Project Management

Many projects are one-of-a-kind ventures, involving tasks never before performed – such as hi-tech development. Task durations are often highly uncertain. Info-gap theory has been applied to assessing the robustness to task duration uncertainty, selecting reliable project duration, prioritizing information-gathering activity, and allocating project resources.

  • Yakov Ben-Haim, 2006, Info-gap Decision Theory: Decisions Under Severe Uncertainty, 2nd edition, Academic Press, London.
    Section 3.2.6: Project scheduling with task duration uncertainty.
    Section 5.4: Multi-tasking computer jobs.
    Section 7.5: Gathering information in project management.
    Section 7.6: Windfall cost of information.
    Chapter 12: Retrospective essay: Risk assessment in project management.
  • Zhang, J., 2011, Newsboy problem under Knightian uncertainty, 8th International Conference on Service Systems and Service Management, ICSSSM’11, Tianjin, China.
    Abstract

    Abstract

    In this paper, we consider newsboy problem under Knightian uncertainty. That is, we assume that the uncertainty of demand is Knightian uncertainty. We use info-gap uncertainty to model the uncertainty of the demand. The objective is to study the robustness of the optimal policy. We first assume that the price is exogenous and then the price is determined endogenously and is a decision variable. We study the optimal policies for the inventory control system with and without price setting under Knightian uncertainty and their robustness. We show that the relative robustness of the sole inventory system and the joint pricing and inventory control with multiplicative demand function to profit loss are the same and higher than that of the joint pricing and inventory control with additive demand function.

  • Michael Sambur, Analysis of the newsvendor problem with info-gap decision theory, M.Sc. thesis, Faculty of Industrial Engineering, Technion.
  • Sary Regev, Avraham Shtub and Yakov Ben-Haim, 2006, Managing project risks as knowledge gaps, Project Management Journal, vol. 37, issue #5, pp.17-25. Pre-print.
  • Faina Aranovich, 2002, Risk assessment in preliminary project planning under severe uncertainty. M.Sc. thesis, Faculty of Industrial Engineering.
  • Sary Regev, 2001, Applicable methodology of risk management in hi-tech engineering projects. M.Sc. thesis, Faculty of Industrial Engineering, Technion.
  • Yakov Ben-Haim and Alexander Laufer, 1998, Robust reliability of projects with activity-duration uncertainty,ASCE Journal of Construction Engineering and Management, 124: 125-132. Pre-print.
  • Avy Shtub, Sary Regev and Yakov Ben-Haim, 2000, Sikun m’hushav (Calculated Risk), Tasiah v’Nihul, issue #50, pp.32-37. In Hebrew. pdf file.

Questions or comments on info-gap theory? Contact me at yakov@technion.ac.il