Abstract/Details

Research and development planning: Selecting and scheduling projects with approximate solutions to a Markov decision model


2007 2007

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Abstract (summary)

This research investigated approximate solution methods for solving the research and development (R&D) project selection and scheduling problem. Globally, industry and government invested a projected one trillion dollars in R&D in 2006, yet detailed decision models have not been widely used in practice. The key research contributions were: a comprehensive survey of the R&D planning research literature, a Markov Decision Process (MDP) model based on the R&D planning tool of technology roadmaps, and an extensive evaluation of approximate solution methods for solving different types of project networks.

Many R&D planning models have been created, including scorecards, linear programs, dynamic programs and various heuristics. Technology roadmaps or networks of projects that lead to technology goals have increased in use in recent years. Unlike models of serial or parallel sets of projects often seen in the literature's models, these technology roadmaps may have complex forms with complicated project precedence relationships. To model this increased complexity, the problem was formulated as a discrete, dynamic sequential stochastic program using a Markov decision model.

Due to the "curse of dimensionality," models of large and complex project networks cannot be solved with dynamic programming in a reasonable time. Recently, researchers have proposed genetic algorithms (GAs) for near-optimal solutions to project selection and scheduling problems. Using experiments of simulated project networks, this research tested three approximate solution methods and compared them to the GA approach.

Three approaches were examined for solving the MDP formulation: state aggregation, problem decomposition, and heuristic methods. For state aggregation, the system states were aggregated by grouping together similar project states. In problem decomposition, a project network was split into sub-networks. The sub-network solutions were combined into an overall funding solution. The most effective heuristic was the goal contribution heuristic, where projects were selected based on how much each project contributed toward estimated expected utility.

An integrated heuristic combined state aggregation and the goal contribution heuristic for an overall recommendation. The goal contribution and integrated heuristic were usually the best of the approximate solution methods. In empirical results, both methods had a statistically significant higher utility than the GA benchmark.

Indexing (details)


Subject
Management;
Systems design;
Operations research;
Research & development--R&D;
Scheduling;
Decision making models;
Planning;
Projects;
Studies
Classification
0454: Management
0790: Systems design
0796: Operations research
Identifier / keyword
Social sciences; Applied sciences; Markov decision model; Project scheduling; Research and development
Title
Research and development planning: Selecting and scheduling projects with approximate solutions to a Markov decision model
Author
Gormley, Kevin Jerome
Number of pages
283
Publication year
2007
Degree date
2007
School code
0246
Source
DAI-B 68/09, Dissertation Abstracts International
Place of publication
Ann Arbor
Country of publication
United States
ISBN
9780549248125
Advisor
Scherer, William
University/institution
University of Virginia
University location
United States -- Virginia
Degree
Ph.D.
Source type
Dissertations & Theses
Language
English
Document type
Dissertation/Thesis
Dissertation/thesis number
3282493
ProQuest document ID
304809493
Copyright
Database copyright ProQuest LLC; ProQuest does not claim copyright in the individual underlying works.
Document URL
http://search.proquest.com/docview/304809493
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