Risk evaluation in resource allocation

Abstract

The conventional resource allocation procedures implicitly assume that availability of resources is certain. In real life situations. their availability at times is uncertain. A simple model is required to categorize and quantify the uncertainty due to resource availability and evaluate its impact on project schedule and cost. This thesis proposes a Risk Evaluation Model (REM) which takes a resource justified schedule as input, incorporates the uncertainty associated with availability of resources, and generates alternate sets of values on project completion time, cost and performance probability. It will help select a resource justified schedule which has not only the least duration or cost but also reasonable performance probability.