Enhancing Project on Time Within Budget Performance by Implementing Proper Control Routines

Authors

  • Zohar Laslo SCE- Shamoon College of Engineering, Industrial Engineering and Management Department
  • Gregory Gurevich SCE- Shamoon College of Engineering, Industrial Engineering and Management Department

DOI:

https://doi.org/10.7595/management.fon.2014.0019

Keywords:

Project management, control routines, time-cost tradeoffs, Monte Carlo methods

Abstract

Prevalent control routines are generally based on traditional deterministic models that in situations of short time float and scanty budgets are often unable to deliver complex projects “on time within budget.” Because it does not take uncertainties into consideration, the deterministic approach grossly misleads management into thinking that the likelihood of delivery on time within budget is very good, when in reality it is very poor. We propose a stochastic control routine that enables the attainment of project deliveries “on time” and, as much as possible, “within budget,” in many situations where prevalent control routines cannot provide the same results.

Author Biographies

Zohar Laslo, SCE- Shamoon College of Engineering, Industrial Engineering and Management Department

Zohar Laslo is Dean and Professor of Industrial Engineering and Management at SCE – Shamoon College of Engineering. He received his B.Sc. and M.Sc. from the Technion – Israel Institute of Technology, and his Ph.D. summa cum laude from Ben-Gurion University of the Negev. He continued his education as a post-doctoral research fellow at the Tel-Aviv University. His academic career includes teaching and research at Bezalel – Academy of Art, Ben-Gurion University of the Negev, Tel-Aviv University, and SCE – Shamoon College of Engineering. He has authored about 80 publications in the fields of operational research and industrial management.

Gregory Gurevich, SCE- Shamoon College of Engineering, Industrial Engineering and Management Department

Gregory Gurevich is a Senior Lecturer in Statistics, Department of Industrial Engineering and Management, SCE - Shamoon College of Engineering. He received his BSc, MSc and PhD degrees from the Hebrew University of Jerusalem and continued as a postdoctoral research fellow at the Technion - Israel Institute of Technology. His current research interests are statistics, operations research and project management. He has published over 40 publications in the statistical and engineering management literature.

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Published

2014-10-16

How to Cite

Laslo, Z., & Gurevich, G. (2014). Enhancing Project on Time Within Budget Performance by Implementing Proper Control Routines. Management:Journal of Sustainable Business and Management Solutions in Emerging Economies, 19(72), 53–69. https://doi.org/10.7595/management.fon.2014.0019

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