Online Risk-Reward Model for Time-Cost Tradeoff in Project Management

Taking into account the uncertain delay of work on the critical path, the online strategy and competitive analysis are introduced into time-cost optimizing in project management. The competitive ratio of the strategy is given, and the prerushing strategy is proved to be the best determinate one. The relationship between the general strategy and the optimal offline strategy is analyzed, and three properties are discovered. On this basis, this article designs the risk-tolerance strategy and proves its competitive ratio to help the project manager in choosing the optimal strategy according to his own risk tolerance and forecast.