IMPROVING PROJECT SCHEDULE ESTIMATES USING HISTORICAL DATA AND SIMULATION

Authors

  • P.H. Meyer Department of Engineering and Technology Management, University of Pretoria
  • J.K. Visser Department of Engineering and Technology Management, University of Pretoria

DOI:

https://doi.org/10.7166/17-1-155

Abstract

ENGLISH ABSTRACT: Many projects are not completed on time or within the original budget. This is caused by uncertainty in project variables as well as the occurrence of risk events. A study was done to determine ways of measuring the risk in development projects executed by a mining company in South Africa. The main objective of the study was to determine whether historical project data would provide a more accurate means of estimating the total project duration. Original estimates and actual completion times for tasks of a number of projects were analysed and compared. The results of the study indicated that a more accurate total duration for a project could be obtained by making use of historical project data. The accuracy of estimates could be improved further by building a comprehensive project schedule database within a specific industry.

AFRIKAANSE OPSOMMING: Verskeie projekte word nie binne die oorspronklike skedule of begroting voltooi nie. Dit word dikwels veroorsaak deur onsekerheid oor projekveranderlikes en die voorkoms van risiko

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Published

2011-11-05

How to Cite

Meyer, P., & Visser, J. (2011). IMPROVING PROJECT SCHEDULE ESTIMATES USING HISTORICAL DATA AND SIMULATION. The South African Journal of Industrial Engineering, 17(1). https://doi.org/10.7166/17-1-155

Issue

Vol. 17 No. 1 (2006)

Section

General Articles

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