A Risk Assessment Framework for Scheduling Projects With Resource and Duration Uncertainties

Abstract

This article investigates the impacts of uncertainties in duration and resource availability and usage on project time and cost. This is done by modeling different scenarios as relevant resource-constrained project scheduling problems. The aim is to develop a scheduling risk assessment framework (SRAF) to model uncertainties in duration and resources and to observe their impact on project objectives (i.e., completion time and cost). This framework provides appropriate information for managers and decision makers and facilitates project planning (scheduling and budgeting) by incorporating uncertainties and risks. To visualize the risk, this article uses an extended version of the integrated definition standard as the example business process. To demonstrate the applicability of the proposed SRAF under varied dynamic conditions, we have considered and solved a practical case study using a self-developed heuristic approach, titled enhanced move-based local search heuristic. The computational results and useful insights open an avenue for future research in the field of project management, which will provide some important propositions or guidelines for project management practitioners.