Three-parametrical harmonization model in project management by means of simulation Original Research Article

A PERT-COST type project with random activity duration is considered. The project comprises several essential parameters which practically define the quality of the project as a whole: • the budget assigned to the project; • the project’s due date; • the project’s reliability, i.e. the probability of meeting the project’s due date on time. To establish the quality of the project, the concept of the project’s utility is introduced. In order to maximize the project’s utility, a three-parametrical harmonization model is developed.