Table of Contents
ISRN Computational Mathematics
Volume 2013 (2013), Article ID 513549, 19 pages
http://dx.doi.org/10.1155/2013/513549
Review Article

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

1Faculty of Economics and Business Administration, Ghent University, Tweekerkenstraat 2, 9000 Gent, Belgium
2Technology and Operations Management Area, Vlerick Business School, Reep 1, 9000 Gent, Belgium
3Department of Management Science and Innovation, University College London, Gower Street, London WC1E 6BT, UK

Received 21 July 2013; Accepted 11 September 2013

Academic Editors: R. A. Krohling and R. Pandey

Copyright © 2013 Mario Vanhoucke. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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.