Abstract
The classical PERT approach uses the path with the largest expected duration as the critical path to estimate the probability of completing a project by a given deadline. However, in general, such a path is not the ‘most critical’ path and does not provide the smallest estimate for the probability of completion time. This paper studies the ‘most critical path’ problem and formulates it as an optimal path problem in a deterministic network with a two-attribute fractional objective function. An exact solution approach is presented for the optimal path problem which also gives the solution to the most critical path problem. The illustrative examples as well as our computational results demonstrate that the proposed algorithm provides estimates for the probabilities of completion time that are much more accurate than those of the classical approach.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.