Relevance Of Historical-Data Based Activity Scheduling And Risk Mitigation Model

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Author(s) Adepeju A. Opaleye | Oliver E. Charles-Owaba | Bill Bender
Pages 728-732
Volume 6
Issue 3
Date March, 2017
Keywords Risk; Uncertainty; Scheduling; Historical –Data; Management
Abstract

Scheduling is one of the most vibrant research areas in management due to its wide application in many work system. Ironically, the statistics of project success suggests that most projects still fail due to numerous uncertainties in scheduling which lead to inability to accurately predict project completion time. This presents possibly a unique opportunity for substantial improvement. In this paper the authors offer their perspective about the challenge that the project scheduling research community is facing today. They look at project duration prediction from three perspectives; finding realistic set of input data for estimating activity duration, developing and applying more accurate project activity duration estimating models and reliable contingency action plan to handle eventualities arising from the inevitable working environmental and technical uncertainties during project execution. Although these views are certainly not unique, they may provide a new direction for researchers and techniques for more effective time management in risky business environment.

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