Dynamic project management

A principal - Agent based approach

Abhisar Verma, Janis P. Terpenny

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Citation (Scopus)

Abstract

Project management is a critical aspect for the development of new products and systems. Today's product development environment requires collaboration and coordination with experts from different technical backgrounds who possess different utilities and preferences in their working patterns. Given this situation, project management encompasses much more than just a sequence of executable steps. It is with assumptions of profit maximization that the process and behaviors of participants in a project are motivated. Traditional project management approaches do not consider the dynamic nature and varying behaviors of project participants. Rather, most emphasis is on the effect of changes in profit through planning and design activities only. This paper presents a dynamic project management approach by constructing a principal-agent based model with modifiable constraint and analyzing its effect on the agent's incentives. In addition, an agent-based simulation modeling approach is adopted to calculate the cumulative profit variation caused by such a modification. This agent-based model of project management will be utilized to test the different strategies that can be enforced to remove the situation of asymmetric information among the project management players resulting in increased cumulative profit. Different experimental conditions will be implemented using a Java based simulation platform "RePast".

Original languageEnglish (US)
Title of host publicationIIE Annual Conference and Exposition 2005
StatePublished - 2005
EventIIE Annual Conference and Exposition 2005 - Atlanta, GA, United States
Duration: May 14 2005May 18 2005

Other

OtherIIE Annual Conference and Exposition 2005
CountryUnited States
CityAtlanta, GA
Period5/14/055/18/05

Fingerprint

Project management
Profitability
Product development
Planning
Computer simulation

All Science Journal Classification (ASJC) codes

  • Engineering(all)

Cite this

Verma, A., & Terpenny, J. P. (2005). Dynamic project management: A principal - Agent based approach. In IIE Annual Conference and Exposition 2005
Verma, Abhisar ; Terpenny, Janis P. / Dynamic project management : A principal - Agent based approach. IIE Annual Conference and Exposition 2005. 2005.
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Verma, A & Terpenny, JP 2005, Dynamic project management: A principal - Agent based approach. in IIE Annual Conference and Exposition 2005. IIE Annual Conference and Exposition 2005, Atlanta, GA, United States, 5/14/05.

Dynamic project management : A principal - Agent based approach. / Verma, Abhisar; Terpenny, Janis P.

IIE Annual Conference and Exposition 2005. 2005.

Research output: Chapter in Book/Report/Conference proceedingConference contribution

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T2 - A principal - Agent based approach

AU - Verma, Abhisar

AU - Terpenny, Janis P.

PY - 2005

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N2 - Project management is a critical aspect for the development of new products and systems. Today's product development environment requires collaboration and coordination with experts from different technical backgrounds who possess different utilities and preferences in their working patterns. Given this situation, project management encompasses much more than just a sequence of executable steps. It is with assumptions of profit maximization that the process and behaviors of participants in a project are motivated. Traditional project management approaches do not consider the dynamic nature and varying behaviors of project participants. Rather, most emphasis is on the effect of changes in profit through planning and design activities only. This paper presents a dynamic project management approach by constructing a principal-agent based model with modifiable constraint and analyzing its effect on the agent's incentives. In addition, an agent-based simulation modeling approach is adopted to calculate the cumulative profit variation caused by such a modification. This agent-based model of project management will be utilized to test the different strategies that can be enforced to remove the situation of asymmetric information among the project management players resulting in increased cumulative profit. Different experimental conditions will be implemented using a Java based simulation platform "RePast".

AB - Project management is a critical aspect for the development of new products and systems. Today's product development environment requires collaboration and coordination with experts from different technical backgrounds who possess different utilities and preferences in their working patterns. Given this situation, project management encompasses much more than just a sequence of executable steps. It is with assumptions of profit maximization that the process and behaviors of participants in a project are motivated. Traditional project management approaches do not consider the dynamic nature and varying behaviors of project participants. Rather, most emphasis is on the effect of changes in profit through planning and design activities only. This paper presents a dynamic project management approach by constructing a principal-agent based model with modifiable constraint and analyzing its effect on the agent's incentives. In addition, an agent-based simulation modeling approach is adopted to calculate the cumulative profit variation caused by such a modification. This agent-based model of project management will be utilized to test the different strategies that can be enforced to remove the situation of asymmetric information among the project management players resulting in increased cumulative profit. Different experimental conditions will be implemented using a Java based simulation platform "RePast".

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M3 - Conference contribution

BT - IIE Annual Conference and Exposition 2005

ER -

Verma A, Terpenny JP. Dynamic project management: A principal - Agent based approach. In IIE Annual Conference and Exposition 2005. 2005