Sequential Experimentation for Estimating the Optimal Delay of Activities in PERT Networks
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Authors
Buss, Arnold H.
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Date of Issue
1995
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Abstract
We apply Response Surface Methodology (RSM) utilizing
simple fractional designs to optimize the Expected
Present Value (EPV) of a stochastic project
network with respect to the delay of activities. Such
delay could increase EPV by postponing negative
cash flows, possible at the expense of also delaying
the final payment for the project. The problem was
challenging due to a combination of high variability
with relatively fl.at objective function near the optimum.
Comparisons with the true optimal solutions,
where available, indicated the robustness of the approach.
Type
Conference Paper
Description
Proceedings of the 1995 Winter Simulation Conference ed. C. Alexopoulos, I\. Kang, W. R. Lilegdon, and D. Goldsman
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Operations Research (OR)
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defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.