Abstract
Project management is a critical aspect for the development of new products and systems. Today's product development environment requires collaboration and coordination with experts from different technical backgrounds who possess different utilities and preferences in their working patterns. Given this situation, project management encompasses much more than just a sequence of executable steps. It is with assumptions of profit maximization that the process and behaviors of participants in a project are motivated. Traditional project management approaches do not consider the dynamic nature and varying behaviors of project participants. Rather, most emphasis is on the effect of changes in profit through planning and design activities only. This paper presents a dynamic project management approach by constructing a principal-agent based model with modifiable constraint and analyzing its effect on the agent's incentives. In addition, an agent-based simulation modeling approach is adopted to calculate the cumulative profit variation caused by such a modification. This agent-based model of project management will be utilized to test the different strategies that can be enforced to remove the situation of asymmetric information among the project management players resulting in increased cumulative profit. Different experimental conditions will be implemented using a Java based simulation platform "RePast".
Original language | English (US) |
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State | Published - 2005 |
Event | IIE Annual Conference and Exposition 2005 - Atlanta, GA, United States Duration: May 14 2005 → May 18 2005 |
Other
Other | IIE Annual Conference and Exposition 2005 |
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Country/Territory | United States |
City | Atlanta, GA |
Period | 5/14/05 → 5/18/05 |
All Science Journal Classification (ASJC) codes
- General Engineering