Resource allocation in stochastic, finite-capacity, multi-project systems through the cross entropy methodology

Authors:
Izack Cohen;Boaz Golany;Avraham Shtub
Affiliations:
Industrial Engineering and Management, Technion, Israel Institute of Technology, Haifa, Israel 32000;Industrial Engineering and Management, Technion, Israel Institute of Technology, Haifa, Israel 32000;Industrial Engineering and Management, Technion, Israel Institute of Technology, Haifa, Israel 32000
Venue:
Journal of Scheduling
Year:
2007

Citing 4
Cited 1

From project to process management: an empirically-based framework for analyzing product development time

Management Science
Simulation Modeling and Analysis

Simulation Modeling and Analysis
Estimating Maintenance Effort by Analogy

Empirical Software Engineering
Multi-Project Management in Software Engineering Using Simulation Modelling

Software Quality Control

Strategic alignment and value maximization for IT project portfolios

Information Technology and Management

Quantified Score

Hi-index	0.00

Visualization

Abstract

This paper addresses the problem of resource allocation in a finite-capacity, stochastic (random) and dynamic multi-project system. The system is modeled as a queuing network that is controlled by limiting the number of concurrent projects. We propose a Cross Entropy (CE) based approach to determine near-optimal resource allocations to the entities that execute the projects. The performance of the suggested approach is demonstrated through numerical experiments and compared to that of a heuristic, rough-cut based method.