Using a risk-based approach to project scheduling: A case illustration from semiconductor manufacturing

This paper introduces a risk-based optimization method to schedule projects. The method uses risk mitigation and optimal control techniques to minimize variables such as the project duration or the cost estimate at completion. Mitigation actions reduce the risk impacts that may affect the system. A...

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Bibliographic Details
Published in:European journal of operational research 2008-11, Vol.190 (3), p.708-723
Main Authors: Zafra-Cabeza, Ascensión, Ridao, Miguel A., Camacho, Eduardo F.
Format: Article
Language:English
Subjects:
Applied sciences
Control
Cost estimates
Exact sciences and technology
Manufacturing
Monte Carlo simulation
Operational research and scientific management
Operational research. Management science
Optimization techniques
Production scheduling
Project management
Risk
Risk management
Risk theory. Actuarial science
Scheduling
Scheduling, sequencing
Semiconductors
Studies
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Summary:This paper introduces a risk-based optimization method to schedule projects. The method uses risk mitigation and optimal control techniques to minimize variables such as the project duration or the cost estimate at completion. Mitigation actions reduce the risk impacts that may affect the system. A model predictive control approach is used to determine the set of mitigation actions to be executed and the time in which they are taken. A real-life project in the field of semiconductor manufacturing has been taken as an example to show the benefits of the method in a deterministic case and a Monte Carlo simulation has also been carried out.
ISSN:0377-2217
1872-6860
DOI:10.1016/j.ejor.2007.06.021