Simulation-Based Approach for Estimating Project Completion Time of Stochastic Resource–Constrained Project Networks

Abstract

This paper proposes a new approach, entitled discrete event simulation with probabilistic event list (DESPEL), for approximating the project completion time and the critical path in a stochastic resource–constrained project network. Unlike the traditional discrete event simulation approach, which is based on replications to find the project completion time, this approach only requires one simulation run. This approach is similar to the program evaluation and review technique (PERT) approach in the sense that it considers the path with the highest expected activity duration as the critical path. However, it extends the capability of the PERT by considering the resource constraints when finding the critical activities and project completion time.