Incorporating Project Cost Considerations into Stochastic PERT (Project Evaluation and Review Technique).
Themis optimization research program,
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This report extends classical PERT to incorporate both random activity durations and project cost considerations. Project costs include both planned activity costs and penalties for activities exceeding their allowed durations. Several problem formulations are mentioned, and the determination of a minimum cost schedule satisfying a predetermined project deadline is discussed in detail. This latter problem is formulated as a separable programming problem which can be solved by the computer algorithm documented in the appendices.
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