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

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.