Resource allocation in stochastic,finite-capacity,multi-project systems through the cross entropy methodology |
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Authors: | Izack Cohen Boaz Golany Avraham Shtub |
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Affiliation: | (1) Industrial Engineering and Management, Technion, Israel Institute of Technology, Haifa, 32000, Israel |
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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. |
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Keywords: | Project management Stochastic processes Uncertainty Resource allocation Simulation Cross entropy |
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