TY - JOUR
T1 - Managing stochastic, finite capacity, multi-project systems through the cross-entropy methodology
AU - Cohen, Izack
AU - Golany, Boaz
AU - Shtub, Avraham
N1 - Funding Information:
∗This research was partially supported by the Inga and Hal Marcus Research Fund. †Corresponding author.
PY - 2005/1
Y1 - 2005/1
N2 - This paper addresses the problem of loading a finite capacity, stochastic (random) and dynamic multi-project system. The system is controlled by keeping a constant number of projects concurrently in the system. A new approach, based on the Cross-Entropy (CE) method, is proposed to determine optimal loading of the system. Through numerical experiments, we demonstrate the CE method performance and show new insights into its behavior in a noisy system. Particularly, we suggest a trade-off between the convergence time, the number of iterations and the noise level.
AB - This paper addresses the problem of loading a finite capacity, stochastic (random) and dynamic multi-project system. The system is controlled by keeping a constant number of projects concurrently in the system. A new approach, based on the Cross-Entropy (CE) method, is proposed to determine optimal loading of the system. Through numerical experiments, we demonstrate the CE method performance and show new insights into its behavior in a noisy system. Particularly, we suggest a trade-off between the convergence time, the number of iterations and the noise level.
KW - Cross-entropy
KW - Finite capacity
KW - Project management
KW - Simulation
KW - Stochastic processes
KW - Uncertainty modeling
UR - http://www.scopus.com/inward/record.url?scp=17444420771&partnerID=8YFLogxK
U2 - 10.1007/s10479-005-5730-1
DO - 10.1007/s10479-005-5730-1
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AN - SCOPUS:17444420771
SN - 0254-5330
VL - 134
SP - 183
EP - 199
JO - Annals of Operations Research
JF - Annals of Operations Research
IS - 1
ER -