Lexicographic solution of two-objective project planning problem under constrained reliability index

Abstract

To analyze and evaluate the uncertainty of an innovation project, it is considered as a complex engineering system in which the degree of satisfying the desired performance characteristics of a product is modeled by the cumulative probability of its technical success. It is shown that this probability is distributed by the Weibull law. This probability of non-failure execution of a project activity is an index of the activity reliability; it allows one to obtain a lower bound of guaranteed reliability of the whole project. The two-objective problem (time and cost) is represented as the minimization problem by two successive objective functions; this implements the lexicographic method of ordering the solution of one-objective problems by the importance of the objectives in vector-valued optimization. For one-objective convex problems in which the initial data are known inexactly, a regularized solution method is used. The proposed model and method for solving the two-objective problem are used for the development of a computerized integrated system for innovation project planning.