assessme...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Wiley
2014-01-01
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| Series: | Journal of Applied Mathematics |
| Online Access: | http://dx.doi.org/10.1155/2014/472640 |
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| _version_ | 1832567674252558336 |
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| author | Zhe Xu Jing Yu Hongbo Li |
| author_facet | Zhe Xu Jing Yu Hongbo Li |
| author_sort | Zhe Xu |
| collection | DOAJ |
| description | The vast majority of the research efforts in project risk management tend to assess cost risk and schedule risk independently. However, project cost and time are related in reality and the relationship between them should be analyzed directly. We propose an integrated cost and schedule risk assessment model for complex product systems R&D projects. Graphical evaluation review technique (GERT), Monte Carlo simulation, and probability distribution theory are utilized to establish the model. In addition, statistical analysis and regression analysis techniques are employed to analyze simulation outputs. Finally, a complex product systems R&D project as an example is modeled by the proposed approach and the simulation outputs are analyzed to illustrate the effectiveness of the risk assessment model. It seems that integrating cost and schedule risk assessment can provide more reliable risk estimation results. |
| format | Article |
| id | doaj-art-ab0e49b6782a4085b116984d08c69409 |
| institution | Kabale University |
| issn | 1110-757X 1687-0042 |
| language | English |
| publishDate | 2014-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Journal of Applied Mathematics |
| spelling | doaj-art-ab0e49b6782a4085b116984d08c694092025-02-03T01:00:50ZengWileyJournal of Applied Mathematics1110-757X1687-00422014-01-01201410.1155/2014/472640472640Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D ProjectsZhe Xu0Jing Yu1Hongbo Li2School of Economics and Management, Beihang University, 37 Xueyuan Road, Beijing 100191, ChinaSchool of Economics and Management, Beihang University, 37 Xueyuan Road, Beijing 100191, ChinaSchool of Economics and Management, Beihang University, 37 Xueyuan Road, Beijing 100191, ChinaThe vast majority of the research efforts in project risk management tend to assess cost risk and schedule risk independently. However, project cost and time are related in reality and the relationship between them should be analyzed directly. We propose an integrated cost and schedule risk assessment model for complex product systems R&D projects. Graphical evaluation review technique (GERT), Monte Carlo simulation, and probability distribution theory are utilized to establish the model. In addition, statistical analysis and regression analysis techniques are employed to analyze simulation outputs. Finally, a complex product systems R&D project as an example is modeled by the proposed approach and the simulation outputs are analyzed to illustrate the effectiveness of the risk assessment model. It seems that integrating cost and schedule risk assessment can provide more reliable risk estimation results.http://dx.doi.org/10.1155/2014/472640 |
| spellingShingle | Zhe Xu Jing Yu Hongbo Li Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects Journal of Applied Mathematics |
| title | Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects |
| title_full | Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects |
| title_fullStr | Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects |
| title_full_unstemmed | Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects |
| title_short | Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects |
| title_sort | analyzing integrated cost schedule risk for complex product systems r d projects |
| url | http://dx.doi.org/10.1155/2014/472640 |
| work_keys_str_mv | AT zhexu analyzingintegratedcostscheduleriskforcomplexproductsystemsrdprojects AT jingyu analyzingintegratedcostscheduleriskforcomplexproductsystemsrdprojects AT hongboli analyzingintegratedcostscheduleriskforcomplexproductsystemsrdprojects |