An Overview of Recent Research Results and Future Research Avenues Using Simulation Studies in Project Management

Abstract

This paper gives an overview of three simulation studies in dynamic project scheduling integrating baseline scheduling with risk analysis and project control. This integration is known in the literature as dynamic scheduling. An integrated project control method is presented using a project control simulation approach that combines the three topics into a single decision support system. The method makes use of Monte Carlo simulations and connects schedule risk analysis (SRA) with earned value management (EVM). A corrective action mechanism is added to the simulation model to measure the efficiency of two alternative project control methods. At the end of the paper, a summary of recent and state-of-the-art results is given, and directions for future research based on a new research study are presented.