A Risk Minimization Model for a Multi-Skilled, Multi-Mode Resource-Constrained Project Scheduling Problem with Discrete Time-Cost-Quality-Risk Trade-Off

AbstractA novel model called Multi-Skilled, Multi-Mode Resource-Constrained Project Scheduling Problem with Discrete Time-Cost-Quality-Risk Trade-Off (MS-MRCPSP-DTCQRTP) was formulated, focusing primarily on minimizing project risks. This integer programming-based model generates various schedules that aim to optimize time, cost, quality, and risk, either individually or by achieving a balanced combination of these factors. By allocating accessible resources to the tasks of the project and adhering to precedence and resource constraints dictated by availability and skills, a collection of viable schedules was generated. Using a uniform distribution for time, cost, quality, and risk, three project case studies were derived from existing literature and expanded upon. These case studies were then employed to showcase the model. To generate optimal solutions, an open-source Python-MIP package employing the branch-and-cut methodology was employed. It was found that time is not a factor in minimizing the risk of a project, except for large-scale projects. Meanwhile, cost is a factor in all sizes of the project. Quality has no significant impact on risk. Project managers must strike a balance between resources that contain skills set with short to medium duration, moderate to high cost, and moderate to high-quality level to minimize project risk.Keywords: Project SchedulingInteger ProgrammingRisk MinimizationTime-Cost-Quality-Risk Trade-OffEMJ Focus Areas: Decision MakingRisk ManagementProgramProject Management Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingDe La Salle University financially supported this work.Notes on contributorsRonaldo V. PolancosRonaldo V. Polancos is an Assistant Professor at De La Salle University (DLSU) – Department of Industrial and Systems Engineering. He obtained his Master of Science in Industrial Engineering from DLSU as a Department of Science and Technology scholar. He is a Microsoft Certified Technology Specialist for Microsoft Dynamics AX Distribution and Trade and has technical expertise in enterprise resource planning systems, customer relationship management, information systems, quality management, and project management.Rosemary R. SevaRosemary R. Seva is a University Fellow and a Professor at De La Salle University (DLSU) – Department of Industrial and Systems Engineering. She obtained her Doctor of Philosophy from Nanyang Technological University – NTU Singapore. She is the Co-Chair of the International Ergonomics Association (IEA) Science, Technology, and Practice Committee and the Chair of the IEA Technical Committee on Affective Design. Her area of expertise is in human factors and quality management.