A Probabilistic Model for Resource Allocation to Reduce Project Duration
Resource allocation is a significant component of the strategic planning of a project. Scarce resources are usually allocated among the different activities of the project for achieving the project goals. In simple projects, manual approaches can be used, but in more complex projects, algorithmic approaches are required in order to achieve the required goals. A project is considered successful if it meets the stakeholders’ requirements within the given budget and is delivered within the planned schedule. In this paper we propose a model for resource allocation that is based on the correlation between the allocated resources for each activity in the project, and the probability of the project to achieve its planned goals within the expected schedule. The model considers serial activities where resources that are allocated to a specific activity cannot be transferred to another activity. Simulation results, presented in the paper, indicate that resources should be allocated among all project’s activities such that the expected durations are evenly spread among all the activities.
Keywords - Project Management, Project Planning, Resource Allocation, Expected Duration.