Stochastic resources modelling

The author examines the methodology of resources modeling in project management, and proposes a computer-oriented algorithmic procedure suitable for the planning, analysis, and control of large and complex capital projects, especially where risk and uncertainty abound. The COMSARS (computer sequencing approach to constrained multiresource scheduling) model proposed is of a stochastic framework. Specifically, it is able to automatically revise the risk and uncertainty associated with the management of capital projects, so that maximum use is made of new information, as and when, this becomes available. The notions of total stochastic or deterministic-stochastic combinations proposed are designed to reflect a variety of risk and uncertainty situations that are commonly experienced in actual project performance in practice. The results obtained for a case study on a coke bunker construction project demonstrate that the COMSARS models are applicable to practical problems, and can supply a range of feasible solutions to project management problems.<<ETX>>